Janaharsha Estates looking forward to more transparency for real estate buyers
Janaharsha Estates and Constructions Pvt. Ltd. is optimistic as the Stamps and Registrations Department of Telangana State is working towards rolling out details of unregistered documents that are usually not included in the encumbrance certificates (EC). This may prove to be a turning point for the real estate buyers as this is likely to provide them with an informed choice, believes Janaharsha Estates.
The Stamps and Registrations Department is trying to collect the pending/unregistered documents since the 1960s. It will then scan them at the local Sub-Registrar Offices (SROs) before pooling them together in the common website for public use.
Janaharsha Estates believes this is going to bring about a positive change for the buyers as they would be able to easily track the unregistered properties or properties with pending registrations.
Encumbrance certificates record registered transactions with regard to a property. However, the ECs do not reflect the details of the documents, which have remained pending or unregistered due to various reasons. At present, if there are no deeds of transactions registered with regard to a property mentioned in the application of the EC, no encumbrance certificates are issued.
Deputy Inspector General, Stamps and Registration, Vemula Srinivasulu has said, “The reason for displaying unregistered documents is to inform the buyers that these are the pending documents that have not been registered. And in case they want to enter into a transaction, it is the risk of the buyer and nobody else can be blamed.”
Officials said that the registrations of over 10,000 documents have been pending since the 1960s because of various reasons. A big part of these transactions belongs to the 1980s and 1990s.They have been pending for a variety of reasons like non-submission of income tax clearance certificates — which were mandatory then, clarification of market values, etc.
“The very idea of including these pending documents is to facilitate availability of information. For instance, if there is a pending document since 1980 and it is getting registered in 2015, then the registration will come into operation from 1980 and not from 2015, and the subsequent purchaser will stand to lose because he is taking the risk,” department officials explained.
The Sub-Registrar Offices in the Telangana have been asked to take up the scanning and subsequently upload them on http://registration.telangana. gov.in.
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