As per the guidance from the Government of Tamil Nadu, in-order to register a land we need the following documents:
- Encumbrance Certificate
- Deeds on Stamp papers
- Patta or Title transfer application
- PAN card details if the value exceeds Rs. 5/- Lakhs
- Patta Passbook/10(1) statement received from Tashildar
That’s it. Anybody can prepare these documents. They could go to the sub-registrar office and just register the land. They will get the document on the same day. If the workload is heavy, sub-registrar will give the return document to the new owner of the land within 3 days (T+3), transaction plus 3 days.
So cool isn’t it? No way, registration is not as simple as it appears here.
With the surveillance cameras around, the sub-registrar sits inside his office. Watches the people coming in and starts calculating how much to expect from these guys. The calculation is based on their mode of arrival. If they come by walk, Audi, Maruti or Innova and fix their registration rate based on that.
People have to bribe heavily to get their land registered, with all the required documents.
How can we save the right people with right documents, who are willing to pay tax and stick to guideline value?
The answer is Blockchain. The entire process of land registration has to move to Blockchain. This gives land registration 100% transparency and the need for a centralized entity sub-registrar is completely eliminated, in fact, we don’t need a sub-registrar office at all.
What is Blockchain? How can it be used for land registration?
Blockchain is a immutable, decentralized database all the transactions happening in the blockchain has timestamp and transaction history. Since it is immutable nobody can corrupt or claim the land or property details belong to others and the concept of double claim disappears!
Anybody can visit the blockchain website and get the transaction history free of cost, it’s 100% transparent.
As per the Government recommendations, any party trying to buy a land need to check the Encumbrance Certificate (EC). The EC search fees for one year is Rs.15/- one has to pay Rs.15/- multiplied by the number of years they want to go back to check the history. In case if somebody is in a hurry to get the EC, they have to pay double the amount to get their EC.
How cool would it be to get EC verification for free?
If we move the Entire EC to Blockchain, we don’t need to pay to get ECs
- People no need to pay Rs.15/- multiplied by the number of years they are looking to get the EC for.
- Anybody can get EC anytime from their home.
- They just need to visit https://blockchain.info/ and give the property Id and get all the EC details.
- The need for an intermediary is completely eliminated.
Blockchain eliminates the need for sub-registrar.
At present, the buyer and seller need to appear in front of the sub-registrar to properly execute the deeds on the given date. Once the registration happened, it’s not happened until you bribe him, once you pay the full bribe amount he asked for, then only he will sign and complete the process and ask you to come and collect the document after two weeks. But as per the Government, the document has to be returned on the same day, if and only if there is a heavy workload for the sub-registrar staffs on that very day.
Once we move Land registration Tamil Nadu blockchain, the need for sub-registrar is completely eliminated. A buyer can buy any land from anybody even from an unknown person from anywhere.
- The buyer has to get the property id from the seller.
- Verify it in the blockchain database, check all the transaction history of the property.
- If all the details are valid, the buyer just pays only the cost of the land plus a meager transaction fees.
- Once the transaction completes, land registration is done, now that land belongs to the new owner!
- Within minutes the entire transaction is done!
And that’s the END of CORRUPTION.
At present, the buyer and seller make an agreement before starting the registration process. Both the parties agree on the price and other things. Usually, they make agreements in a Rs.50/- stamp paper and signed by both the parties. If any of the party violates the agreement, then they have to go to court to settle the case.
With blockchain in place, the buyer and seller don’t have to make any agreement. We have smart contracts for them, they just need to create a smart contract between them stating the buying amount and the time period of the contract. Suppose any of them fails to stick to the contract, the smart contract will execute automatically in favor of the one who sticks to the contract.
Land registration Tamil Nadu blockchain possible?
Is it possible to bring in land registration in Tamil Nadu or India within blockchain? Are we open for decentralized, transparent transactions?
Time has the answer…