The Delhi government has lifted restriction on sale of leasehold properties
By making buying and selling of leasehold properties easy, the Delhi state government had made a welcoming movement, which is sure to bring cheers. This move is a big relief and would bring cheers to lakhs of property owners
The Delhi state government has finally relaxed the prohibitions in connection with the sale of leasehold properties, benefitting several lakhs of property owners in the state. However, this may trigger hike in real estate prices. The revenue department has decreed all registrar offices with the permission in purchasing and selling of leasehold properties. This decision of the Registrar has come into effect recently.
Previously, these transactions were initiated through the general power of attorney. Officials have stated that properties that change owners but have been registered through the power of attorney or sale agreement will be permitted for all related transactions.
In the below words, the Revenue Department has made a statement in 2011:
“It is clarified to all Sub-Registrar that under Section 17 (1-A) of the Registration Act, the documents containing contract to transfer for consideration any immovable property is compulsorily registrable document if having been executed after the commencement of Registration (Amendment) Act 2001, (w.e.f. 24.09.2001)”.
The circular specifically stated that an agreement to sell in respect of immovable property is covered under section 17 (1-A) of the Registration Act and is a valid document to be registered if it is desired by the parties and as such all these documents cannot be refused by Sub-Registrar.
For many years now, several property owners had been demanding relaxation in the norms. Areas such as Rohini, Vasant Kunj, Janakpuri, Dwarka are specifically said to benefit from this move. DDA officials said that the decision will definitely help the owners of leasehold properties in a big way.
With relaxing norms and progressive policies like FDI, the Indian real estate sector is likely to part its sluggish pace and to make a move to be one of the sunshine sectors of the country.
Source: Financial Express
Amendment Act 2001, DDA, Delhi Development Authority, Delhi Government, immovable property, leasehold properties, leasehold property, Properties
