Property owners should secure digitized copies of their original land titles, according to the Land Registration Authority (LRA). The agency appealed to the public once more to make sure that transactions are fast and safe, and that obtaining authentic copies will be easy and reliable, Manila Bulletin reported.
The digitization procedure simply involves surrendering original titles to LRA. The office would then work on migrating the documents to a computerized form. They urged the public to register for verification of titles not only for digitization but also for faster retrieval required in business transactions.
Only 28.54 percent of the 16.6 million titles nationwide in 2019 have been in digital forms, the majority of which were computerized as the property owners had existing estate settlements or ongoing business transactions that needed land titles.
Safe, Secure Documents
According to LRA, digitizing land titles can offer multiple benefits in terms of safety and security. For one, it would reduce the risk of hard copies being burned or damaged while stored in old vaults vulnerable to destruction themselves. This will help restrain corruption and red tape in the office.
Property owners may still need to pay a certain amount to secure land titles in digital form. The national government has procured the services of a private contractor for the computerization program, which requires a fee.
Digital Transformation in Real Estate
The renewed appeal for the computerization of real estate documents comes at the heels of the bigger movement taking place in the property industry amid the pandemic. Development companies and professionals alike have been adopting digital technologies in operations, responding to the challenges that come with the present crisis.
This digital shift was one of the core topics tackled in the very first virtual roundtable discussion Lamudi organized in September, titled On the Horizon: Real Estate Leaders on Market Recovery. Industry experts shared the online solutions they offered to the property market, aimed at supporting buyers from end to end.
In the aspect of searching properties, developers and brokers have listed their projects online on real estate platforms. They have adopted virtual tours, drone videos, and 3D viewings to give a feel of the actual homes. Some have established online payment channels as well, not just on their company website but as a biller in bank apps and mobile wallets.
This has helped in capturing the market demand, which interestingly remains resilient amid the pandemic.
In the trend report published last October, Provincial cities and overseas interest contribute to real estate resilience, Lamudi found that the overseas real estate appetite has not waned. The United States, which has the most number of Filipino migrant workers, flexes the strongest demand for local properties among different countries.
Moreover, provincial cities near Metro Manila registered the highest increase in pageviews and inquiries on the platform from the last six months of 2019 to the first six of 2020. The most popular cities are Calamba, General Trias, Santa Rosa, and Lipa.
Rise of Smart Cities
More than digitization of the real estate industry, the actual property landscape is going digital as well, with the emergence of intelligent cities.
New Clark City, which rose to prominence during the 2019 SEA Games, is presently undergoing massive infrastructure developments. Touted as the city of the future, it will feature advanced technology solutions weaved seamlessly into the development.
According to Manila Bulletin, it will have an integrated operations center that will manage all utility operations. It will host reliable telecom facilities so that internet services available everywhere will help the city stay connected.
Makati, on the other hand, recently won a smart city recognition from the prestigious World Smart Sustainable Cities Organization (WeGO) Awards, as reported by Philstar. The city received third place in the Efficient Government Category, joining the renowned cities of Goyang, South Korea and Moscow, Russia.
The digital initiatives of the local government including the Makatizen App and automated distribution of financial assistance to over 500,000 residents were among the technologies acknowledged.
Meanwhile, earlier this year, Marikina is taking a shot at achieving smart city status. The local government said that they’re willing to collaborate with the private sector and the national government to make their district fully connected, digitally and electronically, according to Tribune.
By adopting technologies, they hope to facilitate quick government transactions, respond promptly to crimes and disasters, and enable easier communication between loved ones and employment and business networks.
Sources: Manila Bulletin, Philstar, Tribune