Ramkrishan Upadhyay
Tribune News Service
Chandigarh, March 22
After fixing rates for the conversion of property from leasehold to freehold on the basis of collector rates, the Administration has now decided to revise rates for the transfer of leasehold property.
Sources said the Administration was planning to link transfer rates with collector rates. The sources said the initial discussion on long-pending issues had taken place at the highest level and it was proposed to link the unearned profit with the prevailing collector rates.
Under the Estate Rules, 2007, the transfer of leasehold property is allowed on the basis of 1/3rd of the unearned increase on the value i.e. the difference between the price paid by the original allottee/lessee and the market value of the site/building at the time of the permission for transfer shall be paid to the government before registering such sale or transfer. The rules prescribe that the market value of the property for this purpose shall be assessed by the Estate Officer or such other authority as may be prescribed by the Chief Administrator.
The rules further say that the current market value of the property shall be assessed in view of the average of auction price over the past three financial years for the property of the same category or on the basis of such other factors as the competent authority considers to be appropriate.
The sources said as the Estate Office had not auctioned any property since 2008, it was not possible to calculate the present market value.
This led to the situation where the transfer of leasehold property stopped, causing hardships to their owners. Vinod Mittal, an industrialist, said that the rates should be affordable, otherwise, no one would come forward for the transfer.
Clarification on policy for society flats sought
Chandigarh: While residents of cooperative societies demanded a simple policy for the transfer of flats, the office of the Registrar of Cooperative Societies has sought clarification on the transfer policy announced on February 5, 2016. Rajiv Gupta, Additional Registrar of Cooperative Societies, said the department had sought advice from the Legal Remembrance as to who will execute the conveyance deed with a society in case of the death of the original allottee. An advice has also been sought on the cases where the societies have transferred flats/share to subsequent buyers. It has asked, in such cases, as to who will execute the conveyance /lease deed with the society and who will pay the stamp duty.