சொத்து வாங்குவோர் பழைய வில்லங்க சான்றுகளை நம்புவது நல்லதல்ல

 சொத்து வாங்குவோர் பழைய வில்லங்க சான்றுகளை நம்புவது நல்லதல்ல

ஒரு குறிப்பிட்ட சொத்தை வாங்குவது என்று முடிவெடுக்கும் முன் முதல்கட்டமாக அதன் வில்லங்க சான்று வாங்கி பார்க்க வேண்டும். அந்த சொத்தின் முந்தைய பரிமாற்றங்கள் அதில் தெளிவாக இருக்கும்.

இதில் ஆரம்ப நிலையில் அறியாமை காரணமாக பலரும் ஏமாற்றப்படுவதாக கூறப்படுகிறது. குறிப்பாக, ஒரு வீடு அல்லது மனை பிடித்து இருந்தால் அது குறித்து விசாரிக்கும் போது, விற்பனையாளரே சில வாரங்களுக்கு முன் எடுத்தது என்று கூறி வில்லங்க சான்றிதழை காட்டுவார்.

நாமும், புதிதாக விண்ணப்பித்து வாங்குவதால் ஏற்படும் செலவை நினைத்து, விற்பவர் காட்டும் வில்லங்க சான்றிதழை ஏற்கும் நிலை ஏற்படும். இதில், கூடுதல் விழிப்புடன் மக்கள் செயல்பட வேண்டும்.

இன்றைய சூழலில், சார் - பதிவாளர் அலுவலகங்கள், வட்டாட்சியர் அலுவலகங்களில் சில நபர்கள் போலி ஆவணங்கள் தயாரிக்க உதவுகின்றனர்.

இத்தகைய நபர்கள் வாயிலாக போலி வில்லங்க சான்றுகள் வருகின்றன. உண்மையாக வில்லங்கம் இருக்கும் சொத்துக்களை விற்க நினைப்போர், அது தொடர்பான ஒரு போலி வில்லங்க சான்றிதழை தயாரிக்கின்றனர். உரிமை ஆவணம் மட்டும் போலியாக வந்த நிலையில் வில்லங்க சான்றிதழும் போலியாக வரத்துவங்கிவிட்டது.

இதில், பிரச்னை உள்ள குறிப்பிட்ட சில பரிமாற்ற விபரங்களை மறைத்து, போலி வில்லங்க சான்று தயாரிக்கப்படுகிறது. இதை காண்பித்து, விற்பனை நடவடிக்கைகள் மேற்கொள்ளப்படுகின்றன.

இத்தகைய போலி வில்லங்க சான்றுகளை நம்பி முன்பணம் கொடுத்தவர்கள், அது போலி என்று தெரியவரும் நிலையில் விற்பனையை நிறுத்த முடியாமல் தவிக்கின்றனர்.

முன்பணம் கொடுத்துவிட்டோமே, இப்போது மீண்டும் வேறு சொத்துக்களை தேட வேண்டுமா என்று நினைக்கின்றனர்.குறிப்பாக, அதில் வில்லங்கம் என்று மறைக்கப்பட்ட விபரங்களை தானும் மறைக்க முயல்கிறார். இது பிற்காலத்தில் எத்தகைய பிரச்னையை ஏற்படுத்தும் என்பது தெரியாமல் சொத்து வாங்குவோர் இப்படி நடந்துக்கொள்கின்றனர்.

உங்களது தேடலின் போது, ஒரு சொத்து பிடித்திருந்தால், அது குறித்த சர்வே எண் உள்ளிட்ட தகவல்களை கேட்டு பெறுங்கள். அதை வைத்து பதிவுத்துறை அலுவலகம், இணையதளம் வாயிலாக சரியான வில்லங்க சான்றிதழை வாங்க நடவடிக்கை எடுங்கள்.

உண்மையான வில்லங்க சான்று இருந்தால் தான், சொத்து குறித்த உண்மையான முன் தகவல்களை அறிய முடியும். இது விஷயத்தில் எவ்வித சமரசமும் செய்துக்கொள்ளாதீர்கள் என்கின்றனர் சார்-பதிவாளர்கள்.

Keep these nine documents handy during homebuying process

 Keep these nine documents handy during homebuying process

Here’s a list of essential legal documents to keep within reach during the home loan process for a seamless journey ahead

The documents needed to apply for a home loan often differ from lender to lender and can depend on various factors such as the loan amount, the applicant’s background, and the property being financed among others.  Here’s a handy list of essential documents commonly requested by most banks and financial institutions during a home loan application:

Application form: The first step is to fill out the loan application form provided by the lender;

Photographs: Recent passport-sized photographs of all applicants;

Identity proof: Any one of the following documents can be used as proof of identity:

• Aadhaar card

• Passport

• Voter ID card

• Driver’s license

Residential address proof: Any one of the following documents can be used as proof of address:

Any one of the following documents can be used as proof of address:

• Aadhaar card

• Passport

• Voter ID card

• Utility bills (electricity, water, gas, or telephone) in the applicant’s name

• Bank account or post office account statement

• Property tax receipt

• Rent agreement

Income proof: To establish your repayment capacity, you will need to provide documents related to your income. This can include:

• Salary slips (last three-six months) for salaried individuals

• Income tax returns (ITR) for the last two-three years

• Form 16 or Income Tax Assessment Order

• Business income proof for self-employed individuals (balance sheets, profit and loss statements, and tax returns)

Bank statements: Bank statements for the last six months to one year to track your financial transactions and assess your financial stability;

Property documents: Documents related to the property you intend to purchase;

Personal documents: Additional personal documents may be required, such as marriage certificate (if applicable), divorce decree (if applicable), etc.

Guarantor documents: If you have a co-applicant or guarantor, their documents may also be required.

The requirement of documents can also differ depending on the policies of the lender and the type of loan you are seeking (such as fixed-rate or floating-rate). To ensure you have an accurate understanding of all the necessary documents, it is always recommended that you reach out to the lender or financial institution where you intend to apply for a home loan and get all your doubts cleared. They will be able to provide you with an up-to-date and comprehensive list of required paperwork and other important things involved in the entire process.

கான்கிரீட் போடும் பணியில் கவனமாக இருப்பது அவசியம்!

 கான்கிரீட் போடும் பணியில் கவனமாக இருப்பது அவசியம்!

வீடு கட்டுவதில மேல் தளத்துக்கான கான்கிரீட் போடும் பணியில் என்னென்ன விஷயங்களை கவனிக்க வேண்டும் என்பதை தெளிவாக புரிந்து செயல்பட வேண்டும்.  குறிப்பாக, கட்டுமான பணியை ஒப்பந்ததாரரிடம் விட்டாலும் கான்கிரீட் போடும் பணி முறையாக நடக்கிறதா என்பதை சரி பார்க்க வேண்டியது உரிமையாளரின் பொறுப்பாகும்.

பொதுவாக வீடு கட்டுவதற்கான பணிகளை ஒப்பந்த முறையில் ஒருவரிடம் ஒப்படைக்கும் போது, மேல் தளம் அமைப்பது உள்ளிட்ட பணிகள் குறித்து உரிய முடிவுகள் எடுக்க வேண்டும்.  கட்டடத்தில், துாண்கள், பீம்கள், தளம் ஆகிவற்றின் அளவுகள் எப்படி இருக்க வேண்டும் என்பதில் தெளிவான முடிவு எடுக்க வேண்டும்.

கட்டுமான பணியை ஒப்படைக்கும் ஒப்பந்தத்தில் இது போன்ற விஷயங்கள் குறித்த தொழில்நுட்ப விபரங்களை துல்லியமாக குறிப்பிட வேண்டும்.  கட்டுமான அமைப்பில் கம்பிகள் எப்படி பயன்படுத்தப்படுகிறது என்பதில் துவங்கி, கான்கிரீட் போட்ட பின் அதன் அளவுகள் என்ன என்பதை கவனிக்க வேண்டும்.

கட்டடத்தின் மொத்த பரப்பளவுக்கும் ஒரே நாளில் மேல் தளம் அமைக்கும் பணிகளை மேற்கொள்ள வேண்டியது அவசியம்.  கம்பி கூடுகள் தயாரிப்பு, சென்ட்ரிங் பலகைகள் அமைப்பு ஆகிய பணிகளுடன் ஒயரிங் குழாய்களையும் சரியான முறையில் திட்டமிட்டு அமைக்க வேண்டும்.

இதில், கட்டட அமைப்பியல் பொறியாளர் வழிகாட்டுதல், கட்டட வடிவமைப்பாளர் பரிந்துரை அடிப்படையில் மேல் தளத்துக்கான அளவுகள் முடிவு செய்யப்பட வேண்டும்.  அனைத்து பகுதியிலும் மேல் தளம் ஒரே மாதிரி அமைக்கப்படுகிறதா என்றும், சமதளம் முறையாக பராமரிக்கப்படுகிறதா என்று பார்க்க வேண்டும்.

பொதுவாக ஒரு கட்டடத்தில் மேல் தளம் அமைப்பதில், 20 பேருக்கு மேல் பணிக்கு வந்துவிட்டால் அந்த இடமே அந்த இடமே பரபரப்பாகிவிடும். பணியாளர்களுக்குள் ஏற்படும் பரபரப்புகள், அவர்களை ஒருங்கிணைக்கும் நபர்களுக்குள் ஏற்படும் சலசலப்புகளுக்கு மத்தியில் பணியின் தரத்தை உரிமையாளர் கவனமாக பார்க்க வேண்டும்.

பெரிய கூட்டமாக பணியாளர்கள் ஈடுபட்டு இருந்தாலும், அடிப்படை பணியின் தரம் சரியாக இருக்க வேண்டும், அதில் எவ்வித குளறுபடியும் நடக்காதபடி பார்த்துக்கொள்ள வேண்டும். குறிப்பாக, தளம் கான்கிரீட் பணிக்கு தேவையான பொருட்கள் போதுமான அளவுக்கு இருப்பு வைக்கப்பட வேண்டும்.

அதிக எண்ணிக்கையில் பணியாளர்கள் ஈடுபட்டுள்ள நிலையில் அவர்களில் யாருக்காவது காயம் ஏற்படுவதற்கும் வாய்ப்புகள் உள்ளன என்பதை உரிமையாளர்கள் புரிந்துக்கொள்ள வேண்டும்.  இது போன்ற சமயங்களில் தேவையான முதலுதவி பொருட்களையும் அங்கு வைத்திருக்க வேண்டும் என்கின்றனர் கட்டுமான துறை வல்லுனர்கள்.

Make Every Inch Of Your Home Count With Multi-Purpose Homes

 Make Every Inch Of Your Home Count With Multi-Purpose Homes

Transform your living environment to live comfortably and efficiently with multifunctional spaces

If you’re dealing with a lack of space at home, multi-purpose homes are the way to go. They provide practical solutions to make the most of limited space while adding your personal touch. With these functional solutions, you can easily create a more spacious and unique style for your home. “Having a multi-purpose space is super important because it means you can use the same area or piece of furniture for multiple things. These kinds of spaces in your house are like chameleons, they can be easily adjusted to fit your everyday life and activities. We believe a room must be both, functional and flexible to meet your needs,” explains Prashant Thakur, regional director, and head of research, Anarock Group.

The pandemic has truly highlighted the importance of multi-purpose spaces and their ability to meet the evolving needs of homeowners. “The demand for multi-purpose spaces in modern homes has seen a significant increase after the pandemic. Many factors have contributed to this trend, particularly the rise of remote work and hybrid work setups. As more people work remotely, there is a growing need for versatile living areas that can easily transition between work and leisure activities. Homeowners are now seeking practical solutions to enhance their property’s functionality and adaptability to create more value-added homes,” affirms Amit Vakharia, VP of projects at a real estate group

How can you create a multi-purpose home?

Akash Pharande, managing director of a real estate firm, shares, “You can use a variety of clever furniture and storage solutions to transform living spaces and adapt them to your changing needs. For instance, you can opt for murphy beds, fold-out wall beds, sleeper sofas, folding tables, and chairs as they can easily convert your living room into a bedroom and vice versa. To customise a room further, you can rely on modular storage units such as cubbies, cabinets, and lofts. These can be arranged in different configurations, giving you the flexibility to fit your specific requirements. Want even more functionality? Consider dual-purpose furniture like tables that double up as desks, ottomans with hidden storage, and benches with seat lids. And to make it even easier to change things up, wheeled cabinets, movable room dividers, and rolling carts are the way to go. With these ideas in mind, you can easily customise your space to fit your ever-evolving lifestyle.”

Designing versatile living areas can be a bit tricky for homeowners, as they often encounter various obstacles along the way. The key here is finding the right balance between different functions. You want the space to not only look great but also be functional and organised. “One important aspect to consider is storage. You need smart storage solutions that can meet your diverse storage needs. Figuring out clever ways to hide easily accessible items can be a challenge, but it’s doable. Additionally, choosing furniture and household items that can serve multiple purposes without compromising on comfort or style can also be a hassle. Lastly, practicality is key. You want to make sure the room is convenient for various purposes. This means carefully planning and thinking about innovative solutions to fully utilise the space,” says Nidhi Aggarwal, founder, of a construction and interior-based company. 

Moreover, it is important to find the perfect balance between style and practicality. Aggarwal mentions, “You can opt for a trendy and cosy sofa bed that seamlessly fits into your living room’s decor. This way, it can easily transform into a comfortable bed to accommodate guests. Additionally, clever storage solutions like built-in cabinets and hidden drawers are great for keeping your space clutter-free while creating a warm and inviting atmosphere. Ultimately, the key to designing a versatile room or space lies in the skilful combination of form and function, ensuring that visual appeal doesn’t compromise usability.”

Creating a welcoming and functional space is all about finding the right colour scheme, lighting, and furniture, and experimenting with creative solutions. Hence, one must enjoy the process.

Aggarwal elaborates, “First, start by creating a cohesive colour scheme that brings the place together. A consistent palette will not only reinforce the desired mood but also visually unify the entire space. Next, think about lighting strategically. Position lights in a way that allows for different atmospheres based on the specific functions of each area. For example, adjustable wall fixtures and ceiling pendants can brighten up work areas, while ambient lighting can bring warmth to resting regions. When selecting furniture, opt for pieces with a simple line and versatile design that match the style of the room. Comfort and utility should be prioritised. Look for furniture that also offers storage options, such as internal shelves or secret compartments, to help keep the place organised and free from clutter. Lastly, don’t hesitate to experiment with adjustable furniture like folding screens and sliding partitions. These additions can easily modify the space as needed, while still maintaining a sense of harmony throughout."

These Are The Top Seven Trends Reshaping The Realty Market

 

These Are The Top Seven Trends Reshaping The Realty Market 

New Year calls for resolutions, and the real estate market is not an exception to it. Here are seven key aspects that the real estate sector is looking forward to in 2024

1. Sustainability at the fore

When it comes to construction techniques, ‘sustainability’ will be an important focus point not just in terms of design, but also in areas such as prefab, precast, and modular works. There is now a lot more conscious effort towards sustainability.

2. Open and large spaces

The idea is to build spaces that blurs the inside and the outside spaces has become very popular among homebuyers. Balconies, for instance, are no longer expected to be small spaces but a room for entertainment and activities. Moreover, balconies are no longer a luxury but a necessity for most homebuyers.

3. Lifestyles

In terms of design, lifestyle is generally not taken into consideration. For instance, a laundry room in a house is often attached to the kitchen, which ideally is a mismatch and should be separate but is not, evidently because there is not much thought given to lifestyles. That said, design is about understanding and detailing keeping in mind the lifestyle.

4. Community living

There is also a lack of community living in larger gated communities. Nowadays, it is not surprising if you do not know your neighbours. As the saying goes, “It takes a village to bring up a child…” and that is truly what a community does. So, the focus should largely be on community living spaces and the pandemic has brought this even more to the fore.

5. Windows

A huge trend is seen in windows moving away from the traditional wooden to aluminium and uPVC, largely because the wood in today’s market is not fully matured. This is going to be the biggest change in the windows market in India. Also, glass plays a large role in terms of keeping the heat and radiation out and lamination is being used for security and for insulating the noise from outside.

6. Building technology

In the past few years, there has been a lot of advancement in building technology. Developers are increasingly turning their attention towards technologies such as precast, prefab, and light gauge steel construction, which require a lot less labour. In the context of a city, considering the noise, water pollution, etc, developers are now looking for techniques that are much faster to build and this will play a major role going forward.

7. Landscaping 

Lawns are losing their popularity as they are difficult to maintain. The trend is to opt for more comfortable spaces. Also, the landscape is not just about being green, but about visual satisfaction and physical use. It is no longer sufficient to have a great view of a garden that is beautiful; homeowners now want to use the space as well. In the earlier years, while the landscape was about plants and grass and water fountains, today, it is more activity-oriented where one can do yoga, exercise, walk, or simply sit and read the newspaper. The landscape is like the extension of the balcony in an apartment. There are also a lot of covered decks that are incredibly in trend. In fact, in some homes, the deck areas comprise almost 30 per cent of the house because they are more activity-oriented areas, and hence, more usable landscapes. Also, the conservation of water is another point due to which the landscape has shifted from gardening to other activities. For individual homes, there are now small sewage treatment plants (STPs) being developed that use soil water for irrigation and large collection tanks that help collect rainwater for use. Here again, it brings to the fore the sense of sustainable living.

Is it possible to sell your under-construction apartment after registering it?

 Is it possible to sell your under-construction apartment after registering it?

If you find yourself in a situation where you are unable to arrange the finances needed to take possession of your under-construction property and are considering selling it off, fret not! We’ve got you covered with detailed information on how to proceed 

Ramesh Sawant ( name changed on request ), a private sector employee, purchased a house in Borivali, Mumbai in January 2022.  However, soon after, the state government announced that they would be imposing an extra one percent metrocess on properties registered after March 2022.  Since Sawant was sure about his purchase and financial situation, he hurriedly finished the registration process before March 2022.  However, things didn’t go as anticipated and his finances hit a roadblock.  Sawant is now in a soup as he cannot make the pending payment nor can he get his booking and registration amount back.  The building is now nearing completion and will get the occupancy certificate (OC) soon.  Sawant now wishes to sell this apartment, but can he do the needful?  Let’s find out.

Can I sell my under-construction house after registration?

The simple answer is, yes.

How can I sell the same?

To sell your booked flat after registration, you will need permission from the developer.  Manmeet Kaur, partner, Karan-jawala & Co.shares, “An under-construction property can be sold subject to the terms and conditions of the Builder Buyer Agreement (BBA).  Usually, the BBA will have a clause for the assignment of allotment to subsequent allottees.  Once your allotment is assigned to a new allottee, i.e. the subsequent purchaser, the subsequent purchaser steps into the shoes of the original owner.  The consideration for such a transfer can be worked out between the seller and the purchaser.  However, such assignments or transfer of rights under BBA are subject to approval and endorsement by the builder.  Usually, the assignment will be through a tripartite agreement between the builder, seller and purchaser wherein the builder will agree to handover possession to the purchaser instead of the seller and the purchaser will undertake to make the remaining payment.  A transfer fee may also be charged by the builder.  If the original purchase has been financed by a bank or financial institution, a No objection certificate (NOC) from such bank or financial institution will be required.”
         However, take note that it is not going to be a simple process and it involves complex paperwork due to the unusual situation of selling a house.  It is advised that you seek legal advice to manage the complexities and ensure a smooth transaction without any legal hurdles.

Can I return the house back to the developer and get a refund? 

          “It is  not possible unless the allottee and the developer both, agree to cancel the allotment/sale.  Under RERA, the developer is entitled to forfeit the amount as specified either in the allotment letter or agreement for sale as the case may be,” shares Sadhav Mishra, partner, SNG & Partners, Advocates & Solicitors.
          However, you do have the option to give it back to the developer if he agrees, but it will probably be a loss-making deal for you.  Ram Naik, director, The Guardians Real Estate Advisory shares, “Start a conversation with the developer and look over the contract for a cancellation clause.  If a refund is agreed upon, follow the steps described, maintaining clear and documented communication throughout the process.  In case of cancellation of the deal, refundable policies provide flexibility by allowing full or partial repayment within a given duration.  However, keep in mind that GST is non-refundable, resulting in a loss of 10 to 12 percent of the property cost if the booking is cancelled.  Developers often charge cancellation fees of roughly 10 percent of the property cost.  Moreover, as buyers, you have already covered the cost of stamp duty and registration fees.  For instance, in Mumbai, the stamp duty rate is set at six percent, and the registration charges amount to one percent of the property value.”  This means that cancelling the property and returning to the developer will mean that you face around 20-25 percent of the total property cost loss.

What if the builder refuses to let you sell the apartment? 

It is also possible that the developer might not permit you to sell the apartment before possession.  In such a scenario, you will have to look for a buyer who is willing to pay the remaining amount on your behalf.  In case you take the home loan and fall short on some amount, the buyer should pay you that amount that you will pay to the developer and after possession, you can transfer the loan to the buyer.
Let’s understand this with the help of an example.  Suppose you bought a house for Rs one crore and now you are unable to take possession.  You have already paid 15 percent of the amount, i.e. Rs 15 lakh as booking and registration charges.  You will have to find a buyer who can give you the remaining Rs 85 lakh before possession.  Suppose the buyer is also not in the position to arrange such a huge amount but can manage Rs 35 lakh, you will have to take a home loan of the remaining Rs 50 lakh in your name and take possession.  Once you get possession, you can transfer the Rs 50 lakh home loan to the buyer and sell it.
              In all such scenarios, you will have to ensure that the buyer is trusted and that proper paperwork is carried out.  As it is such a huge amount, it is preferred that both, the buyer and seller share a good mutual understanding on top of air-tight paperwork.
              Naik concludes, “Maintain transparent communication with the developer, seeking guidance and viable solutions to unanticipated problems.  Conduct extensive market research to identify a reasonable selling price, increasing the chances of a successful resale.  Carefully assess your options, keeping in mind the volatile character of the real estate market, and seek professional guidance to make informed decisions.”

 

How is technology empowering homebuyers?

 How is technology empowering homebuyers? 

From improving convenience to encouraging healthy living and more, here’s how the real estate sector is embracing technology to benefit end-users 

The real estate industry is witnessing a great era of evolution, with many technological advancements pushing forward its growth.  Through the season of auspicious purchases and at a time when the property market is more dynamic than ever before new developments in technology are ensuring that the sector stays in tune with the changing times.  The benefits are trickling down to homebuyers, who now enjoy added ease during their buying journey, among several other perks.  With that said, we review how technology is transforming the property sector and adding buyers.

A seamless buying experience 

The industry has experienced a transformation in recent years driven by the emergence of property technology or proptech.  Ram Naik, director of a real estate advisory, explains, “Proptech has redefined how properties are bought and sold and enhanced convenience for buyers.  Through online platforms and mobile applications, buyers can easily search for properties, access virtual tours, analyse property data, and even conduct virtual transactions.  These advancements streamline processes, reduce paperwork, and facilitate faster and more transparent transactions, ultimately saving buyers valuable time and effort.”

    However, the impact extends beyond convenience.  “It addresses long-standing challenges related to paperwork and digitalising documents to ensure error-free real estate transactions.  This expedites property deals and minimises the potential for miscommunication,” comments Naik.  Proptech is empowering buyers with a seamless experience, comprehensive property information, and immersive virtual tours, enabling the sector to make significant strides in delivering a user-friendly and efficient property-buying journey.

    One way proptech platforms are facilitating this is by offering a fully interactive environment that mimics the real world.  Tanuj Shori, founder and CEO of a growing proptech platform, mentions, “Interactive digital twins of the cities will transform the way consumers interact and transact for their real estate needs.”  This allows users to explore properties on the digital twin of an entire city, visualise the neighborhoods in a 3D built environment and walk in as an avatar interacting within a collaborative metaverse-like marketplace.

Green innovations  

Technology is also emerging as a powerful catalyst for environmental transformation and enabling developers to incorporate green building practices.  Latest innovations allow developers to design eco-friendly structures by simulating energy performance and enabling informed decisions on climate-resilient structures, energy-efficient materials, and renewable energy integration.

         Rajjath Goel, managing director of a real estate development company, adds, “Devising strategies to build green real estate and eco-friendly projects is the concretisation of the commitment made by the real estate sector to cut down its carbon foot-print, check pollution quantification, and adapt to the changing times.  Green construction technology, pollution-free raw materials, and use of solar energy are some of the resourceful measures the real estate sector takes to assure holistic development without undermining environmental well-being.

         Furthermore, the adoption of Internet of Things (IoT) sensors and data analytics will help monitor and optimise energy usage, water consumption, and waste management in real time, leading to significant resource savings.  These advancements not only contribute to environmental preservation but also enhance the quality of life for occupants by fostering healthier residential communities.

The rise of blockchain 

Streamlining information through technology is central to the advancement of the property sector.  Dr Yashpal Yadav, director of a leading real estate development company, shares, “Technology has given homebuyers access to a cornucopia of information.  This has not only helped spread consumer awareness but also empowered them to make informed decisions about the plethora of real estate products and services available in the market.”  Taking this progress to its next level, blockchain has offered new possibilities for simplifying property transactions.

        Maharashtra began using blockchain technology last year to help record e-registration data for new properties which can be accessed by developers, buyers, government, financial institutions, and other relevant stakeholders.  Essentially, blockchain promises a tamper-proof and permanent record of property ownership and transaction history.  This enhanced transparency mitigates disputes, simplifies title searches, and expedites the due diligence process for buyers, instilling greater trust in the real estate market.  However, the variations in rules and regulations and the large number of government authorities involved in real estate transactions may pose a challenge for blockchain to operate without hindrance in India.

      While technology is enabling vast advancements in the property sector, buyers must ensure that they’re protecting their data online, verifying the legitimacy of digital information and conducting physical inspections of their shortlisted properties.