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In an attempt to jump upon the digitisation bandwagon and ease the burden on sub registrar offices, the state of Goa is considering introducing an e-registration process for flats purchased directly from the builder. The new system is currently underway and should be ready for use in the coming months. With the introduction of this facility, state officials hope to shorten the otherwise long and cumbersome process of property registration. To prevent impersonation and fraud, individual property sellers will not be permitted to use this service.
In an attempt to jump upon the digitisation bandwagon and ease the burden on sub registrar offices, the state of Goa is considering introducing an e-registration process for flats purchased directly from the builder. The new system is currently underway and should be ready for use in the coming months. With the introduction of this facility, state officials hope to shorten the otherwise long and cumbersome process of property registration. To prevent impersonation and fraud, individual property sellers will not be permitted to use this service.
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Builders and lawyers will have to apply to the sub registrar’s office to gain authorisation to execute deals. Upon receiving authorisation, they will become responsible for collecting the biometrics with appropriate security measures, completing the transaction, and submitting all pertaining documents to the registrar’s office. A digital signature will be added to all documents to officiate and protect the transaction. Additionally, a base price will be set for every residential project. All apartments sold within the complex must have a sale price equal to or higher than the base price. Stamp duty and registration fees will be calculated as per this price and will have to be paid online by the buyer.
Earlier this year, the state of Maharashtra introduced e-registrations for properties sold directly by real estate developers. The government has used blockchain technology to protect property agreements registered online, verify original documents, and eliminate the need for witnesses. Although voluntary, the government is urging all developers who have projects registered under MahaRERA to avail and promote this service.
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