New Delhi [India], Nov 21 (ANI): The Union Cabinet on Wednesday approved the proposal to introduce the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Bill, 2019 during the Winter Session of Parliament which would benefit about 40 lakh people.
The Bill will help in allowing the registration of properties and provide relief to the residents in Unauthorised Colonies (DCs) of Delhi from registration charges and stamp duty.
Nearly 40 lakh people reside in 1,731 unauthorised colonies located on private or public land in Delhi.
An official release said that properties, whether in the form of a plot of land or built-up space are generally held through General Power of Attorney (GPA, will, agreement to sale and payment and possession documents.
It said the properties in these colonies are not being registered by registration authorities and the residents do not have any title documents in respect of such properties. The banks and financial institutions do not extend any credit facilities.
The proposed bill envisages to recognize GPA, will, agreement to sell, purchase and possession documents as a special one-time relaxation for the residents of UCs in Delhi.
It seeks to provide for registration charge and stamp duty to be levied on the value mentioned in conveyance deed or authorisation slip and for its applicability on last transaction only.
The above relief provisions will benefit more than 40 lakh people living in 1,731 Unauthorised Colonies of Delhi as mentioned in the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Regulations, 2019 notified in October this year. (ANI)