By Accommodation Times Bureau
Haryana Real Estate Regulatory Authority Chairman, Dr. K K Khandelwal today said that in order to bring transparency in the secondary real estate market, the government must focus on digitisation of property records.
Addressing a FICCI conference on ‘Improving Transparency in Secondary Real Estate Market’, he added that digitisation will help in reducing the legal cost and process time thereby, building confidence among the buyers.
Khandelwal suggested that an online database of all the real estate agents across India must be introduced for better functioning of the real estate market and make it organised, regulated and transparent.
Sudip Mullick, Partner, Khaitan & Co. said, “Introduction of RERA, Benami Act, FDI by the government has not only reduced the overall property prices but has also brought back the buyers who shied away from investing in the sector in the past.”
A FICCI-Grant Thornton- Escrowffr Report ‘Improving Transparency in Secondary Real Estate Market’ and FICCI-Pahle India Foundation Policy Brief on ‘Restructuring the Indian Secondary Real Estate Market was also released by the dignitaries.