Real Estate - #SectorUpdates
The Government of Maharashtra has started the e-registration of properties to be sold by realty developers in an effort to digitise the process that will also involve usage of blockchain technology soon. Maharashtra has become the first state to enable e-registrations of properties. The real estate sector in India is all set to see an exponential growth spurt. It is estimated that the sector will grow to approximately Rs 65,000 crore by 2024, and is projected to contribute to 13% of the country’s GDP by 2025. The sector is fraught with risks, considering the numerous kinds of fraud due to the absence of unique ownership records, the amount of time and money needed to verify documents. Blockchain will protect the interests of property buyers and lenders. Use of smart contracts in blockchain will not only provide a secure and efficient alternative to paper-contracts but also reduces cost and transaction time.