Maharashtra government has made a draft of Land Titling Bill to ensure ease in land based credit and optimum utilisation of land with reduced litigation and thereby promote domestic and foreign investments.
The Bill, which is being circulated to seek views from all stakeholders, aims to expedite the land transactions and introduce a system of conclusive titling and registration of title.
An officer from the state revenue department told DNA, “Maharashtra has been selected at the national level to prepare a model bill and thereafter other states will pen their own bills. Titling involves keeping a public record of titles on immovable properties which is conclusive in nature and ensuring that the entries in that record are always correct and true. Non-availability of encumbrances at one place restricts the capacity of a creditor to assess creditworthiness of the individual and thus affects availability of credit to that individual especially to those who belong to informal sector like farming.’’
ANAROCK Property Consultants Chairman Anuj Puri said the state government’s move will speed up land transactions and infuse more confidence among buyers while purchasing property. “With land being the fulcrum of all real estate deployment, the decision making time gets reduced at all levels. This move will help increase transparency and therefore buyer and investor sentiment. A consequent boost to the economy is a natural by-product and a function of these factors as it will increase project approvals, development and also sales velocity. The housing sector will benefit significantly,’’ he noted.
Nirmal Group director Rajeev Jain said, ’’The bill seems to be promising as it will help in putting a stop to fraudulent practices and safeguard the buyers through increased transparency. Also insurance is a very crucial topic that will be addressed . What will be most crucial to ensure the effectiveness of the bill is the administration that will oversee the execution of the proposed objectives.’’
Sai Estate Consultants managing director Amit Wadhwani hoped that the provisions incorporated in the draft bill will make things simpler for borrowers and lenders. However, he said the enforcement of processes is critical. ‘’Needless to say, a significant burden of land disputes could go off civil courts which means indirect impact of having such a system would be significant on the judiciary,’’ he viewed.
Poddar Housing & Development Ltd’s MD Rohit Poddar said easing the process of obtaining land title and logically leading to land title insurance will go a long way in securing the entire ecosystem involved in real estate.