India to set up new land registration system

A report by India’s Department of Land Resources proposed the setting up of a property registration system in the country, with a registry similar to that in the UK proposed. A system of conclusive titles that will guarantee property titles will be introduced soon, according to the Development Minister, Prasad Singh. This will help to combat the problem of fraud over property exchanges that are growing as the country’s real estate market opens up. A single agency will handle all land titles and records so that true ownership is documented and guaranteed. This will be in contrast to the current system, which merely records transactions. Registration of property in India now only amounts to a certification of the transaction, but it does not ensure the title of the property. Currently, in order to verify the title, a prospective buyer or developer has to do an extensive search through various sources, which is costly and time consuming.

In addition to the land registry, the Department is also computerizing all land records using a Geographic Information System (GIS). This process is under way and will combine the two existing programs into the National Land Records Modernization Programme. This system will digitize all land records and help with numerous other services and businesses, including emergency management, real estate, and banks and credit companies.

Source: indianrealtynews.com

Chennai to become world class city by 2026

For the first time, the restriction on Chennai’s vertical growth has been lifted. In a vision for the next 18 years, the city has a new master plan. From now on, the Chennai metropolitan development authority will even permit hundred floors if the building is abutting a hundred feet road. Earlier, a ceiling and only 29 floors were permitted. The Chennai real estate industry is delighted. “This means better lighting, better ventilation, and fantastic designs due to the vertical growth,” said T Chitty Babu, CMD, Akshaya Homes.

Those who live in smaller homes will also be benefited by the city’s master plan. The floor space index or FSI has been altered from 1.5 to 1.75, up to a maximum of 450 square feet. It means that those who have a plot of say 200 square feet could build a house up to 350 square feet on two floors. And there could be more residential areas along the city’s mass rapid transport system, as the FSI has gone up from 1.5 to 2. That means they will have thirty percent more space to build. And ten percent of homes ought to be earmarked for economically weaker sections in all private projects developed in a hectare or above. “Our aim is to provide accommodation to the rising population of the Chennai metropolitan area,” said Susan Mathew, vice chairperson, CMDA. Chennai will soon join the high skyline club of Delhi, Mumbai and Gurgaon to become a world class city.

Source: indianrealtynews.com