Journalism of Courage
Move taken to check rising fraudulent property transactions
In the wake of recent cases of fraudulent property transactions,the state has decided that all new properties mortgaged with banks will have to be registered with state Inspector General of Registration (IGR) as well.
Recently,there have been cases where after mortgaging their properties with financial institutions,people were involved in re-selling the properties to another party.
“Financial institutions have reported about many cases where a property mortgaged with them for seeking loan was being sold to different individuals without their knowledge. Even,as we had the regular mortgage deed registered with the IGR,the mortgage of deposit of title deeds which are done with financial institutions will have to be done with us by the owner itself,” said S Chockalingam,state Inspector General of Registration and Controller of Stamps.
Tamil Nadu and Gujarat have made the registrations compulsory. In the state,the government is all set to initiate the process where the filing will be made mandatory. The office of the IGR,based in Pune,had said the new rule has been cleared but the actual date of its implementation was yet to be given by the government.
n official said,in all likelihood,it should start next month. All new buyers who mortgage their properties with financial institutions will also have to file the details with the IGR. “They should do so personally or they would have to authorise the banks to do it for them,” said Chockalingam.
As the new rule would lead to a huge rush at the IGR offices,talks are on with the Central registry to get the data from banks and pass them to the IGR,he said.
With the financial institutions already giving the details to the Central registrar of national housing,they would have to give the details to the Central Electronic Registry of Securitisation Asset Reconstruction and Security Interest of India.
The fraud prevention body,promoted by the Centre,makes it mandatory for the borrower to register the title deed of transaction with it.
While this initiative is for the new buyers,the IGR is also set to deal with registrations of old properties as well. As we have to deal with a lot of data,it would take time,said IGR officials.
