How Home Buyers In Delhi Would Benefit From A Unique Property Identification Code

In 2010, the Municipal Corporation of Delhi (MCD) had proposed a Unique Property Identification Code (UPIC) . However, Geospatial Delhi Limited, a GNCTD company that was expected to provide the UPIC, is yet to succeed in the mission. While the survey under the South Corporation is complete, it is only 80 per cent complete under the North Corporation. The survey is yet to begun under the East Corporation.

Recently, Delhi Chief Minister Arvind Kejriwal said that it was important to make Delhi a world-class city before building 100 smart cities across the country. Most capital cities in developing countries had better infrastructure than Delhi, he pointed out. In light of the fact that the capital city does not have a unique identity code for properties, Delhi home buyers may be losing out on many things.

PropGuide tells you why a unique identity code is important for the city. 

A unique property identification code is generally linked to building dimensions and other specifications of a property. Such details are tracked and updated on a regular basis. If maintained, such records would help property owners about factors that may diminish or enhance a property's value. In many countries, even private players maintain such records.

A formal property system would allow a property in Delhi to serve as capital. Such a system, for instance, allows people to move assets from one hand to another without engaging in too many transactions. In commodity exchanges in the US, people can trade cattle, based on representation to rights on cattle without physically examining them. This is true of trading in the stock market, too. We may see similar transactions in real estate in Delhi. 

Every residential unit is different from other in many different ways. By networking them using a formal system, it allows people to trade in them without examining them physically. This way, they can compare economic qualities of assets faster than they can manually do. 

Many properties in Delhi are yet to have a property identification number. However, this is not true of other major municipalities in India.