Everyone is quite aware of the fact that property investments are the most profitable in nature out of all kinds of investments. To feel secured considering an uncertain future, people are now making efforts to transition from living as tenants to real-time homeowners. There are various aspects that are involved when it comes to investing in a real estate market. First off, it is crucial that one is completely informed about the uncertainties in the property market. An in-depth knowledge about the market is quite important to study and analyze current trends to anticipate and face challenging scenarios. Now, there was a time where residents who invested and owned properties were required to register themselves along with the property that they own with the chief sub-registrar officer. This was mandatory for every investor to furnish property related documents so the government related authorities have a record of your property being registered. Residents who were busy with their everyday commute and work found it tough to register their properties because of the distance all the way to government offices or lack of time. Most often than not, such offices were quite crowded most of the time which made things worse. The convenience of residents was compromised resulting in precious time and effort wasted. To everyone’s relief, the government in Karnataka has come up with measures where residents can now register their properties online by simply visiting the website Kaveri Online Services. These value-added services can now be availed from 11th November 2018. Now you can register your property online without having to visit Sub Registrar offices.
However, there are some pointers that have to be considered before one goes forward with registering their property online. Let’s analyze each one of them to have a broader perspective of features that can be availed when trying to digitize the registration process.
Encumbrance Certificate- Pivotal in final property transactions
Every property purchase transaction should have a legal document associated. In order to transfer the ownership of a property, one needs to apply for an Encumbrance Certificate which clearly signifies that there is an ownership transfer and the owner is not liable on any terms, be it financial or non-financial. Such certificates were available of one goes to the office of the sub-registrar. Things got complicated as there were tons of residents trying to register their properties and the process got a lot tedious and straining. However, with the implementation of new laws by the Karnataka government, residents and fellow investors can obtain the Encumbrance Certificate by the click of a button online. This has smoothened the overall process of registration of property and provides total transparency as far as the complete flow of information is concerned.
Property deed related documents
Registration of property involves having a record of documents like the property deed. These are generally involved at the sub-registrar’s office of one needs to register his property. Having physical documents can get confusing at times and there are high chances residents might end up misplacing them in all that hassle involved. In the case of online property registration, residents can easily avail such documents using property credentials as digitally-signed copies can effortlessly be obtained with a fee which is considered nominal.
It doesn’t end here- More benefits for added convenience
In addition to obtaining documents like the Encumbrance Certificate and the Property Deed online, this function of registering a property online offers other beneficial features. There are tools available which would help residents to calculate their registration fee and property valuation. Instead of heading to the sub-registrar office to evaluate property valuation, one can calculate the value of the property based on current market trends online. What happens, in this case, is that the system calculates the overall value of the property and the particular application is sent to the chief registrar for approval. Once the application is approved, the applicant gets notified and he/she should file for an appointment with the registrar to get the process finalized.
To conclude, online property registration services introduced by the Karnataka Government is sure to entertain more customers towards such practices which are in fact healthy for the real estate market to bloom in the years to come!