Registration of Sale and Lease Deeds under Registration Act 1908
REAL ESTATE & CONSTRUCTION
When a sale or a lease deed is registered pursuant to the Registration Act, 1908, whether the transaction gets recorded?
When a sale or a lease deed is registered pursuant to the Registration Act 1908, the transaction gets recorded, but, before this stage neither the government nor any official organization maintains the record of the allotments and of their ownership. Allottees suffer in the absence of requisite record keeping. Legislators and governments, must protect the public and ensure proper record keepings to fill this lacuna.
Whether record keeping mechanism can protect public and prevent double book-keeping?
In this age of information technology and computerization, record keeping can easily be undertaken with little capital outlay and every transaction can be recorded. Developers and builders, including public sector authorities and societies, should be required to electronically, and automatically, transmit to a designated record keeper every transaction with complete particulars thereto, and to periodically provide a hard copy of the transactions. In addition to protecting the public this would also prevent double book-keeping by developers/builders and will document the economy. A record keeping mechanism could also be designed to prevent duplicate or multiple allotments in respect of the same plot of land or apartment, and to also prevent arbitrary cancellation of allotments.
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