New Delhi: The proposed bill on land titles
will remove complexities and ensure security in property
registration in the capital, Delhi Chief Minister Sheila
Dikshit said on Friday.
She was speaking here at a two-day consultative meeting
of stakeholders including real estate promoters and Resident
Welfare Associations after the presentation on the Delhi
Survey Registration and Recordal of Title of Immovable
Properties in Urban Areas Bill, 2009.
"The purpose of the new legislation is to create a
single, secure, electronic and efficient system for mandatory
registration and recordal of title for which a Delhi Urban
Property Registration and Titling Authority will be formed
which would put an end to fraudulent practices," Dikshit
added.
She said the system would help financing companies to use
the property titles to create healthy mortgages which would
speed up the economic development in cities through banking
finance by strengthening the legal framework.
Delhi Chief Secretary Rakesh Mehta said that property
titling system for an urban area was very essential for better
efficiency of the urban management system.
"This is one of the key mandatory reforms under the
JNNURM and all states are committed to implement reforms in
property titling system," he added.
The system is already being implemented as a pilot
project in Rajasthan and Andhra Pradesh and a final draft bill
will be submitted to the Urban Development Ministry for
concurrence. After that the Bill will be presented in the
Legislative Assembly.
PTI
First Published: Friday, November 20, 2009, 21:40