Mumbai: The Stamp Duty E-registration software will be ready in October. However, the developers and related stakeholders will be trained first regarding its use so they do not face problems while processing said Shravan Hardikar, Inspector General of Registration and Controller of Stamps.
"Currently, the in-house staff are being trained. And next will be the real estate stakeholders. The said software is already in use, however, some troubleshooting issues have been reported, which were fixed and tested," the official added.
The stamp duty e-registration software will be facilitated only by the newly purchased property buyers to complete the process online itself. Meaning, the developer and homebuyer can do the process from their side completely online similarly the registrar's office can do the same. Doing this will reduce the footfall in offices especially during the time of Pandemic when it has become necessary to maintain social distancing, Hardikar stated.
Rohit Poddar, Managing Director, Poddar Housing and Development Ltd on e- registration commented, "With the Economy and the Real Estate segment perching on for their revival post the deadly second wave, initiatives like E- Registrations are a shaft of light. Technology has always played a crucial role in real estate. But measures like these are claiming to be a turning point for the authorization of technology within the sector. It is a crucial move with the record-breaking property registrations every month, it brings ease to the process, as well as, saves time."
Similarly, Manju Yagnik, Vice Chairperson, Nahar Group and Senior Vice President, NAREDCO, Maharashtra also welcomed this move. She said, "With this online system in place, builders & homebuyers can get the property registration done in a safe environment instead of going physically to the registrars' office as we are still in the middle of the pandemic. Besides, It will also save a lot of time for homebuyers including NRIs, who have to dedicate a day for it."
Reportedly, in September itself, over 6,500 houses sale was recorded in Mumbai alone. This has led to revenue generation of Rs 469.44 crore. The number of housing sales that have been recorded is much higher than what was reported in September last year that was nearly 5,500 only.