Norms Relaxed on Purchase, Sales on Leasehold Property by Delhi Government
The Delhi Government has taken up the restrictions on sales of leasehold properties in a major relief. This is good news for all the property dealers and might boost the prices of real estates.
All the registrar officers are asked by the Revenue Department to allow the purchase and sales of leasehold properties. This rule is being followed since last week. Inspite of restrictions, transactions were on via general power of attorney. Officials also declared that the properties that have new owners now but were via power of attorney will be allowed to conduct sales and purchase transactions on the basis of sales agreement.
Purchase and sale of leasehold properties had been restricted by the Revenue Department in 2011. It is assured by all Sub-Registrar that under Section 17 (1-A) of the Registration Act. All the documents with contract of transferring for consideration of immovable property is mandatory to be registered if had been executed after the commencement Amendment Act 2001.
According to a circular, an agreement to sell with respect to properties not movable is covered under section 17 (1-A) of the Registration Act. It is a valid document to be registered according to the party’s will as these documents cannot be refused by Sub-Registrar.
The decision is taken in favour of millions of property owners in Delhi as now then can easily sell their properties off. According to government decision, this might lead to a sudden rise in the property prices.
The property owners are claiming relaxation in the rule for many years and now the decision will be in support for dwellers of places like Dwarka, Janakpuri, Vasant Kunj, Rohini and so on.
Certain leasehold properties are owned by the Delhi Development Authority (DDA) as well. This restriction has been mainly imposed after certain commercial activities were reported in a few colonies owned by the agency. This decision might help the owners of leasehold properties in many ways says the DDA officials.
Source:
Profit.NDTV
Amendment Act 2001, DDA, Delhi Development Authority, Delhi Government, immovable property, leasehold properties, leasehold property, Properties
