All property deals to be included in central registry

The real estate sector is facing problems with the issues that are related to transparency in realty sector, by including those properties which are attached with no loans, scope of existing central registry on properties is expanding. The current scenario is that the property which is loan linked is in the ambit of registry. Before march 2013 a pilot project will begin that will focus on registering all properties as told by R V Verma , the Chairman of National Housing Bank. The state that are already having e- registry platform will start this registration. In a notification by Reserve Bank of India issued on May 19, 2011 an operation of central registry was announced that will have collective details of all properties for which loan had been taken. The chairman of CERSAI said in an interview that meeting had been organised with Maharashtra, West Bengal and Uttar Pradesh government early this week to begin with this project. Karnataka and Andhra Pradesh are also likely to be part of this initiative. To bring all properties under central registry a pilot project is being launched. It will depend how well other states are prepared to be a part of this project.