Government to Make Property Ownership Less Stressful

ROHINI, India - May 17, 2013 - PRLog -- Bangalore: It is a known fact that buying a property cannot be a walk in the park but if government’s proposal to amend the registration act comes into effect then the property buying hassle is expected to be reduced. The amendment is proposed by the ministry of rural development.

The proposed amendment states that all the document of property transactions will be posted online which potential home buyers can access easily. This means ownership will be visibly recognized through this process along with the accurate property prices. This will be the most significant change in the 105 year history of the Act, which is expected to benefit both rural and urban buyers, reports Saubhadra Chatterji of Hindustan Times.http://www.sarvodya.com/plots/rohtak-35.htm

“The proposed amendments have been cleared by law minister Kapil Sibal. Now, we will seek cabinet clearance,” stated Jairam Ramesh, the rural development minister.http://www.sarvodya.com/plots/panipat-34.htm

According to the ministry, if the proposed amendment gets the clearance nod, the property transaction and registration will become more transparent and home buyers can easily access detailed information online. Currently the real estate industry is lacking transparency due to which buyers are getting trapped in dubious business related to property transaction. For instance, in the present scenario, records of all property transactions are difficult to find out resulting in buyers falling prey to property which is already been sold to a different buyer.

The aim to propose the amendment is to take an additional step to merge with the land acquisition bill. Even though the bill is likely to offer more benefit for buyers on rural areas, the additional measure will have more impact on urban buyers.