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