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Electronic Property Passbook plan finalized: An exercise for cleansing real estate business

Hyderabad: Govt. is getting ready for the implementation of electronic property passbook system. It is likely that it would be implemented after the declaration of UP results. It was hinted at a speech delivered by PM Modi on 22nd November that Govt. is ready to launch a campaign against Benami properties.

It is learnt that most of the States are equipped with digital record systems. Central Govt. is actively considering to setup a separate Dept. for it. A decision is likely to be taken any time after 11th March.

Officials reported that it would be essential for all the property holders to get the detail entered into an electronic passbook. Such of the owners who do not get their properties entered, Govt. would declare them as the Govt. property. All the property holders have to link their electronic property passbook with their Aadhar cards. No enquiries would be made by the new Dept. All these records would be handed over to Income Tax Dept. and Enforcement Directorate. It is also likely that the valuation of lands and properties would be determined area wise.

This process would create problems to the sellers and buyers of all the private properties which are now in the names of other persons.

This process would ensure safety of the real owners. Speculations are being made that this notification is likely to create panic among the property holders who have benami transactions.

–Siasat News