Why link Aadhar for property registration-new

Why link Aadhar for property registration?

Pune stands tall on the cusp of modernization while appreciating and staying in touch with its rich cultural background. The city has witnessed a significant demand for property investments owing to the massive surge of developments in all the major sectors of the economy. The boosting IT sector increased the inflow of migrations from all over India, which has led to a rise in the demand for real estate options, housing, or otherwise. The Pune market offers a wide variety of value-for-money real estate options with impeccable infrastructural facilities. The locations have great potential to enhance the returns on your investment while existing as beautiful places to live and work in. The pandemic has also played a big role in increasing the demand for spacious and better housing options as most of the world was trying to live safely in their homes and grew the desire for better housing options.

Recent Amendments Regarding Aadhaar Linking

Aadhar is an essential proof of identity in India and you need it for everything ranging from opening a bank account to getting a PAN Card to getting an LPG connection. The Indian Government has foresighted plans to make the Unique Identification Authority of India-based transactions mandatory in real estate dealings. All common facilities like the birth certificate and death certificate, vehicle license, voter card, ration card, and various utility bills are covered under the Aadhar-based digitization method. When the announcement was made the government would link all Indian properties with Aadhar, the decision was considered a crucial one that would, in turn, lead to the creation of a central database of ownership for every property. The digitization of land records and other basic schemes will benefit the common person in the long run.

Why link Aadhaar for property registration?

  • Using Aadhar cards for property registration may be a strategic move to curb the matter of black money in property deals
  • This would also shed clarity on whether a property owner is paying all taxes properly and whether the total income justifies the ownership of a property
  • The government is also planning to make amendments to Section 32 and 32A of the Registration Act which would mean that any person who presents registration documents to the sub-registrar of the state must undergo Aadhar registration
  • All of the sub-registrar services are linked to Aadhar servers so that it’s easy to extract information during property registration
  • Moreover, as Aadhar is already linked to the bank accounts of people, it’ll significantly ease out the dealing process for the sale of the property, land transactions, and securing home loans
  • It is impossible to go ahead with property registration without a permanent Aadhar or your temporary Aadhar, which is essentially the Aadhar Enrollment ID
  • The government has shown an interest in the linking of all properties mandatory. It might be the “next big step” after demonetization and GST. Hence, it’s advisable to possess your Aadhar card in situ.

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