Government proposes to amend registration act

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Government proposes to amend registration act

This means that Buying Property may get Easier.

If the Government’s proposal for amending the Registration Act  goes through , lot of stress associated with buying property will be eliminated

Under the amendments proposed by the rural development ministry and due to be taken up by the cabinet soon, all records of future property transactions will be digitised and made easily available for any potential buyer to access , reports HT

As of today, land records and related information are haphazardly managed and difficult to get, often resulting in buyers ending up with a property that’s already been sold to someone else.

What does this  Amendment result in:

1. ownership of the Property / Land would be clearly established.

2. Prices at which the property changed hands, making it easier to value in years to come.

3. The changes,if affected,  will benefit buyers in both rural and urban areas.

4. Process of registration becomes more transparent and the information available to the public is more detailed and accurate

“The proposed amendments have been cleared by law minister Kapil Sibal. Now, we will seek cabinet clearance,” rural development minister Jairam Ramesh informed media

The amendments have been proposed as a supplementary measure to the land acquisition bill. Though the bill is expected to have more of an impact on rural areas, the supplementary measure will benefit potential buyers in cities and towns as well.

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