Registering Property indicator examines the steps, time and cost involved in registering property, assuming a standardized case of an entrepreneur who wants to purchase land and a building that is already registered and free of a title dispute. Besides, the topic also measures the quality of the land administration system in each economy. The quality of land administration index has five dimensions: reliability of infrastructure, transparency of information, geographic coverage, land dispute resolution, and equal access to property rights. The most recent round of data collection for the project was completed in May 2019. (source; DB 2020 Report) Property Registration is one of the important services citizens expect every day. The prevailing system compels citizens to pass through many processes that consume more time, along required to interact with multiple institutions.
According to the World Bank’s Doing Business 2020 report, Sri Lanka ranked at 138th position with a Doing Business score of 51.9 in the Registering a Property Indicator. Sri Lanka ranked top in the South Asian region in registering a property.
New Initiatives in Registering a Property (Colombo Municipality Area)
Once a Notary obtained an extract copy and pedigree of the property from Land Registry, all remaining processes would process through the Property Registration Single Counter at the Colombo Municipal Council (CMC).
- Obtained updated survey plan (before it was 14 days) – Now through expediting service can obtain within 4 days through “Surveyor Institute of Sri Lanka”.
- A title search must be carried out at the relevant Land Registry (Time – 4 days) – Need to carry it before visiting the counter.
- Obtaining Non-vesting certificate/Ownership certificate/Building & Street Line certificate from CMC (Time 3 days)
- A transfer deed is signed in favour of the buyer (Time 2 days) – The Notary will receive a SMS notification upon completion of step 1, 2, & 3 and the Notary can collect documents to sign transfer deed.
- Obtain market value from the Western Province Revenue Department (1 day) – Now obtain the opinion through online facility – www.sdop.wp.gov.lk
- Payment of stamp duty at a nominated bank (Time 1 day) – People’s Bank branch counter available within the CMC single counter premises. Submit the deposit slip to the Western Province Revenue Department counter at the Single Window Counter and attest it.
- The deed is sent for registration to the relevant land registry (Time 15 days) – Now “1 Day Deed Registration Service is available”
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Once notary provides the signed copy of the transfer deed, land registry starts to process new deed registration and share the information with the CMC to update the ownership details.
- Name of the buyer must be registered at the Municipality and the certificate of ownership is obtained (Time 3 days) – Now “its 1 day” – Once new deed and ownership certificate are ready customer will receive a SMS notification to collect the certificates.