14 December
Real Estate
Things You Need to Know About Land Information Management System
- bravo
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Land Information Management Systems are a new front in Pakistan’s real estate sector. The traditional methods of management in real estate lead to a number of issues impeding the development of the real estate sector, Pakistan’s true economic potential remains untapped.
The real capacity of Pakistan’s real estate industry can be unlocked by using contemporary technologies which will assist in addressing these issues. In order to regain consumer and investor confidence in Pakistan’s real estate sector, the nation needs a digital management system.
For this, the first step is to fully understand the concept of land information management systems and their role in real estate.
What Is a Land Information Management System?
All procedures involved in the real estate transaction and investment process are undertaken by specified individuals such as property agents, or law enforcement authorities.
However, all these processes undergo certain steps and measures which are taken into consideration to update and keep a record of all the property ownership and processes.
Such a system involving all the work involved is known as the Land Information Management System.
It can be described as an enormous undertaking required to identify and classify each and every piece of property in a country, under the control of a single official authority.
This is done in order to provide the data needed, among other things, for instance, property taxation and the provision of land use data necessary for the creation of urban and regional development plans.
In Pakistan, three of the provinces; Punjab, Sindh, and Khyber Pakhtunkhwa, have digitized land records for the sake of convenience and ease in quality data recording and management.
Why are Land Information Management Systems (LIMS) Important?
The absence of LIMS can cause a significant disruption in the course of property transactions. This is because there will be a massive lack of proper records, leading to people losing their rightful ownership of the property, other people claiming ownership, and tons of other real estate malpractices.
To avoid such issues, a proper LIMS saves everything for good recordkeeping and thus smoothens the process for real estate authorities throughout the country.
Multiple scams in the real estate industry contributed to the accumulation of 60 to 70 percent of the nation’s wealth because there was no centralized database for property verification.
To ensure safe and secure transactions, the need of LIMS is a necessity.
The property industry can be revolutionized in the upcoming years through the digitization of real estate data, and the introduction of online systems for land registration and property verification.
In addition to these, this method will also help in the creation of conceptual master plans based on contemporary urban planning theories, and demographic studies of a population’s skill set to determine the best future course of development.
Conclusion:
The vision of a digital Pakistan can be realized through the digitization of existing data, and the implementation of online systems for land registration and property verification.
Pakistan’s real estate market offers a substantial opportunity for the nation to boost its economy and guarantee long-term human development. It is the nation’s biggest and most valuable asset and is intricately entwined with many other economic areas.
With Digitized Land Information Management Systems, real estate in the country will soon become a seamless process that will boost the confidence of people and investors.
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