- State Editions
- A YEAR OF FEATS
- Cover Story
- 150th Anniversary Issue
- Middle India
- Literary Issue Special
- Cinema Issue Special
- Women's Special Issue
- Foreign Policy Special Issue
- for a cause
- Photo feature
- national interest
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.
MORE City NEWS
- HC raps police over Najeeb 10 Dec 2016 | Staff Reporter
- Cool morning; fog hits rail traffic 10 Dec 2016 | Staff Reporter
- Banks to remain closed for three days 10 Dec 2016 | Staff Reporter
- Office of DCP inaugurated 10 Dec 2016 | Staff Reporter
- KVS to generate clean electricity 10 Dec 2016 | Staff Reporter
- Celiac disease: Awareness campaign on Dec 11 10 Dec 2016 | Staff Reporter
- Mobile App Banking camps held outside mosques on Friday 10 Dec 2016 | Staff Reporter
- Cash-back ‘eases’ cash pain 10 Dec 2016 | Chandan Prakash
- Unable to withdraw money for dress, teen girl hangs self 10 Dec 2016 | Kanika Mehta
- Cong seeks unemployment allowance for unorganised sector workers 10 Dec 2016 | Staff Reporter
10 Dec 2016 | PNS | Lucknow
The Samajwadi Party's first family feud refuses to die down with Chief Minister Akhilesh Yadav appointing his trusted leiutent Javed Abdi as adviser of the Irrigation department. The CM's uncle Shivpal Yadav was the Irrigation minister till he was dismissed from the cabinet in October...
Demonetisation is the biggest scam in the history of India. I will reveal it in Parliament.You'll see that an earthquake will happen.
Through the years, being a girl, a woman, growing up, you learn to let go, hide some things, express things.
The ‘Mr Perfectionist' title is not correct for me. And it puts no pressure on me. The title should be ‘Mr Passionate’. That is what I am.