Just as the unique biometric-enabled Aadhaar has now been made mandatory for getting PAN card as well as to file ITR, the process i.e. linking of Aadhaar with property registration will become mandatory too in near future. And with it, homebuyers will be safeguarded as then the property papers will be ready available for review when one is considering to crack some real estate deal. So, with enhanced transparency, property buyers will be at much-needed ease.
Also, with the compulsion on linking the property with Aadhaar, there is anticipated to be a likely eradication of the role of brokers who charge heftly from buyers and as property prices may see a steep fall.
"Aadhaar property registration has the potential to weed out black money and eradicate fraudulence from the real estate sector. This move also has the potential to enable rationalization of home prices, as all those who have invested in Benami property will rush to disinvest. The Aadhaar-property linkage will also provide some ease to procedures related to home buying such as home loan, property transaction, sale or purchase of property, etc, due to enhanced transparency. Since the entire linking process will be time-consuming, the government should give enough time to property owners", Rajan Bandelkar, President, NAREDCO Maharashtra is quoted as saying in a leading business dailies report.
Further after the introduction of RERA and GST, this will be another move that will further augment the sentiment of home buyers and as well as provide an impetus to the overall housing sector which has been so far in acute distress owing to the credit crunch. On Wednesday, FM Nirmala Sitharaman announced a special Rs. 25,000 crore AIF for the housing sector to give a fillip to the completion of stalled projects primarily in the mid-housing segment.
Also, the move will also enable and keep up the interest of all the stakeholders in the real estate ecosystem such as developer, investor and home buyer alike.