The government’s latest move to create a central data base of real estate will significantly help to boost the growth of this GDP boosting sector.
The Housing and Urban Affairs Ministry has decided to develop a data base of real estate at the central level. This comprehensive data base will provide all important information about real estate destinations, property demand, supply, absorption, inventory etc, especially related to housing. It will also have crucial information about projects and their promoters. Regarding projects, the data base will give information about projects features, pricing, launch date and delivery date along with construction status. This proposed depository of central database will come handy to create a unique id for new properties to safeguard property buyers interests by checking any frauds related to dubious titles. This will in turn check huge litigations in the property business. This database will facilitate projects monitoring, keeping homebuyers updated about the progress of projects. Since real estate is a state subject, the Housing and Urban Affairs Ministry will work with state governments, industry bodies and regulatory bodies to enhance efficacy of database.
Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, “This is a very important initiative by the central government that will help property buyers make informed investment decisions for safe and profitable investment. This will especially help first time home buyers and save them from possible fraud. It will also help developers plan properly and efficiently for their projects. The central data base will enhance transparency in real estate transactions, thereby increasing credibility, which in turn will help in the growth of the sector.