Supreme Court of India bans sale of Immovable Property under GPA
The Supreme Court of India has announced that the sale of immovable property under General Power of Attorney (GPA) will be considered illegal and will attract strict punishments. The decree might actually lead to a 20 percent downfall in the value of properties. The decision might have implications in resale and secondary properties. The decision will not harm the big developers as most generally don’t use the power of attorney for the sale of properties.
People who are in a hurry to sell their properties might actually bear the heat of the order as it gets the desired rate of the sale. In its observation the Supreme court had declared that real estate deals will become more transparent through the decree as it will stop tax evasion. It also added in its observation sale carried out by the GPA which does not have the legal sanctity.
Source: ZEE News
Developers, General Power of Attorney, illegal buildings, immovable property, Property rates, Real estate deals, Sale of properties, Supreme Court of India
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Can gpa sign a lease deed
i want to know the GO number of GPA bans by supreme court of india.
Please I would like to more information resale of property which is just been impleated in india under GPA and how does affect me as i have booked a flat thinking that i would sell my 20 yr flat to meet requirement for the newly booked flat, as of today where do i stand. thnx. Emmanuel