Why Aadhar Card for property transaction?
The government of India along with various state governments has introduced the concept of linking all property related transactions to Aadhar cards and biometric verification. The move is aimed at cutting out any benami transactions in the Indian real estate market. Industry experts have welcomed the move saying it will add more transparency to the process in the long term. On the downside, users who still have not applied for their Aadhar cards may have to face delays when it comes to property registration.
The state government of Maharashtra has been one of the first states to implement the scheme in a period manner. Mumbai, Pune and Thane have already introduced linkage of land records with Aadhar cards with UIDAI (Unique Identification Authority of India) data. Other cities and municipal corporations are expected to follow suit while the initial discrepancies are ironed out. The state government of Jharkhand has also announced its decision to make Aadhaar number mandatory for sale and purchase of land in order to maintain transparency in the land deals.
To check on unlawful real estate transactions
The biggest advantage of linking Aadhar Cards to all property transactions is to help the various government agencies keep a check on unlawful real estate transactions. Aadhaar card based land transactions will prevent duplicity and also establish the identity of sellers and purchasers once the project is implement across the length and breadth of the country.
More and more states have made it compulsory for both buyers and sellers to provide their Aadhar Cards for any real estate related activity including buying, selling or leasing out of residential or commercial properties. For any property transaction, you will have to provide your biometric information like finger prints in addition to the Aadhaar number.
The property record data will be linked to the users UID number in a systematic process. Once the initial hiccup of getting you Aadhar card (for those who still haven’t applied for one), the process is beneficial for both users and government agencies to keep a consolidated track record of property transactions across the country.
So if you have still not applied for Aadhar Card, do it soon as it is now mandatory for property transactions. As the card issuance is taking a bit time, last moment applications for cards will not help you to complete your transactions within the stipulated time frame.
