Discover how the Goa State Government’s innovative use of Artificial Intelligence (AI) is transforming the stamp duty process, bringing efficiency and accuracy to property transactions in the state.
Revolutionizing Stamp Duty with AI in Goa
In a groundbreaking move, the Goa State Government has unveiled plans to integrate Artificial Intelligence (AI) into the calculation of stamp duty. This initiative aims to streamline the process for individuals involved in property transactions, providing them with an automated and precise method for determining the stamp duty amount.
Automatic Stamp Duty Calculation Through AI
Under this new system, individuals seeking to execute a sale deed will no longer face the complexities associated with stamp duty calculations. The government will upload market values for specific lands on the sub-registrar portal. Leveraging AI algorithms, the system will automatically ascertain the stamp duty amount based on the provided market values. This development marks a significant departure from the traditional manual process, simplifying the experience for property buyers and sellers.
Government’s Efforts to Enhance Efficiency
Law Minister Nilesh Cabral highlighted the challenges faced by citizens in completing sale deed works. Currently, stamp duty calculations involve coordination between the Revenue and Law departments, with the land cost fixed by the former. In certain cases, documents must be sent to the Collector to assess land value, causing delays and inefficiencies.
To address these issues, Revenue Minister Babush Monserrat and Law Minister Nilesh Cabral are collaborating to upload government-designated lands’ values. The law department is pioneering the integration of AI, ensuring automatic adjustments based on annual recommendations from the revenue department.
Reduced Human Intervention and National Adoption
This implementation aims to minimize human intervention in sales operations, enhancing accuracy and expediency. Following the footsteps of Punjab, Manipur, and Andaman and Nicobar, Goa becomes the fourth state to embrace the National Generic Document Registration System (NGDRS). Developed by the National Informatics Centre (NIC) under the Union Ministry of Electronics and Information Technology, NGDRS promotes ease of doing business by providing citizens with unique serial numbers for uploaded documents, ensuring a fair and orderly process.
The Goa State Government’s forward-thinking approach, integrating AI into stamp duty calculations, marks a significant stride toward efficiency and transparency in property transactions. This technological advancement not only reduces bureaucratic hurdles but also paves the way for a more streamlined real estate landscape in the state.