Restrictions on property dealing to be lifted
6 Jun 2012 12:42 AM GMT
The Delhi government said on Tuesday restrictions on sale and purchase of properties in over 1,200 unauthorised colonies would be lifted once the process to regularise them is completed.
‘Sale and purchase of properties in those colonies will be allowed once the process to regularise them is completed,’ revenue minister A K Walia told the assembly while replying to a question.
Government is in the process of regularising over 1,200 colonies, which were given provisional regularisation certificates. These colonies are home to around 40 lakh people.
Answering a separate question, he said restrictions were put on General Power of Attorney [GPA] as a mode of property transfer following an apex court order.
He, however, clarified that the Supreme Court had not banned GPA, but ruled that property transaction through GPA will not be considered valid.
The Supreme Court had on 12 October 2011 ruled that sale transactions carried in the name of GPA would have no legal sanctity and immovable property can be sold or transferred only through registered deeds.
In a bid to ensure strict adherence to the Supreme Court order on property transactions, the Delhi government last month had said no sale deed would be registered if it is done through GPA.
Walia said property transaction done through GPA prior to the Supreme Court order would be valid and parties concerned can regularise such transactions by paying the required registration fees.
In such transactions, he said the value of the immovable property at the time of the transaction would be considered for registration, but stamp duty would be applicable as per current rate.
‘The stamp duty will have to be paid as per current rate.But we will consider the value of property when the transaction had taken place to calculate the registration fee,’ said Walia.
‘Sale and purchase of properties in those colonies will be allowed once the process to regularise them is completed,’ revenue minister A K Walia told the assembly while replying to a question.
Government is in the process of regularising over 1,200 colonies, which were given provisional regularisation certificates. These colonies are home to around 40 lakh people.
Answering a separate question, he said restrictions were put on General Power of Attorney [GPA] as a mode of property transfer following an apex court order.
He, however, clarified that the Supreme Court had not banned GPA, but ruled that property transaction through GPA will not be considered valid.
The Supreme Court had on 12 October 2011 ruled that sale transactions carried in the name of GPA would have no legal sanctity and immovable property can be sold or transferred only through registered deeds.
In a bid to ensure strict adherence to the Supreme Court order on property transactions, the Delhi government last month had said no sale deed would be registered if it is done through GPA.
Walia said property transaction done through GPA prior to the Supreme Court order would be valid and parties concerned can regularise such transactions by paying the required registration fees.
In such transactions, he said the value of the immovable property at the time of the transaction would be considered for registration, but stamp duty would be applicable as per current rate.
‘The stamp duty will have to be paid as per current rate.But we will consider the value of property when the transaction had taken place to calculate the registration fee,’ said Walia.
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