Nearly three-fourths of Indian households’ wealth is invested in the real estate sector, yet accessing information related to land records is difficult as only a few states maintain digitized records. When you are buying a property—be it a house from the primary (from the developer) or secondary markets (properties on resale) or a plot of land—it is always advisable to cross-check and verify the documentation. However, in most states and Union territories (UTs), it is difficult to do so, in the absence of proper digitized records, especially related to disputes.
A new land record index, NCAER Land Record and Services Index (N-LRSI), will help you figure out how efficient the state in which you are buying a property is in terms of maintaining digital records. The index has been launched by the National Council of Applied Economic Research (NCAER), a New-Delhi based non-profit think tank of economics, and assesses the extent of digitization of land records across various states and UTs. Omidyar Network India, an investment firm focused on social impact, is financing the research.
Digitized land records can go a long way in easing real estate transactions in India. “Modernization of land records in digital format will smoothen transactions and reduce land and property disputes, effectively enhancing transparency regarding the maintenance of land records,” said Niranjan Hiranandani, national president, National Real Estate Development Council (Naredco), an industry body. In an ideal scenario, land records should be digitized, and should be comprehensive and reliable, he added.
