Delhi government to implement SC order on property transfer
5 May 2012 4:12 AM GMT
Delhi Revenue Minister Dr A K Walia on Friday chaired a meeting to discuss the issues relating to the order of Supreme Court issued on 11 October 2011. The Court had issued an order to the effect that property transfers through general power of attorney (GPA) and agreement to sell shall not be allowed with immediate effect.
Dr Walia said in the meeting that the city government is committed to honour the judgment and implement it in true spirit as this would immensely benefit the citizens of Delhi.
The meeting was also attended by the Divisional Commissioner Vijay Dev and other senior officers of the Revenue Department. Dr Walia stated that all aspects of the order were discussed at length keeping in mind their impact on the capital city.
Further, the Court had also ordered that the properties should be transferred through a proper sale deed, paying due stamp duty and giving full financial details.
The Department said that Supreme Court order would overcome many issues pertaining to property transfer, including black money that plague property transactions thus affecting the economy; lack of proper title trail; evasion of stamp duty and income tax, wealth tax, capital gains tax; and massive litigation and criminalisation of property transactions.
Interestingly, Revenue Department has recorded sale deed amounting to Rs 145 crores, agreement to sell amounting to Rs 13 crores and GPA with consideration amounting to Rs six crores in April 2012.
Henceforth, GPA would be allowed only in respect to transfer of custody, maintenance and authorised use of the property and would not be used for change of title.
It was also made clear that GPA holders would not be able to transfer the property unless it is agreed upon by the owner.
However, they would be able to execute sale deed provided the owner agrees to it and amount of transaction would be credited in the name of the owner.
Meanwhile, any transaction effected prior to 11 October 2011 through GPA and agreement to sell shall not be affected in any way and transactions after the date would require regularisation in the form of proper sale deeds by payment of the difference in the stamp duty and completion of other relevant formalities.
Dr Walia said in the meeting that the city government is committed to honour the judgment and implement it in true spirit as this would immensely benefit the citizens of Delhi.
The meeting was also attended by the Divisional Commissioner Vijay Dev and other senior officers of the Revenue Department. Dr Walia stated that all aspects of the order were discussed at length keeping in mind their impact on the capital city.
Further, the Court had also ordered that the properties should be transferred through a proper sale deed, paying due stamp duty and giving full financial details.
The Department said that Supreme Court order would overcome many issues pertaining to property transfer, including black money that plague property transactions thus affecting the economy; lack of proper title trail; evasion of stamp duty and income tax, wealth tax, capital gains tax; and massive litigation and criminalisation of property transactions.
Interestingly, Revenue Department has recorded sale deed amounting to Rs 145 crores, agreement to sell amounting to Rs 13 crores and GPA with consideration amounting to Rs six crores in April 2012.
Henceforth, GPA would be allowed only in respect to transfer of custody, maintenance and authorised use of the property and would not be used for change of title.
It was also made clear that GPA holders would not be able to transfer the property unless it is agreed upon by the owner.
However, they would be able to execute sale deed provided the owner agrees to it and amount of transaction would be credited in the name of the owner.
Meanwhile, any transaction effected prior to 11 October 2011 through GPA and agreement to sell shall not be affected in any way and transactions after the date would require regularisation in the form of proper sale deeds by payment of the difference in the stamp duty and completion of other relevant formalities.
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