Property holders to access to central registry soon
Any buyer of immovable property may soon be able to electronically check details regarding the property – whether the property concerned is free of encumbrances, i.e. outstanding mortgage or unpaid taxes.
CERSAI, a Government company, plans to soon allow individuals to access the information recorded with the central registry. The central registry is a shared platform for all lending institutions to file information on the properties against which loans have been sanctioned.
Since it became operational in 2011, it is only lending institutions that have been able to utilize the information. However, the scene is about to change as CRESAI is all set to let public access the data.
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