HomeLegal AdviceRevolutionising Real Estate Transactions: AI to Determine Stamp Duty in Goa

Revolutionising Real Estate Transactions: AI to Determine Stamp Duty in Goa

In a groundbreaking move, the Goa State Government is leveraging artificial intelligence (AI) to streamline the process of determining stamp duty for land transactions. Law Minister Nilesh Cabral revealed the government’s decision to upload market prices on the Sub-Registrar portal.

‘With this AI integration, those involved in sale deeds will now automatically know the stamp duty amount,’ Cabral stated, addressing the challenges faced by citizens during sale deed transactions. The government plans to upload market prices for each survey number, eliminating the current need for involvement from both the Revenue and Law departments.

Currently, the Revenue department sets the fixed cost of land, and in certain cases, sale documents must be sent to the Collector for land value assessment. Cabral, along with Revenue Minister Babush Monserrat, is actively working on uploading the values of government-designated lands to enhance efficiency.

The Law department is spearheading the AI development, ensuring automatic adjustments based on the revenue department’s recommendations. Cabral emphasised that this initiative aims to minimise human intervention in sales operations, enhancing transparency and expediting processes.

In adopting the National Generic Document Registration System (NGDRS), Goa becomes the fourth state, following Punjab, Manipur, Andaman and Nicobar, to embrace technological advancements in land transactions. This move signifies a significant leap towards a more efficient, technology-driven real estate ecosystem in Goa.

Our legal experts commend Goa’s innovative leap into AI for stamp duty. They highlight the potential for increased transparency, reduced bureaucracy, and enhanced efficiency in real estate dealings. The automatic determination of stamp duty through AI not only simplifies processes but also mitigates the risk of errors, providing a secure and reliable framework for property transactions. As legal pioneers, Vakilsearch sees this technological integration as a positive step towards a more accessible and streamlined real estate landscape.

Akash G Varadaraj