Fintotal News Analysis | Urban Development Minister to Make Property Acquisition Process Online
Urban Development Minister to Make Property Acquisition Process Online
Ruby Jacob, 22 Aug 2012

Urban Development minister Kamal Nath spilled a few beans about the government's effort to make the procedures involved in converting a leasehold property to freehold property online in future. The ministry is trying to looking at ways to bring reforms in regulations linked to real estate, some of which are pre-liberalization period ones.

Sale of property is generally considered complete when you get the agreement of sale and actual possession of a flat or plot of land. However the property's title may not be clear. This can be checked at the sub-registrar's office.

The title deed has to be registered and muted in your favour. Like you imagined, the process is awfully long, involves shuttling to the registrar's office many times and getting much paperwork done.

Your property is freehold if the title is in your favour and it does not restrict your right to transfer ownership. Leasehold property restricts right of the lessee to transfer it. Sometimes prior permission of the lessor is required and a certain portion of gains may have to be paid as charges.

Most property owners are content to have physical ownership of property. Few are bothered to get the paperwork done right, thanks to cumbersome procedures and red tape involved. Some realize that their property's title is not clear only while applying for a property loan or while trying to sell it. Property regulations in India deserve due revision.

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