Blockchain Technology For E-registered Property Deals, Real Estate News, ET RealEstate

June 24, 2023

PUNE: The state’s property registration department is in the final stage of adopting the blockchain technology to prevent duplication of original online agreement documents.

The blockchain technology would store e-registration data, said an official of the registration department. The data can be shared with relevant stakeholders, including property buyers, government authorities and financial institutions involved in funding the purchase.

“The blockchain technology will help resolve many issues and it will be beneficial to citizens,” said DIG (IT) Abhishek Deshmukh.

The blockchain pilot project was initiated last year. “We are planning to roll it out soon after due checks, as it was discussed in several meetings last year also,” said a senior official from the registration department.

The registration department officials said the technology would be used for registered documents for first sale units from developers’ offices. A unique number would be generated on the registered document for de-duplication.

The unique number on online registered documents having no stamps and signatures would help identify them. If documents are submitted to banks, bankers can feed details for verification. If data doesn’t match, it would mean the document had been tampered with, said the official.

Developers welcomed the move to introduce the blockchain technology because it would ensure seamless transactions and the data being shared would be safe and secure. National vice-president, Credai, Sunil Furde said while e-registrations of first sale units had picked up across the state, the technology to make the transactions seamless and protected would help both developers and homebuyers. “More developers would be encouraged to start the process from their offices, while citizens would be assured of the security of registered documents,” he said. The objective behind the introduction of blockchain technology is to prevent duplication and tampering of registration done on an online platform.

  • Published On May 23, 2023 at 08:49 AM IST

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