Forgery of property documents is widespread and has resulted in a lot of legal and ownership issues every year. This result in Governments incurring huge losses in terms of lost registration fees and stamp duty. These frauds and revenue losses are facilitated by inadequate authentication mechanisms and structural loopholes in the complex property registration system.
Fraudulent practices affecting Property Registration
- Forgery of sale document, which would appear genuine to the buyer
- Forged power of attorney and impersonation during registration
- Double sale of property by concealing authentic facts
- Multiple mortgaging of a single registered property by producing fake property documents
- Selling plots on an installment basis to buyers, but registering the same property to another person who makes a one-time payment
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Inadequate authentication system for property document verification
- No foolproof document/stamp instrument authentication mechanism during registration
- Current registration system offers no assurance to the title beyond the seller’s claims
- Lack of an efficient way for buyers to verify property credentials and ownership history
- Inefficiencies in the property transaction process
- It is a challenge for Banks to verify mortgage clearances through Encumbrance Certificates as equitable mortgages are not registered
- Government valuations are not in line with fast rising property prices
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Bilcare’s nonClonableID™ solution fights fraud through authentication-based security of registered documents. Bilcare’s Document Security and e-Governance solution addresses the structural inefficiencies to create a transparent property transaction eco-system.
The property sale deed document will be securitized at the time of registration and a secure Property Registration Card will be issued providing convenience and ownership identity to the property owner. The solution will also provide an efficient due diligence service for property Buyers/Banks with the nonClonableID™ tag serving as a secure key to access ownership details and related documents.
nonClonableID™ Authentication Solution for Document Security and Property Registration cards
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![Salient Features of Our Solution](../images/zoom.jpg) |
Improved Property Transaction Eco-system
- Strengthen the system of guaranteeing ownership rights
- Reduce property related frauds and document forgeries
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E-Governance
- Serve as a ‘one-stop-shop’ due diligence service point for citizens/mortgaging banks to verify property related transactions and ownership history
- Provide citizens with an easier and more secure access to retrieval of authentic registration data through a secure key improving citizen experience and trust in the system
- Enable citizens with an easier way of proving ownership rights over the property through possession of identity based property registration cards.
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Efficiency in Revenue and Stamps Department
- Structured archival of registration/property documents and linked registration transactions on a particular property to enable an efficient way of managing data and retrieval of property details resulting in faster processing of Encumbrance Certificate (EC)
- Significant potential in linking registration data and land records creating a single source of information of property ownership across the state
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Minimize Revenue Losses
- Minimize Revenue Leakage in stamp duty revenues by tracking the distribution of non-judicial stamp papers in the state and authentication of stamp instruments produced during registration
- Disincentivize the evasion of registration of property transactions
- Plug losses from sale/use of fake stamps
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Additional Revenue Stream
- An additional revenue stream for the Registration Department provided by the property due diligence service without any investment involved.
The authentication of documents and “due diligence” of property ownership would be based on a per transaction service fee (shared between Build-Own-Operate-Transfer operator and the Government) creating an additional revenue stream for the Registration & Stamps Department. |
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