Do i need an Aadhaar card for property related transactions?
Yes you will need your Aadhaar card for property related transactions and it is a good idea to get one if you still do not have a Aadhaar card. The government of India along with various state governments has introduced the concept of linking all property related transactions to Aadhar cards and biometric verifications. The move is aimed at cutting out any benami transactions in the Indian real estate market. Mumbai, Pune and Thane have already introduced linkage of land records with Aadhar cards with UIDAI (Unique Identification Authority of India) data. Other cities and municipal corporations are expected to follow suit. The process is beneficial for both users and government agencies to keep a consolidated track record of property transactions across the country.
It is not mandatory to link Aadhaar Number to bank, if you wish you can link. And if you have not linked Aadhaar Number it doesn’t create any problem. If in future if they make it mandatory you will have to link your Aadhaar Card with Bank.
The government has made Aadhaar mandatory for property related transactions to reduce benami property but the same might or might not get approval from the Supreme Court.
However, all those who own property in the HUDA sector may not be able to purchase or sell without a valid Aadhaar card. This is because all property related transactions pertaining to HUDA will soon be carried out online. Owners of land in these areas have to use their online username and passwords, login to their respective accounts and link their Aadhaar cards. Mobile number and email-ids also need to be linked.
The main aim behind this initiative is to make the transaction process more transparent, faster and convenient.