Mumbai: The facility of e-registration for newly bought properties will soon be available for small-sized projects, too. Inspector General of Registration and Controller of Stamp, Shravan Hardikar told the Free Press Journal that an official announcement will be made within a week.
Currently, only projects with more than 50 flats are allowed to register properties through the online portal. The process was initiated during the pandemic to ensure social distancing. Last month, 11,000 properties were registered, of which 86% were residential deals.
Hardikar said that the objective is to do away with the manual process, adding that he recently visited the offices of a few developers to check how the existing online e-registration works. He also spoke with a few homebuyers, who were surprised that they don’t have to visit the registrar’s office, wait in queues, and spend half a day undertaking paperwork.
The online registration mechanism, though, is simple and can be done on weekends within five minutes, with the registrar executing the deals on weekdays. Developers, too, are happy with the convenience that comes with the online provision, Hardikar said.
Ajay Ashar, president-elect of Maharashtra Chamber of Housing Industry (MCHI) said that the move will not only help thousands of homebuyers but also boost overall transparency in real estate transactions. He added, “Moreover, it is in tandem with the MCHI-CREDAI vision of future-proofing the real estate sector in the era of digital disruptions. In the long run, this will help the sector become more robust and developers will become more customer-centric.”