In a bid to revive the property buying market, the state government has offered a fresh concession to builders. More builders will now be able to register properties online with the government relaxing conditions for e-registration.
As per a circular issued by state Inspector General of Registration, Omprakash Deshmukh, online registration will now be available even for those registering 20 or more documents.
While e-registration of property deeds has been on in Maharashtra since 2012, restrictions were in place as far as sale transactions are concerned. A senior official said that only builders who registered 500 documents at one go could earlier opt for the e-registration method.
“Registration offices are currently shut because of the lockdown. Even after it is eased, to maintain social distancing norms there will be restrictions on the number of people who can visit these offices. Prolonged restrictions will have an adverse impact on property transactions and state revenues thereof. It is, therefore, necessary to encourage online registrations,” said Deshmukh.
Senior officials, however, clarified that the online option will only be available at the first point of sale, that is, between a builder and the first buyer. “It is easier to verify property-related information for first sale transactions. It gets more complicated thereafter,” said a senior official requesting anonymity.
Developers have welcomed the move. The property market, already reeling under a prolonged slowdown, has been adversely hit during the lockdown period. With the movement of people restricted to only essential needs, there has virtually been no property transaction in the past month. In March itself, the government’s revenues from stamps and registrations suffered Rs 1,600 crore in potential income. The construction industry has already approached both the Centre and the state seeking a stimulus package to overcome the losses sustained.
According to the circular, the Joint Registrar will be responsible for processing the document within three days of application.
The Maharashtra government has, however, clarified that only those builders who use the model sale document as formulated by Maharashtra Real Estate Regulatory Authority (MAHARERA) can register online with 20 documents. Others will need at least 50.
The government has said that Rs 1,000 will be payable by the builders per document as a document handling charge. Such charges will have to be paid in advance and are non-refundable. For the ones using the MAHARERA template, this advance deposit will be Rs 10,000 while for others it will be Rs 50,000.
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