Mumbai property: Cash problems? No problem!

Mumbai property transactions are set to see a big change. People out to register their property-related documents at the department of registration and stamps can pay through e-wallet or e-banking soon. So, be prepared for a pleasant surprise.

“We are moving towards cash-less offices by introducing point of sale (POS) machines which are being integrated with our software for payment of document handling charges,” a senior official told DNA, adding that the new system is likely to be launched around Diwali after being tested.

An official said that the system would be functional in a month, while people could use the GRAS facility to pay stamp duty and registration charges online, document handling charges, charged Rs 20 per page, were being collected in cash.

“Though we had allowed people to pay these fees through net-banking, the number of pages in a document may rise or decline when it is brought for registration. Hence, we have decided to introduce POS machines to enable the electronic payment of these charges in the sub-registrar offices,” he elaborate.

After this the need of handling huge amount of cash would be gone for the documents like development agreement which may have hundreds of pages. In future, the department plans to launch payments through e-wallets for the customers.

An average of 7,000 to 8,000 documents comes daily for the registration, as seen by the more than 500 sub-registrar offices across the state. Based on the kind of document (like development agreement, conveyance deed, leave and license or will) document has around 20 to 25 pages each.

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According to the reports, between the month April and August 9.84 lakh documents has been registered as compared to the 9.08 lakh documents last year. Revenue of Rs 11,894 cr. has been generation between April and august this year as compared to Rs 9,729 cr. Last year.