In what may come as a major relief for the real estate sector in Maharashtra, the state government is planning to allow builders and homebuyers to register property agreements completely online while sitting at the developer's office without having to travel to the sub-registrar office.
While a couple of builders have already been given permission to register sale agreements at their office for now, the state government is working on creating digital infrastructure to make this the norm for all builders and ensuring a smooth online transaction experience. The system is expected to be ready and rolled out in early July, an official said.
Manju Yagnik, Vice Chairperson, Nahar Group and Vice President, NAREDCO (Maharashtra), welcomed the move and said the new facility will provide homebuyers with convenience to conduct all the home buying formalities under one roof.
"Registration is the most important and final step in the process. Allowing developers to have home buyers to register their home at their office will also bring a sense of security and mental ease in an otherwise uncertain pandemic stressed world," she said.
Some other state governments, including the Uttar Pradesh government, are also considering this move given the current situation.
"The influence of digital play has already gained prominence in the recent past. Real estate industry has been making radical changes in the recent few years owing to meaningful policy interventions and we feel that the year 2020 will be the year of technological intervention moving the home marketplace to the digital platform. With home loans getting sanctioned online, virtual home tours and conducting online webinars to address their queries is a sign of progress within the sector," Yagnik said.
"Digitalisation comes with the benefit of having easy access to data-driven management and algorithm to induce property sales, thus, having the leverage of functioning at a rate which would not be possible manually," she added.