With digitalisation of public infrastructure, the Indian real estate sector has transformed considerably. Aadhaar eSign has served as an important tool in this transformation,
With the Aadhaar eSign technology, individuals and entities can authenticate documents remotely with high security. Fraudulent land deals can arise from forged physical signatures or misplaced original deeds in the past. Digitalised records can offer a solution to these vulnerabilities by providing a fixed and verifiable audit trail.
Protean eGov Technologies offers a strong solution, allowing users to sign electronic documents through a simple OTP or biometric check. Now, real estate developers can adopt these digital methods to expedite the agreement process. The elimination of "lost" paperwork reduces the friction in property transfers across the country.
How Aadhaar eSign Helps for RERA Compliance?
Developers and agents have the Real Estate (Regulation and Development) Act, 2016 compliance as top priority.
Process Simplification - RERA has mandated the submission of various project documents and quarterly updates on the state portal. Here, Aadhaar eSign can simplify this process. With Aadhaar eSign promoters can sign applications and declarations digitally. This method ensures that the person who signs the document is the authorised promoter as per the Aadhaar database.
Enhanced Accountability - Using Aadhaar eSign in RERA portals can enhance accountability. It prevents unauthorised individuals from making changes to project specifications or timelines. One of the important Aadhaar eSign benefits is the reduction in administrative turnaround time.
Secure Gateway - Now, developers no longer need to print hundreds of pages for every registration. They can simply upload the PDF and authenticate it via a secure gateway.
Transparency - This digital-first approach meets the transparency requirements of RERA. It also protects the interests of homebuyers. With the Aadhaar eSign facility, regular compliance filings can become less burdensome for institutions.
How to Manage Digital Land Records via Aadhaar?
State governments across India work tirelessly to digitise land records through initiatives like the National Generic Document Registration System (NGDRS).
Aadhaar eSign plays an important role in the management of these digital assets. When a citizen requests an encumbrance certificate (legal document clarifying that the property is free from any monetary liability/lien/disputes) or a certified copy of a land record, the authority often issues it with a digital signature. With this, the document can remain tamper-proof during transmission.
You can also easily manage your property documents by linking them to your Aadhaar-based digital identity.
The remote execution of agreements like sale deeds or lease contracts is possible through Aadhaar eSign, where permitted by state laws. It can provide a "clean" history of ownership that anyone can verify online. Thus, the process of fetching land records can become a matter of a few clicks when the identity of the requester is authenticated.
How to Navigate the Property Slabs and Registration?
There are complex slabs of stamp duty and registration fees involved in property registration. These stamp duty slabs differ from state to state.
Reduced Registration Hassles - The traditional method required physical visits to the Sub-Registrar’s Office (SRO) and hours of manual verification. Now, many states have introduced online slots and pre-registration modules to reduce registration hassles.
With Aadhaar eSign, you can prepare and submit these pre-registration documents online in just a few minutes.
Bulk Agreement Capabilities - Similarly, real estate developers can utilise Aadhaar eSign to execute multiple buyer-seller agreements in bulk. This capability can be particularly useful for large-scale residential projects with hundreds of units. Aadhaar eSign benefits also include a timestamped digital trail for every transaction across price slabs.
Time-Saving Hybrid Mode - Some Indian states might still require physical presence for the final deed execution. However, the preparatory stages can occur entirely online. You can pay your stamp duty and sign the initial affidavits from home. This hybrid model can save a lot of time for both the buyer and the government officials.
Easier Audits and Transparency - With the transparency provided by digital signatures, every party could pay the correct fees as per the official slabs. It also facilitates easier audits for tax authorities who monitor high-value real estate transactions.
Is Aadhaar eSign Legally Valid?
Information Technology Act, 2000, Section 5 and Section 10A consider electronic signatures and traditional handwritten signatures of equal importance. The law recognises Aadhaar eSign as a "secure electronic signature." This is, however, subject to meeting certain criteria like unique linkage to the signer and detection of any subsequent alterations.
The Indian Evidence Act, 1872, further strengthens this validity through Section 65B. Thus, the admission of electronic records via eSign as evidence in court proceedings is considered valid.
Aadhaar eSign provides a comprehensive log of the signing event. This includes the IP address and the exact time. This metadata makes it very difficult for a party to deny their involvement in an agreement.
Protean eGov Technologies operates as a licensed Certifying Authority (CA) to facilitate these legal requirements. They ensure that every signature issued through their platform complies with the standards set by the Controller of Certifying Authorities (CCA).
The Takeaway - Embracing the Paperless Future
Here are a few takeaways on Aadhaar eSign usage and benefits.
- Aadhaar eSign effectively removes the logistical hurdles that once plagued the real estate industry.
- The paperless approach also contributes to environmental sustainability and reduces operational costs for businesses.
- As more states integrate their registration systems with digital identity platforms, the process will become even more seamless.
Ready to use Aadhaar eSign for your next property deal? You can stay ahead in an increasingly digital world by embracing this technology.
Frequently Asked Questions (FAQs)
Q1: Is Aadhaar eSign valid for all types of property documents?
Aadhaar eSign is valid for most commercial and residential agreements. However, certain states still require physical signatures for the final sale deed registration at the Sub-Registrar's Office.
Q2: Do I need a physical token to use Aadhaar eSign?
No, you do not need any hardware token. Aadhaar eSign works through an OTP sent to your registered mobile number or via biometric authentication.
Q3: How does this technology prevent fraud?
It uses two-factor authentication and creates a tamper-evident digital seal. Any change to the document after the signature is applied becomes immediately detectable.
