Digital Housing - Buy & Sell Property

Buying or Selling an apartment, plot or villa is a stressful process and first timer always face problems in executing the deal end-to-end.

Whereas in today's time, were entire financial transaction ecosystem which has covered small day-to-day payments, opening bank accounts, executing banking transactions, buying and selling of stocks, commodities, mutual funds, bonds or bullion, buying insurances, filing ITR, applying for a passport, aadhar card or voter ID, and many more functions is now "DIGITAL", housing market still has got large scope of improvisation with providing better user experience and transparency.

The Story

Suppose Mr. Buyer is looking to buy the property so he starts his search and identifies the one and decides to buy the property.

But, Mr. Buyer wants to verify few things before going ahead..

1. Is the property legal/registered ?

2. Property titles & paperwork is available ?

3. Mr. Seller is real property owner or not ?

4. Whether any loan is running on the property or not ?

   
   

Also from the seller side, Mr. Seller is interested in knowing whether

1. Mr. Buyer is the genuine one or is simply getting to the deal and later on will ghost him.

2. Smooth transaction of payments from Mr. Buyer so

So, here the problem is both the parties are strangers to each other and level of trust is zero due to lack of transparency in the process and due to this there are cases of fraud and either of the party has to suffer the loss which leads mental stress.

Solution to the problem is,

Centralised Portal which have the records of all the legal & registered properties. Property details are viewable to all the users who want to buy a property.

Let's understand how user journey flows in this case ,

First Mr. Buyer will meet Mr. Seller to discuss all the relevant things and verifies the original property papers.

Now, Mr. Buyer re-verifies the same information on Centralised Portal of Registered Properties (CPRP) like :

• Property owner name & demographics

• Property papers like Registered agreement, OC, CC, Conveyance

• Electricity meter information

• Gas meter information

• Society registration documents

• And other such similar documents, if any.

Now, post verification Mr. Buyer is convinced about all the clearance and initiates the property buying procedure.

1. On the CRPR portal, he initiates the buying procedure and selects the method of payment like

   A. 20% downpayment and 80% through bank loan or

B. 100% downpayment

2. Suppose, Mr. buyer selects " 20% DP and rest 80% through loan." and initiates the buy out.

   
   

3. Seller of the property will receive the notification of the transaction.

   (** Please note : Technical configuration has to be taken into consideration as behind the scene multiple validations and configurations needs to be worked out.)

   
   

4. Seller confirms the amount received and approves the Level 1 Transfer (20%).

   Post Level-1 transfer, bank selected by the borrower will receive the notification.

   
   

All the present transaction information is visible to

buyer, selller and the bank.

5. Now, CRPR will send out notification to the all the parties involved and suggests buyer to pay stamp-duty & registration fees within 20 days to proceed ahead.

6. Post SD & Registration payment, CRPR will generate a token with number and date of registration. All these information is visible to bank as well.

7. CRPR notifies bank to process the rest of the payment to the sellers account before registration begins.

8. Seller confirms the transaction and registration begins.

   
   

   Post-registration and final settlement, seller gives original documents and possession to the buyer.

   
   

   (** This could be also done through CRPR... Buyer can initiate the transfers of electricity meter, water meter, gas meter, society transfer procedure.)

   
   
   
   

   This is an idea storyline and to make it real many things needs to consider from functional and technical backgrounds to make it work successfully.

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If you need any personal consultation or guidance for your online business then please feel free to connect with us on chintankadhi@gmail.com or you can visit our website: ZeroQAD : www.chintankadhiportfolio.com