Unique code for high valued property transactions
Issue/Justification
Currently, every Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 has to report through AIR/SFT, the data related to every purchase or sale by any person of immovable property valued at thirty lakh rupees or more as per section 285BA rwr 114E. There is a need for integrating the data related to such high valued transactions and to strengthen the reporting requirements.
Suggestion
It is suggested that a unique code be allotted to all transactions reported through AIR/ SFT w.r.t property transactions exceeding a certain amount so as to help in data mining exercise of the government. One such unique code can be as follows:
(XX YY ZZZZZZZZZZ MMMMMM)
STATE code, Registrar Code, PAN, Date of Transaction
The first 2 digits should reflect the state code followed by 2 digit sub registrar code and next ten digits should be PAN of the asseseess and last 8 digits showing the date of registration in DDMMYYYY format.
