Delhi Government is planning to amend the Registration Act, 1908, in order to ensure that no fraud related to property sale is committed within its jurisdiction, a report by ‘The Indian Express’ has said. The report has quoted senior revenue officials as saying that they want to ensure that papers related to properties kept in bank lieu of loans, may not be duplicated, which is one of many ways of property frauds.
As per Divisional Commissioner Manisha Saxena, even while banks keep documents with them while providing a loan, there had been cases where people manage to photocopy documents by using colour printers and thereafter sell the property with original-looking documents. “People can sell the property to other people as well as coloured photocopies almost look like original documents,” she added.
The revenue department will ask banks to ensure registration of such documents, after which the details will be uploaded online. The department will then make it public, the paper said.
A senior official said that registering every property owned by banks till loans are cleared will be a significant solution, as it will help prospective buyers not to get duped. “As we are digitising records of properties that are with us, those against which a loan has been taken will also feature in this,” he told the paper.
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Officials of the department said that the Delhi Government has the right to amend the Stamp Duty Act/Rules. They further said that talks are on with banks to seek their feedback. “We hope banks will extend their support so that people’s hard-earned money does not go down the drain,” a senior official was quoted as saying.