To protect the anonymity of data associated with newly purchased properties. These steps were taken to promote customer trust and to computerize the registration of newly purchased real estate.
During a press conference in Mumbai on Tuesday (September 7), Shravan Hardikar, the IG of the Department of Registration and Stamps, stated that department will use blockchain technology to avoid duplication of authentic agreement documents.
Hardikar added, “the blockchain pilot has already been initiated with banks and other mortgage companies. Additionally, the Indian Bankers Association also assisted to incorporate it. They are being made aware of e-registration documents after concerns were raised about the lack of stamps and signatures on online documents. So the question emerges is, how they can identify that these are genuine documents?"
He went on to say that we would have a unique number on these registered property documents in the second stage. These unique numbers will be further verified by bankers in the system. If it does not match, it is likely that the documents are tampered.
Blockchain used to prevent manipulation of registration
The primary objective of implementing blockchain technology is to avoid duplicate and manipulated registrations that have taken place on an online platform. According to Hardikar, this will protect the interests of both property buyers and lenders.
Notably, Maharashtra is the first state to enable first-sale real estate e-registration. During the Covid-19 pandemic, maintaining social distance was crucial, and attending the registration office was difficult. As a result, the electronic registration service was created.
The execution of the procedure till document registration can be done online using the online property registration service. Furthermore, house purchasers are exempt from going to the stamp duty and registration office.
Hardikar claims that with seamless online registration, all such transactions would be entirely online in the coming years. As per report, the government is also considering eliminating the requirement for witnesses at the time of registration.
As CoinGabbar earlier reported, the Maharashtra State Board of Skill Development (MSBSD) distributed approximately 100k verified digital certificates anchored on the Polygon (MATIC) blockchain. The certificates were distributed via the LegitDoc platform in August to provide the highest level of data protection, privacy, openness, and cost savings.