The government of Delhi is planning to impose a ban on the sale of land through general power of attorney (GPA), a move that is likely to increase difficulties for the people who have purchased the land on GPA.
Under the new rules, a seller will have to execute a sale deed that will be required to be registered in the office of registrar or sub-registrar, in order to complete the sale of land. Experts say that the move will limit the availability of the land in the capital and will thus increase the prices that are already among the highest in the country.
The divisional commissioner of Delhi has asled the registrar and the sub-registrar in an order to implement the Supreme Court order dated October 11, 2011 that bans transfer of property on GPA or on sale agreement with retrospective effect from the date of issue of the order.
The apex court had ruled earlier that the sale of property on GPA or on sale agreement cannot be made a basis for mutation in municipal or revenue records. The government failed to enforce the Supreme Court order between October 11, 2011 and April 27, 2012 when the divisional commissioner of Delhi government issues its own order to ban the sale through GPA or SA.
With the issue of the new order, all the transactions that took place during the intervening period will become null and void.
- The Robot-Snake Charger Designed by Tesla Could Scare you Along with Charging your Car
- Food Industry Consolidations Might be What Activist Investors are Expecting
- BOJ Unchanged About Upbeat Economic Assessment In Spite of Contraction Expected in April- June Quarter
- Friday’s US Jobs Report for July Is Expected to Show Strong Gains
- MH370 Debris Wash Ashore to an Indian Ocean Island