Along with several state governments, the Government of India has initiated the concept in which all property transactions will undergo biometric verification and linking to Aadhar cards. The motive behind this move is to eliminate all Benami property transactions in real estate market in India.
This move has been appreciated by industry experts and said that it will welcome more transparency to the process over the long run. However, users who haven’t applied for Aadhar cards still need to face delays for registration of the property.
Maharashtra has become one of the first states in India to mandate this scheme. Linking of land records to Aadhar cards has been already started in Mumbai, Thane and Pune with UIDAI data. Other municipal corporations and cities are supposed to follow this rule. Jharkhand has also decided to mandate Aadhar card for purchase and sale of properties to keep transparency in land deals.
To Keep track on Illegal Property Transactions
It is the biggest part of linking Aadhar to all the real estate transactions and to help different government agencies to keep tab on illegal real estate transactions. These types of real estate transactions based on Aadhar will avoid duplicity and also has the identity of purchasers and sellers once it is implemented across the nation.
For both buyers and sellers, more states have made it compulsory to provide Aadhar cards for all real estate activities including buying, leasing out, and selling commercial or residential properties. You will need to provide biometric details like fingerprints along with Aadhar number.
The property data is linked to UID number of the users. This process will benefit both the government and users to keep tab on property transactions. So, you should apply for Aadhar card soon as it is compulsory in real estate transactions as it is a need of the hour.
To check your aadhar status, follow this link: http://www.checkaadharcardstatus.in/