New guidelines to ensure transparency in Haryana real estate
On a move to bring in transparency in the state’s realty sector, the Haryana government has come up with a set of new guidelines.
It has now been made mandatory to attach photographs of buyer as well as seller of property along with sale deeds. Haryana’s Additional Chief Secretary, Krishna Mohan said that this step, if followed properly, is likely to help in supporting the measures taken by the state government to check undervaluation of property.
The photographs to be attached for each property transaction is proposed to be taken using a special camera which indicates the date on which the photo was taken. As the photo records the date too, property misdealings would get reduced to a greater extent and this can ensure better transparency in the system. The government has directed all Divisional Commissioners and Deputy Commissioners in the state to strictly follow the instructions issued to them.
Real estate experts have welcomed the states government’s move, which is expected to ease the valuation of built-up floors, mainly in high-end localities wherein the prices of properties are usually higher than the prevalent circle rates. The new set of rules would probably stop unscrupulous officials and developers, and helps in protecting the buyers’ interest.
With the implementation of such measures, homebuyers, mainly those who are buying for the first time, would start having trust in the system. But still, market watchers are dubious about the new measures. In case of emerging areas, where new developments are happening, it becomes difficult to spot out the exact neighborhood by using a photograph and hence, it is difficult to find out the exact value. In that case, the property may be undervalued and still easily hidden from authorities.
The valuation of a property is based on many factors including location, specification, area, construction quality, neighborhood, connectivity, facilities, etc. But a picture of the property can only show a single factor like location, amenities, specifications, etc which will surely affect the value of the property. In order to prevent undervaluation of properties, it is necessary to look for better methods which would help in determining the circle rates.
The new guidelines issued by the Haryana government is in consonance with the proposed real estate bill aimed to ensure greater transparency and protection of consumers interest.
At present, no proper documentary evidence is being recorded in the office of registrar on property transactions, which increases the risks involved in it. But with photographic evidence along with other valuable measures, many issues related to property dealings could be checked which will also raise buyers’ confidence.
