I often share a running anecdote at gatherings—though, admittedly, the invitations have dwindled since. It goes something like this: "If you or someone you know doesn't have a property dispute, you're not Indian." With a staggering 67% of civil court cases in India revolving around property disputes, the issue is far from a laughing matter. Real estate, initially perceived as an asset, has unfortunately transformed into a liability when compared to other investment classes.
The gravity of the situation becomes evident when considering the staggering 7.2 million court cases hindering the development of an estimated $200 billion worth of real estate. This predicament highlights a societal reluctance and a lack of political resolve to address a longstanding issue. At the core of these challenges lies India's presumptive ownership system, a departure from the conclusive titling systems found in the UK and other developed nations.
In countries like the UK and Singapore, a conclusive titling system ensures that the government verifies the seller's property ownership before approving any transaction. This results in a single title deed provided to the purchaser, offering a clear and validated ownership record. In stark contrast, India's "Presumptive Ownership" model places the burden on the buyer to verify the seller's ownership, with no government responsibility. Many mistakenly consider a Sales Deed as a title, while in reality, it's merely a record of the transaction's involved parties. This system necessitates property owners to compile various documents as proof of ownership, lacking the simplicity of a single title deed.
Despite these challenges, the fundamental question arises: Should one still consider purchasing property? Absolutely. Land remains a finite resource, and current technological advancements are unlikely to change that reality anytime soon. No scientific or economic paper has predicted a decline in land prices following Elon Musk's colonization of Mars.
The Vital Role of Comprehensive Property Due Diligence
However, before making any property purchase, conducting thorough due diligence is crucial. The first step involves obtaining an Encumbrance certificate (EC), which, in some states, is also referred to as a Non-encumbrance certificate. This certificate outlines the current property owner and the transaction history over the past 20-25 years in certain states. Think of the EC as a skeleton guiding the collection of documents needed for a legal opinion. While Landeed provides instant access to ECs through its app, those seeking adventure can opt for a visit to the local Sub Registrar Office (SRO) to retrieve the EC.
If one assumes that obtaining an EC is sufficient for completing property diligence, they're in for a disappointment. Prospective buyers must also visit the revenue office to verify property tax receipts, electricity bills, and water bills under the same owner's name. Unfortunately, government departments operate in silos, lacking integration for maintaining common ownership profiles.
Once the pilgrimage to the registration and revenue departments is complete, a visit to the lawyer's office is in order for a legal opinion after submitting the necessary documents. While a legal opinion is mandatory for property transactions and loans, it does not safeguard against future litigation. Therefore, it's essential to secure the property with a fence, name board, and, if necessary, a security guard with a CCTV camera. Updating all revenue documents to reflect ownership changes is equally important. After completing these steps, one can only hope for the best and prepare for the worst. Good luck and happy property hunting!
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