In the world post pandemic India is widely speculated to become one of the major economies that will grow and flourish exponentially. However, to achieve this objective it is imperative that the country adapts a standardised property rights system that would resolve land record-keeping challenges.
This is exactly what makes digitized land records and online property registration the need of the hour as it can bring to end the internal constraints, local agitation as well as speculative enhancement in land prices.
The GIS land bank system introduced by the government is definitely a very effective and intelligent move that would bring about the change by addressing such critical issues like transparency and credibility.
Let us understand the entire phenomenon in some detail and find out the benefits that such a move can bring.
An Initiative Long Over Due
The need for a single window land records and allied system that would function as a one-stop digital platform where one can acquire central and state clearances and approvals necessary to start any business venture was long overdue.
The development of the National GIS-enabled land bank system which integrates Industrial Information System (IIS) with the State GIS systems has led this cause for an efficient and transparent mechanism for identifying and procuring land.
It will be interesting to know that the GIS land bank system will be the information window investors require to avail information on different industrial belts. This will bring to end the need to personally visit the offices for availing land information and seek clearances.
Moreover, the land bank system will also push the approach of “One District One Product”, in line with the AtmaNirbhar Bharat vision, generate employment opportunities as well as attract investments from abroad by showing the ever improving environment and infrastructure which enhances the ease-of doing business.
Digital Registration of Land Records Will Put An End To Scams, Property Disputes Etc.
It might come as a surprise to many but is actually true that despite contributing about 5-6% to the country’s GDP, real estate in India still does not have electronic public register of land records. This can be termed as one of the major reasons that lead to litigations, scams, and disputes over land ownership. This is also the reason why NRI and even local investors choose to stay away from property transactions.
The GIS-enabled land bank system will, on the other hand, prove to be a near perfect mechanism for maintenance of land records in a centralized database that would be accessible from anywhere. Moreover, such a move would bring about transparency in land record maintenance system, make acquisition of land easy for development project and minimise the scope for land disputes.
Moreover, providing banks and non banking financial institutions with an access to such a database would assist them in verifying the validation of the property title and set it aside as mortgaged to a particular bank.
Deals and Registration Anytime & from Anywhere
For a vast population finding land records, mortgage, liability or claim against property is cumbersome and difficult. Moreover, visiting public land record departments and registrar’s office for verifying land records and registering land agreements also prove to be inconvenient for many.
However, GIS-enabled one-stop digital land bank platform would make land record accessible at the click of the mouse and from the convenience of your home. This would enable seamless and credible online property registration without the requirement of any authorised intermediary.
Open & Transparent System
There can be no denying the fact that opaque and largely mismanaged real estate transactions have plagued the system for long. However, digitization of land records would give a clear picture of land data right from the first owner to its present status. Moreover, the image of the property as well as that of landowner would also be available online. Needless to say that this would eliminate confusion between the government and private land, bring in transparency as well as make land acquisition swift and simple.
There can be no denying the fact that digitization of land records will mark the beginning of an era in country’s real estate that would take the realty sector to new heights. 24/7 availability of data online will make it make it very convenient for buyer and sellers to verify the authenticity of land or property. As technology evolves a full spectrum rollout will further assist organizations and decision makers to gain a deeper understanding of property economics, make swift decisions and take full advantage of the property developments in future that can prove to be a game changer.