Important to Link Aadhaar To Property Registration

1. Important to Link Aadhaar To Property Registration The announcement that all Indian properties would be linked to Aadhar by the government was a significant decision. This would allow for the creation of a central database that records ownership details for every property. This would allow for the identification of whether or not a property owner pays all taxes correctly and whether or not his/her income justifies owning a property. If the government doesn’t pay all taxes correctly, the government can confiscate the property and make it a benami asset. The entire process of linking all properties to Aadhar will be tedious and require the assistance of state governments. Making Aadhaar Mandatory The use of Aadhaar cards for property registration helps to reduce the black money involved in property transactions. Aadhaar serves as proof of identity for everything from opening a bank account to getting a PAN card to getting an LPG connection. Current plans include making transactions based on the Unique Identification Authority of India mandatory in real estate transactions. For property registration, all buyers and sellers must have valid Aadhaar numbers. The government plans to amend Section 32 and Section 32A of the Registration Act.

2. Aadhaar registration is required for anyone who presents registration documents to a sub-registrar. After providing the Unique ID and other biometric information, the registration process involves a biometric procedure where the property is transferred from the seller to the buyer. The pilot Aadhaar-linked registration system was in operation across several states of India during the second half 2017. All proprietorship documents submitted through online systems were being cross-verified by local authorities. They were also linking these documents to the unique Aadhaar number. Check — Corporate law firm in india Aadhaar to Facilitate Transactions

3. So that information can be extracted during property registration, all sub-registrar services are linked to Aadhaar servers. Aadhaar already links to individual bank accounts, making it much easier to purchase or sell property, make real estate transactions, and secure home loans. What happens if the Aadhaar card is lost or not yet available? Misplaced/Stolen/Not Possessing Aadhaar There is no need for you to replace your Aadhaar number or card if it has been lost. You only need to visit the nearest Aadhaar centre in your area and provide biometric information, proofs of identity, etc. The card will have the same Aadhaar number. You should apply immediately if you don’t yet have an Aadhaar Card. It is possible to register property without an Aadhaar card. Why It Is Important? If you do not have the temporary number you can apply online for the card and provide the acknowledgment receipt to sub-registrar. After you have received your Aadhaar Card, you will need to go back to the office to be eKYC-verified. The government may soon make mandatory the linking of all property. This would be the “next big step” after GST and demonetization. It is therefore a good idea to keep your Aadhaar card handy. Also, you can visit your website - Real estate law firm in India