Karnataka government to launch digital wallets for storing property recordsDecember 1, 2021 . Real-Estate Industry . 10 min read
The government of Karnataka has announced plans to launch a digital property wallet in an attempt at easing the process for owners. The government will before long launch a digital wallet with a smartcard and key for putting away property records.
Kaveri Blockchain Project for property digital wallets
The Centre for smart governance(CSG) has taken up a blockchain project to digitize and verify property records in Karnataka. The venture, named Kaveri Blockchain, is an entirely owned subsidiary of the state’s government agency that aims at making registration more transparent with this innovative technology.
The property records smartcard will revolutionize the way property owners transact business. From government-claimed properties to agricultural land and residential homes, each owner has a card stored in their name that records all transactions made on these types of assets with ease. As many as 67 kinds of land transactions are recorded including the sale, buy, rent, contract, gift deeds, and so on – will be recorded and can be checked using the smartcard. CSG has already launched a pilot in the Tumakuru locale, with farmers and property owners enrolling their property records and completing property transactions utilizing just the smartcard.
How does the wallet framework function?
The government will issue a smartcard with a chip in it to property owners whose names have been enrolled by the revenue department against the land/properties they own. It is given to any individual who expects to register a property or as of now possesses one.
The card is then validated at the local sub-registrar office with an e-KYC process, wherein the person’s Aadhaar number is confirmed and biometrics are recorded. Once the Aadhaar number is confirmed with the records protected in the Kaveri portal, the same will be secured in a blockchain and can be accessed any time by the proprietor utilizing a four-digit password.
However, with regards to the smartcard and key, the proprietor will be able to access it through a kiosk installed at the sub-registrar’s office. In case of a sale, the purchaser will likewise be given a smartcard.
When the buyer and the dealer show up at the kiosk, they can utilize the card and access the records to check that there is no encumbrance on the property which is being bought. The sub-registrar, who will have access to the property documents through his master key, can register the sale after cross-checking all the details.
When the sale is completed, land records will be very quickly transferred into the name of the purchaser, which can be affirmed through his own smartcard and key.
In its testing stage, in the course of the last one month, the centre for smart governance has given 781 smartcards and managed 310 transactions.
Take your next steps
Sign up to explore the benefits and take a more informed
step towards homebuying.