By Accommodation Times News Services
Delhi government has put a new order for the registration of all general power of attorney (GPA) based property transactions, in order to ease the property transaction in the capital. The Lt Governor of Delhi approved the decision to reverse the directive that put a stop to registration of GPA. Government will soon realize new orders, which will enable the registrations based on GPA, but this will liable on one condition i.e. the transfer can only be a legal transfer and it cannot be construed as transfers of title that enables mutation of property.
The final orders will be released by Monday, as the Governor have approved and sanctioned the orders on registration of GPA-based registrations. As soon as the approval was granted immediately the formal announcement was made by chief minister Sheila Dikshit at a public meeting in Nangloi late on Friday evening.
The move will enable GPA based sales and registration of properties in areas like unauthorized colonies, where there is no documentation to execute a clear sale deed with transfer of title. For the poll bound
Delhi government, it is a move to woo the lakhs of voters in these colonies, which are growing into a potential ground for real estate dealers.
Earlier in April 2012 orders were issued by revenue department, regarding the registration of GPA, in which the GPA transfers were restricted. But, after the recent orders passed by high court during last month again enabled such transactions. According to the revenue department the April 2012 circular was amended as per the Supreme Court’s 2011 judgment.
Government is expecting high revenue from the property transactions through GPA transfer, as before April 2012, when these orders were announced by the revenue department, around 20 percent of registries were done through GPA transfers—a common way of selling leasehold properties and those that don’t have a clear title. Bankers said the proportion of GPA transfers were even higher in sales involving bank loans.