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Karnataka Government Introduces Steps To Verify Property Documents
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The Karnataka government in wake of fraudulent Bangalore property deals has announced that they will soon integrate the stamp registration system with the database of properties that come under urban local bodies. This will allow spot verification of Bangalore property ownership before registration of sale deeds is done to close the property transactions.
In the recent years many people have been cheated in land and property deals. Fraud deals of property Bangalore has made investors averse of putting money in the region. The real estate sector has been rocked with the news of fake deals of property Bangalore. Buying properties Bangalore has taken a back seat as the hapless property buyer is unable to verify the property documents. He always had to fight with the odds with the possibility of encountering fake or forged documents such as sale deeds and tax receipts. Even if a person tries to verify a property document, he is made to run from pillar to post. Usually transactions of Bangalore properties are based on trust. While buying properties in the State s buyer usually trusts his instincts a takes a judgment call on whether he should invest in Bangalore properties. Home loan financiers also trend on a safe path as the put the onus repaying and of servicing and the loan on the borrower and the properties Bangalore mortgage is just used as an additional assurance. This means in case of a fraud deal the only loser is the buyer of properties, as he will not get the possession of the property and the financier too will ask for regular EMI's.
To safeguard buyers from such situation the government should take corrective measures, the land records of properties could be made completely digitized as well as transparent. If an investor is looking to invest in properties he should be easily able to verify all the documents of ownership of the seller. The Sale transfer should immediately be reflected in government records. In the recent years many processes have been made online. One can easily give taxes, fill forms and check status of TDS return online. Man other processes too have been made online buy the government but alas nothing has been done on the real estate front. This step taken by the Karnataka state government certainly needs to be applauded, but the real estate sector needs more such reforms so that property transactions become safe and secure.
Makaan.com is a well known site to buy house and property that hosts India real estate and online property. The property site has a comprehensive list of Bangalore real estate.
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