Unauthorized property in Delhi will be regularized
The Delhi government has planned to lift the restrictions on sale and purchase of properties in over 1,200 unauthorized colonies.
The regularization process of the unauthorized properties in Delhi has started, and once it is completed, there will be no obligation in Sale and purchase of properties in those colonies.
Almost 40 lakh people are residing in those illegal structures and government will provide provisional regularization certificates to them.
The Supreme Court has restricted the General Power of Attorney (GPA) as a mode of property transfer, however it is said that the apex court has not banned GPA but ruled that property transaction through GPA will not be considered valid.
According to the Revenue Ministry, the property transaction done through GPA prior to the Supreme Court order will be valid and parties concerned can regularize such transactions by paying the required registration fees.
The stamp duty will have to be paid as per current rate. Where, the department will consider the value of property when the transaction had taken place to calculate the registration fee.
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Source: IBN Live
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