INDIA Trends and Developments Contributed by: Vivek Chandy, Archana Tewary, Brijita Prakash and Karthik BM, JSA
is an electronic system to streamline property tax documentation and management. eKhatas are now a compulsory prerequisite for parties seeking to register documents pertaining to immovable property in Karnataka. This initiative enhances the accuracy and reliability of proper - ty-related information, thereby improving the title diligence process. Blockchain incorporated in real estate. Block - chain technology is gaining popularity in real estate, aiming to enhance transparency, secu - rity and efficiency in the sector, with applica - tions including land records management, faster transactions and fractional ownership. There is also a pilot project being undertaken in Maha - rashtra to integrate blockchain technology into land records, to ensure tamper-proof ownership records are created and maintained. In India, its adoption had been slow due to regulatory issues and lagging digitisation. Despite these obstacles, blockchain’s potential to revolutionise property transactions was significant, promising enhanced security and streamlined processes as these challenges were addressed.
The Indian government is exploring block - chain for land records management to reduce disputes, increase transparency and create a secure, tamper-proof digital ledger for property records, making it easier to verify ownership and reduce fraud. The Andhra Pradesh and Karna - taka governments have implemented a block - chain-based land records management system to streamline land-related transactions. The real estate sector in India is well on the path to recovery from some of the uncertainty that prevailed during the COVID-19 pandemic and immediately thereafter. Investors, home buy - ers and developers seem to see the opportuni - ties that have emerged from the crisis. With the increasing adoption of technology in the sector, there will also be an increase in transparency in land ownership and records. India’s construction market is projected to become the third largest global market by 2025, and the Indian real estate market overall is expected to reach USD1 trillion by 2030.
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