Impact Of Linking Property Transactions To Aadhar

 

The possibilities of connecting Aadhar to the property transactions across India are being contemplated by the government and the consequences of it.

A massive attempt was made to connect Aadhar numbers to a large number of financial instruments and services. Similarly, reports from the government have started coming saying that the property transactions may also be linked to Aadhar numbers with unique numbers. The Union Minister Hardeep Singh Puri had clearly mentioned that property transactions would be surely linked to the Aadhar numbers in future. However, he clearly said that such linkage would definitely enable the government to have a better control over the real estate business.

Advantages Of Linking Real Estate Transactions With Aadhaar

Linking Aadhar numbers with property transactions will most certainly improver clarity in the real estate business and boost confidence in the minds of people. Now that RERA is in place, there is a lot of control exercised over this particular sector for the benefit of both the buyers and realtors. There has developed a lot of transparency in this sector which was not there before. After demonetization, the number of serious buyers has increased significantly across India.

It will increase the inflow of funds being invested and fuel more activities in the sector,” opines Samantak Das, chief economist and national director, research, Knight Frank India.

What About The Benami Property Transactions?

Linking Aadhar to properties will weed out the defaulters and develop more control over certain areas of real estate business. The process will also pave ways for clear title deeds etc. Encouraged by this greater transparency, insurers may begin rolling out products like land insurance. The government has become very strict with regards to dealing with black money holders. Ramesh Nair, CEO and country head, JLL India clearly stated that by linking Aadhar to properties, the flow of black money into the real estate market can be significantly controlled. Moreover, he added that there will develop a lot of transparency in the business.

Linking of Aadhaar With Property Transactions: Will It Serve The Purpose?

Recently, there has been a lot of debate over the security of and safety of Aadhar database. In a scenario like that, it may be really difficult for the government to make this process a successful one. Also, there are many ancestral properties for which the titles are not clear. The government needs to look into these grey areas and come up with a proper solution.

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