Maharashtra Introduces E-Registration of First-Sale Properties

A change whose time has come

The COVID-19 pandemic has created a legacy of changes, some forced, others that the world would have overlooked in ordinary circumstances. Consider this. In April 2020, there were just 796 property registrations in Maharashtra for a revenue of Rs. 3 crores. The comparative figure for April 2019 was 1.05 lakh properties with total revenue of Rs more than 1,563 crores.

While property registration was always an inconvenient process, consuming more time, money and effort than it should, the fall in 2019 revenues laid the marker for a change that may have otherwise been caught in a typical cycle of government deliberation, bureaucratic slowness and technical glitches, the latter apparent in the online registration system introduced in 2019 where homebuyers used a designated website to upload property documents and make an appointment with the sub-registrar. The state government’s forward-thinking attempt at digitisation was impeded by the very tool meant to aid the process, technology.

E-registration of first-sale properties: a significant step

Maharashtra registers an average of more than one lakh properties each month. The pandemic-induced revenue losses dented the state’s coffers, but significantly, provided other reasons for change, including ease of doing business and convenience. The e-registration process is likely to roll-out from October 2.

The first phase of e-registrations starts with Maharashtra Real Estate Regulatory Authority (MahaRERA)-registered developers with above 50 tenements with other developers to follow in upcoming phases. Online registration is initially being made available only for first-time sale between a builder and the first buyer, the reason being such sales are easier to document and verify. Developers will be charged an advance, non-refundable amount of Rs 1,000 per document as document handling charges.

At the outset, e-registration provides a pioneering benefit whereby developers and buyers share a single platform for property registration from the developer’s office by using official software. An official of the registration department has been quoted as saying, “All developers registered with MahaRERA can approach the department for the software. They will be provided with the software after due diligence. The citizens willing to get their properties registered at the sub-registrar’s office can go ahead with the traditional process.”  

Several publications have also reported that members of Confederation of Real Estate Developers Associations of India (Credai) were considering using their own offices to carry out the new -e-registration process. A common location could be finalised later to help smaller builders adopt the process.

Benefits of e-registration in Maharashtra

Assuming the system overcomes teething problems and technical glitches, and sees increased adoption by large and small developers, a host of benefits awaits all stakeholders.

• An alternative to the traditional time-consuming process of being physically present at the sub-registrar’s office to register documents. The actual process takes just a few minutes but costs buyers hours on account of the travel and waiting time involved.  
• Developers can not only conduct e-registrations from their own office, but expect increased momentum in sale even if a pandemic-like situation or other such events take place in future.
• For buyers, no more queues, time saved and effort reduced in registering property documents anywhere in Maharashtra.
• The government too will not face the situation that arose during COVID-19, and reduce the impact on an important revenue source.

Post the rollout of RERA, this is another piece of positive news for home and commercial property buyers in Maharashtra.

If you are a planning to buy a home and take advantage of e-registration, take a look at our handpicked RERA-registered homes in and around Mumbai, and book yours now.

• Phoenix Tower, Kandivali – Under construction 1 and 2 BHK homes at affordable prices with excellent amenities and stylishly-designed homes at Kandivali East.
• Delta House, Goregaon – 1 to 3 BHK homes to fit any family size. Located close to NESCO, Goregaon East, the project is well-connected to every part of Mumbai.  
• Tulsi Elanza, Chembur – Luxury and sophistication meet in the Queen of the Central Suburbs at Tulsi Elanza, featuring ready to move 3.5 BHK homes for connoisseurs of fine living.
• Lodha Global Park, Dombivli – If you’re planning on buying home in Dombivali, this centrally-located residential tower has ultra-modern homes in nature-centric surroundings.
• Lodha Panacea, Dombivli – Looking for style, safety and creature comforts? This centrally-located sprawling complex of 10 towers across 40 acres boasts every modern amenity you can ask for at prices that don’t cost a fortune.

Disclaimer

This story is based on information obtained from external source(s) and may be subject to change. While Horizon makes a reasonable effort to verify such information, it does not vouch for authenticity and/or accuracy, and bears no responsibility for damages or claims arising from the use of this information in any way.