Blockchain is here to disrupt Indian real estate and how.
Oct 30, 2018
The ground-breaking technology behind the success of bitcoins is speculated to transform the real estate scene in India next. Blockchain is the first ever system capable of maintaining an online public ledger of transactions, real-time. Can you imagine how this could revolutionise the way you buy and sell properties in India forever? Brace for change as we decode this for you.
It will facilitate transparency
Blockchain will maintain all key property documents open for public to examine. This means you van review complete details of land titles, plan submissions, approvals, certificates of commencement, construction agreements, lender’s report, NOCs, OC etc on the chain before investing. Sounds great, isn’t it?
It will speed up the property buying process
Blockchain will greatly help you verify details of the seller directly on the digitised database. This means you won’t have to invest time and money involved in consulting legal experts and chartered accountants. What a relief!
It will eliminate fraud, corruption and disputes
The foolproof technology will drastically cut down on fraudulent transactions as it is impossible to make changes in the block records, once created. With the complete transaction history and all the original documents including ownership certificates accessible on the online chain, you will never have to stress about the authencity of the seller.
This will also significantly cut down on property disputes; and corruption in the industry as the role of the subregistrar will get limited to transferring ownership on the blockchain.
It will help fast-track loan disbursements
Blockchain will allow you to create a unique ID where your past property buying and selling records will be registered. This will save financing institutions the time, cost and efforts involved in tracking your credit history or professional repute from multiple sources, leading to faster loan disbursements for you.
All in all, Blockchain seems to be the breakthrough Indian real estate market is waiting for. While countries like Sweden, Georgia and Brazil are already experimenting with the concept, how soon do you think will India implement it? Let’s wait and watch.
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