Haryana govt makes new rules on property deals

GURGAON: Haryana government has issued new guidelines to make property transactions more transparent. It has become mandatory to attach photographs of buyers and sellers of property with sale deeds, additional chief secretary Krishna Mohan said on Monday. Photographs will be taken by a camera which automatically indicates the date on which the photo was taken.
“This decision has been taken to supplement measures taken by the government to check undervaluation of property,” he added. All divisional commissioners and deputy commissioners in the state have been directed to comply with the new instructions.
Industry experts have welcomed the move. “It will help in assessing the valuation of built-up floors, especially in high-end localities where the prices of properties are often higher than the circle rates. This also prevents connivance between unscrupulous officials and builders and protects the interest of the buyer. The policy would also be a confidence building measure, especially amongst the first time buyers,” said Ramesh Menon, director, Certes Realty.
However, some are skeptical about the process. “In case of areas where new development is happening, it is tough to locate the neighborhood through a photograph. So, it would be difficult to establish the exact value,” said a property analyst.
“It would still be possible to hide undervaluation of property. A picture can only show one of the many factors such as locations, specifications, amenities, which influence the value of a property. The valuation depends on location, size, specifications, quality of construction, connectivity, neighbourhood etc. A better way to prevent undervaluation would be to develop better methods for determining circle rates,” said Dr Sanjay Sharma, managing director, QuBREX.
According to Arvinder Singh, MD, Agrante Realty, “The new guideline of Haryana government is in line with the proposed real estate regulatory bill to ensure greater transparency and protection of consumer interest.”
“When brokers say ‘karva denge or ho jayega’, it scares me. There isn’t much documentary evidence recorded by the office of registrar on property deals. With photographic evidence, I am enthused about the government’s involvement in the transaction,” said Joseph Sam, CEO of a city-based consulting firm.