Benefits of Digitisation in the Real Estate Sector
May 21, 2018 Real Estate News
Digitisation has made its presence in every sector and in real estate sector also it has gained momentum equally in terms of asset management, property search, maintaining records, construction, marketing, sales as well as smart homes. The housing sector alone contributes five to six percent of the country’s gross domestic product (GDP) and technology further is expected to accelerate this growth rate in the realty sector in coming years.
Digitisation helps in easing out things such as managing land record transparently. It offers a single window to all kinds of records of land or project that includes maintenance and updation if surveys, maps and property registration. Digital medium also encourages online approval of plans and occupancy certificates in an easy way. Overall it offers an easier way of doing business while making everything simpler for the developers and buyers to verify the authenticity of the land or the property.
Digital India Land Records Modernisation Programme (DILRMP) in August 2008 with the main objective to computerised all land records that included improve transparency in the maintenance system of the land records, digitising maps and surveys, mutations while minimising the scope of land disputes. Moreover, digitisation also helps in providing clear titles of land ownership which government officials can easily be monitored while facilitating quicker transactions. This return would decrease the construction timelines, developer’s overall cost and property prices would become more lucrative for the buyers.
For the records, Karnataka was the first state in the country to computerise the land records under ‘Bhoomi Project followed by Andhra Pradesh and Tamil Nadu. But still, there are many states in the country who have not yet started using the digital medium. Due to which there are certain lands which have not surveyed for more than 100 years. The government do want to digitise land record completely but due to lack of clear and sufficient data, the data registered at various government levels do not come out o be identical. Statistics from the DILRMP show that in several states, the database of the digital land record has not been synced with the digitised land registration database.
On the other hand, digitisation of the land and property records would also boost Digital India Mission of the government. A complete digitised record of a land or a property, comprising of the details of the original owner to the present status of the land, the image of the property and landowner would help in revealing the total area of land owned by an individual. A fresh survey of the land should be done at regular intervals to update the records. This would help in avoiding any confusion between the government land and private land.
Also for home buyers digitisation provides them with correct details of the owner of a particular land or property. The buyer can easily check if the land is under litigation or whether a project is as per the building laws or regulations. Digitisation also helps the buyers to keep a track of the market pricing.
Digitisation helps in easing out things such as managing land record transparently. It offers a single window to all kinds of records of land or project that includes maintenance and updation if surveys, maps and property registration. Digital medium also encourages online approval of plans and occupancy certificates in an easy way. Overall it offers an easier way of doing business while making everything simpler for the developers and buyers to verify the authenticity of the land or the property.
Digital India Land Records Modernisation Programme (DILRMP) in August 2008 with the main objective to computerised all land records that included improve transparency in the maintenance system of the land records, digitising maps and surveys, mutations while minimising the scope of land disputes. Moreover, digitisation also helps in providing clear titles of land ownership which government officials can easily be monitored while facilitating quicker transactions. This return would decrease the construction timelines, developer’s overall cost and property prices would become more lucrative for the buyers.
For the records, Karnataka was the first state in the country to computerise the land records under ‘Bhoomi Project followed by Andhra Pradesh and Tamil Nadu. But still, there are many states in the country who have not yet started using the digital medium. Due to which there are certain lands which have not surveyed for more than 100 years. The government do want to digitise land record completely but due to lack of clear and sufficient data, the data registered at various government levels do not come out o be identical. Statistics from the DILRMP show that in several states, the database of the digital land record has not been synced with the digitised land registration database.
On the other hand, digitisation of the land and property records would also boost Digital India Mission of the government. A complete digitised record of a land or a property, comprising of the details of the original owner to the present status of the land, the image of the property and landowner would help in revealing the total area of land owned by an individual. A fresh survey of the land should be done at regular intervals to update the records. This would help in avoiding any confusion between the government land and private land.
Also for home buyers digitisation provides them with correct details of the owner of a particular land or property. The buyer can easily check if the land is under litigation or whether a project is as per the building laws or regulations. Digitisation also helps the buyers to keep a track of the market pricing.
