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Govt plans to allow GPA holders to sell properties
In another exercise aimed at giving relief to property owners, the Delhi Government is expected to allow property sale and purchase through General Power of Attorney (GPA). A circular, finalised by the Revenue Department, is likely to be placed before the Cabinet meeting on Saturday before issuing the same.
According to the circular, the registered holder of power of attorney is competent to execute further deed of transfer by any authorised mode like sale, gift, conveyance, subject to terms and conditions of the power of attorney.
“There is nothing in the existing provisions of the laws that prevents the registered property owner holding valid deed of transfer like sale deed, gift deed, partition deed, relinquishment/lease deed from executing power of attorney/special power of attorney, in favour of any person to manage his property or empowering him/them to execute any further deed of transfer — including conveyance, sale, gift on behalf of the registered owner,” the draft of the circular said.
The move will benefit lakhs of people especially those living in cooperative housing societies, unauthorised colonies and Delhi Development Authority flats.
On May 5, the Delhi High Court had struck down a circular of the State Government, restricting property transaction through GPA in the Capital. The circular, issued last year by the department, that had directed all registrars and sub-registrars not to register any sale deed for an immovable property based on a GPA, will or agreement to sell.
Transfer of immovable property is generally done through two modes - a sale deed executed between the buyer and seller, which attracts stamp duty of six per cent (approximately) of the sale price of the property - second -- through execution of GPA -- an agreement to sell and will by the seller in favour of the buyer -- which attracts a significantly lesser stamp duty.
In both cases, the executed documents are registered with the competent authorities under the provisions of the Registration Act, 1908. Transfer of Immovable Property through a GPA sale has been a contentious subject for some time now.
“It is also legally tenable if the registered owner enters into a land development agreement or builder agreement and executes a registered attorney in favour of such land developer or builder respecting his immovable property to facilitate land/building development provided the transaction is genuine,” the circular said.
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28 Feb 2017 | PNS | Lucknow
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