Maharashtra Allows Online Registration Of Property Sale Agreements
The Maharashtra government has allowed builders and homebuyers to register sale agreements of properties online in a bid to revive the property market that’s been battered by the coronavirus lockdown.
“We’re working on infrastructure for this new online system. NIC (National Informatics Centre) Pune is working on the software and it should be ready in 15-20 days,” Omprakash Deshmukh, the state inspector general of stamps and registration, told BloombergQuint over the phone. “Once ready, agreement for sale of properties could be registered online from the builder’s office.”
Property sales fell sharply in Maharashtra—which has recorded the maximum number of Covid-19 infections and casualties in India—in past few months after homebuyers were reluctant to visit the registrar’s offices to register property agreements following the pandemic and a subsequent lockdown. That meant developers were unable to lock deals or receive loan disbursements from financial institutions.
Two builders have been given permission to register sale agreements at their offices for now, Deshmukh said. “291 builders have already applied for online registration and are keenly awaiting it.” This new registration system is permanent and will extend beyond the pandemic, he said.
Navi Mumbai-based Prajapati Group, which is among the two builders to have received permission, said the facility would benefit its projects in Panvel and Dronagiri.
Once infrastructure is ready and connectivity with NIC is completed, registration of our properties can be done at our office in Panvel, Rajesh Prajapati, managing director of the company, told BloombergQuint over the phone. “Our customers won’t have to travel to the sub-registrar office at Dronagiri or Panvel to register properties they have bought from us.”