Here comes another shocker to the people of India after demonetization of currency notes. The Government of India is likely to launch E-Property Pass Book system (EPPB) from 1st April 2017 to facilitate linking the properties of all the people. The policy is aimed at wiping out black assets.
If the law is implemented, you can not sell or buy any property until you register your properties in the E-Property Pass Book. Another important thing is EPPB will be linked with PAN and Aadhaar online.
The property owners have to personally report with ownership proof to Sub Registrar office where special officers will enter the details of your property in EPPB. Once the property is entered in EPPB, your properties will become yours. There will be a special counter for emergency sellers, buyers, mortgagors where they can do exchange of properties but only with complete details of properties.
All the properties will be entered in EPPB by 31st March 2018. From 1st April 2018, the Government of India will take over the properties not entered in EPPB data. This initiative is considered to be another surgical strike on real estate sector to wipe out black assets.
Note: This news has been widely circulated in watsapp messages across the country. It has to be ascertain by the public authorities on the credibility of the news.