Digital technology has touched and transformed every industry such as transport, health, education, and real estate. In India, the land is one of the major transactions in real estate but only a few countries possessed an electronic public register. Also, they are taking some steps to achieve transparency in land records.
Digital India Land Records Modernization Program (DILRMP)
Previously most of the land records in the country were maintained through village maps marking boundaries or paper records with the occupant name. The landowners have faced many problems due to improper maintenance of actual land records. The land ownership issue was their other biggest problem faced in real estate, which has led to property disputes. To remove the disputes and property frauds, in August 2008, the Government of India has launched the Digital India Land Records Modernization Program (DILRMP).
What is the Aim of DILRMP?
The proposed program aims to update all the land records, minimize the land scams and disputes, maintain transparent land records, computerize all land records, digitize maps, upgrade the survey and settlement records and sustain the same. The digitization of land records would ease the transactions and remove land disputes. This will also benefit the developer by reducing construction timelines and the overall cost, which results in attractive property prices.
Why is a Clear Title to the Property Important?
The authorities can use the registered sale deeds and property tax documents for financial purpose. The government provides these documents as proof of ownership title to a particular land or plot in Hyderabad. This will result in the timely completion of projects and quick real estate transactions. Litigation-free land is required for commercial and residential use and also for developing infrastructure to promote the growth of the nation. The clear title to the property will help to facilitate the pace of new projects.
An unclear property title would lead to slow down the real estate market with land disputes, litigations, and also due to the lack of transparency in real estate transactions. Therefore the government should ensure that the existing documents of land are consolidated and clear encumbrances. The records should have the important details like the site plans, exact location, ownership details, Khata details sharing property tax and other cesses payable on the property.
When Did the Title Company Give A Title Policy?
The title company delivers your title policy within two weeks after your purchase agreement is signed, but different factors would affect this time. Before closing the deal of a new home, you have to purchase the title insurance. It is very important as it will protect you and your lender from the disputes or frauds done in real estate transactions. It is one of the critical steps in the home purchase process to get clear ownership title. So the title policy to your property is essential to get rid of future disputes.
What Are The Advantages Of Title Insurance?
Title Insurance is a type of protection for both the buyer and seller for any severe financial loss occurred due to the faults in the ownership title. Title insurance is one which covers claims that arise from the discovered problems and non recorded defects in public records. It will also help you if there is a severe financial loss due to a defect in the title of the property. Both the buyer and the seller obtain the title insurance, lender's policy is paid by the buyer, and the seller pays owner policy. The advantages of title insurance are as follows.
It protects the lender against the loss of security due to the title of the property and continues until the mortgage is closed. Protects the seller against breach of warranties and attorney beyond the attorney's title opinion, which is only limited to recorded maters. Title insurance provides security and ensures that the transfer of the title is safe and legal in real estate transactions. Brokers and real estate agents like this policy due to its protection against default in the property title, which has created trust by the buyer and has improved real estate business.
What are the Benefits of Digitization of Land Records?
- The computerized land records help to know the complete details like an original landowner, the present status of the land, an image of the property in Hyderabad and the total area of land owned by a person.
- The regular survey on every piece of land gives updated land records. Digitization of land records helps buyers to find out the correct owner of the particular property.
- The clear ownership title will help to avoid the confusion between private and government land, and there will be transparency in the land record maintenance system.
- Users easily enter land records. Due to clear records, property owners would not avoid tax payments as it helps in raising revenue collections.
- Digitization helps in quicker real estate transactions, and there will be less burdensome to the Government to monitor the records and to plan more developments to promote growth.
- With computerized land records, the buyers can know the accurate details of the property owner and also check if there is any litigation in the property quickly.
- The buyer can also know the market-based pricing before purchasing a plot with the digitization of land records.
Advantages in Real Estate
- It helps to maintain transparent land record management.
- The land records, including maintenance and updating of maps, surveys, and online registration of lands, are operated under a single window.
- Occupancy certificates and property plan approvals are done quickly through the online land record process.
- A clear ownership title helps to remove property disputes.
- Facilitate the real estate business to developers with simple process and buyers to know the original property owner.
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By: Shailaja K