Vikas Rikhye

Vikas Rikhye, Real Estate Blogger

In absence of a proper Regulatory Authority the real estate transactions have to undergo lot of ambiguities and the buyers are at the mercy of the property dealers who make their own transaction modes/methods of documentation, which sometimes do not match the laid down procedure of the competent authorities. The validity of such self-styled documents is usually referred with the reputation or the Muscle power of a particular broker.

Referring to recent news in a national daily, on real estate frauds, that revealed the increasing quantum of cases where the innocent have been a victim of circumstances.

It is understood from sources that Haryana Government has taken a serious note of the situation and the Government has introduced a new procedure to make the property transactions more transparent.

The sources add, that the new rule makes it mandatory for buyer/seller to submit computerized affidavit with the applicant’s photograph scanned on it during the registration of any property. The affidavit is given by an applicant on stamp paper while buying or selling the property.

It is also understood that the Government is also planning very shortly, to display the records of all property transactions on the internet/website, as this would increase the accessibility of information to the property owners from anywhere in the world to know the status of their property.