IT hub to e-stamp property deals

What is it? E-stamping involves the replacement of the conventional stamp paper for property transfers. It will simplify payment of stamp duty in property transactions in Bangalore. The pilot project will take off in March and will be extended to the rest of Karnataka, depending on its success in Bangalore.

How does it work? The buyer of a property will have to furnish the details of the transaction at the counter, managed by the Stock Holding Corporation of India, pay the prescribed stamp duty and get the stamp certificate.

How is it useful? The new system will eliminate fake stamp papers, enhance transparency in property registrations and reduce the scope for corruption. The bar-coded certificate will have all security features and can't be faked. How much does it cost? Property buyers will pay the stamp duty at the official rate. The vendor will get a commission of 0.65 per cent of the value of stamp paper.

—K.R. Balasubramanyam