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| December 10, 2006 | Sunday | Ziqa'ad 18, 1427 |
Computerisation of land records under study
ISLAMABAD, Dec 9: Prime Minister Shaukat Aziz has said that necessary amendments in the land revenue rules will be made to facilitate the computerisation of land records in the rural and urban areas of Islamabad Capital Territory so that it can serve as a model for the rest of the country.
Chairing a meeting to review progress of automation of land records in Islamabad Capital Territory, the Prime Minister said automation of land records and conferment of clean and clear land titles particularly in rural areas would generate economic activity and help improve living standards of the people as it would enable them to get access to bank credit and other financial services.
The Prime Minister said the inability of the vast majority of small and informal borrowers to provide secure collateral for loans, a requirement and necessity in formal credit markets is a critical barrier to credit. Automation of land records and conferment of property titles would encourage the use of land as collateral. In the urban areas it would encourage mortgage financing, the Prime Minister added.
The Prime Minister said the automated land record would be linked with the Bank’s systems to facilitate processing of loan cases and it would facilitate a hassle-free environment to people using land titles as a guarantee to get capital from financial institutions.
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