Hence, Aadhaar based authentication for real estate deals might be made compulsory for registration, documentation like sale, buy and transferring of properties. Besides, the “land resources section” which operates under the “Ministry of Rural Development” has framed a letter stating to all states and union territories to make the rule effective as soon as possible to avoid frauds during property deals and moving of property registration in another name. Further this is considered to be one of the best decisions that the government has taken to minimize black money from real estate sector. So, every PAN number would be merged with the aadhaar number so that all the details of an individual can be identified. ATS Pious Orchards Resale / ATS Pristine Golf Villas Resale / ATS Greens Projects Noida / ATS Rhapsody Resale
According to the study done by experts, this could possibly make buyers tension-free while purchasing a property when you hold an aadhaar card. Apart from this 2.05 – 2.07 crores approximate tax payers have already linked their aadhaar for authentication. As there are more people registered with aadhaar than with PAN, the centre will bring this rule to pass from 2024 August. All these registration will be done through electronic devices and will be verified with your aadhaar. This new rule will be unveiled in the days to come.
The “Sect 32 and 32A of the Registration Act 1908” will be applied as a legal support to these aadhaar linked documents as part of validation. The rules framed will then be forwarded to the cabinet for authorization and then to the parliament which sanctions it as a new rule. This could avoid transactions of benami and save buyers from any hassles during purchase. This will enable to control the rising of benami’s and their fool proofs with the recent Amendment act of 2024 which permits the officials to gather all the documents of the false proof and confiscate their properties. Morever, when a person is found guilty of charges as a Benami then he would face 1 year or 7 years in prison and also should pay a fine of 25% of the current property rates.
Complete digitization of property documents, land and sale records would help them get the clear picture of the actual owner of the property. Further, the registration of properties can be done online from your homes when aadhaar is linked. The details registered will be viewed by the seller. The seller can also be made sure he gets the complete information of the builder online. This enables them to have clarity in the details and proceed further in choosing the right property. At present this rule has also been made applicable for rental purposes as well. It is implemented in places all India and so on. This could help tenants to have a transparency in knowing the agreement made by the owner on prior. With these info’s register yourself with aadhaar today to prevent any hassles on your property in future!