New Delhi, Nov 26: A bill to help in allowing the registration of properties and provide certain relief to the residents in Unauthorised Colonies of Delhi from Registration Charges and Stamp Duty, was introduced in the Lok Sabha on Tuesday.
Union Housing and Urban Affairs Minister Hardeep Singh Puri introduced the National Capital Territory(NCT) of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Bill, 2019.
Nearly 40 lakh people reside in Unauthorised Colonies located on private or public land in Delhi. Properties, whether in the form of plot of land or built up space are generally held through General Power of Attorney (GPA), Will, Agreement to Sale, Payment and Possession documents.
The properties in these colonies are not being registered by registration Authorities and thereby the residents do not have any title documents in respect of such properties and the Banks and financial institutions do not extend any credit facilities in respect of said properties. The Bill seeks to recognise GPA, Will, Agreement to Sell, Purchase and Possession documents, in the light of Suraj Lamp Case Judgment, as a special one-time relaxation for this purpose for the residents of UCs in Delhi.
The proposed legislation will provide for registration charges and stamp duty to be levied on the value mentioned in Conveyance Deed or Authorisation Slip and for its applicability on last transaction only. (UNI)