Finance Minister Nirmala Sitharaman's budget announcement to digitize land records across India marks a significant milestone for the real estate sector. The proposed use of unique identification numbers for rural land and GIS mapping for urban areas promises increased transparency, reduced disputes, and a boost to the affordable housing initiative.

Key Highlights of the Proposal:

• Nationwide Digitization: Collaboration between the Centre and states to implement land reforms within the next three years.

• Unique Land Parcel Identification Numbers (ULPIN): Also known as Bhu-Aadhaar, these unique IDs will be assigned to all rural land parcels.

• GIS Mapping for Urban Areas: Digital land records with GIS mapping will create comprehensive and easily accessible information about urban land.

• Streamlined Processes: Digital systems will enhance property record administration, updating, and tax collection for urban local bodies.

Industry Experts Applaud the Move

Real estate experts have welcomed the initiative, recognizing its potential to:

• Boost Confidence: Homebuyers will benefit from increased transparency and accurate land records.

• Reduce Disputes: Clear documentation and digital mapping will minimize land-related conflicts.

• Streamline Transactions: Modernized land records will accelerate real estate dealings and reduce ambiguity.

Accelerating Affordable Housing

The digitization of land records aligns with the government's ambitious Pradhan Mantri Awas Yojana (PMAY) initiative, aimed at providing affordable housing for millions. The increased transparency and efficiency in land management are expected to facilitate the construction of 30 million additional houses.

Addressing Urban Land Governance Challenges

With urban areas facing complex land issues due to limited availability, outdated records, and multiple stakeholders, the digitization initiative is seen as a crucial step towards efficient and transparent land management.

A Step in the Right Direction

The digitization of land records, coupled with GIS mapping and unique IDs, is a game-changer for India's real estate sector. This move promises to unlock the sector's full potential, boosting transparency, efficiency, and ultimately contributing to the nation's economic growth.

-source: Hindustantimes.com