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Rajasthan Govt. To Introduce Online Realty Deeds :

Rajasthan Government has brought a new buzzword ‘Demat’ for Indian Real Estate. In an effort to bring greater transparency in the sector, the government has started a process in support with an NGO on urban governance Janaagraha, to dematerialize the sale deeds before linking to local municipal bodies.
Once dematerialized, all realty deeds will reflect the genuineness of the land titles, payment of property tax and other dues. The process will also safeguard the rights of property buyers. There is more to it. The government is also considering pushing for online real estate sales with the use of demat accounts.
The Centre would bring significant reform measures in property market. Since real estate is a state subject, the Centre can neither dictate nor impose rules on the state government, says M Ramachandran, Urban Development Secretary.
The state has already taken a number of initiatives in dematerializing sale deed. The government expects the other states to follow such models. Builders seem to be appreciating the model and say that it would prevent scams and pave the way for big players in the sector.
The Centre has been working on urban reforms under Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The performing cities can garner large funds fast than the rest.

2007-08-20 Source : India Realty News


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