Government is committed to implement the verdict of SC: Dr. Walia
Delhi Revenue Minister Dr. A.K. Walia said that the city government is committed to honour the judgement and implement it in true spirit, as this will immensely benefit the citizens of Delhi. Henceforth, GPA will only be allowed in respect of transfer of custody, maintenance and authorized use of the property and not to effect change of title in any case.
Walia chaired a meeting to discuss the issues relating to the order of Hon'ble Supreme Court issued on 11th October 2011. The Divisional Commissioner Vijay Dev and other senior officers of the Revenue Department also attended the meeting. Dr. Walia stated that all aspects of the order were discussed in length keeping in view its impact in the capital city.
On the occasion Dr. Walia made clear that GPA holders will not be able to transfer the property unless it is agreed upon by the owner. However, they will be able to execute sale deed provided the owner agrees to it and amount of transaction is credited in the name of the owner.
Any transaction effected prior to 11th October, 2011 through GPA, Agreement to Sell and Will shall not be affected in any way and transactions after 11th October, 2011 will require regularization in the form of proper sale deeds by payment of the difference in the stamp duty and completion of other relevant formalities.
According to Delhi govt. sources, Hon'ble Supreme Court issued an order on 11th October, 2011 to the effect that property transfers through general Power of Attorney, Agreement to Sell and will shall not be allowed with immediate effect. Further, transferring the properties through proper Sale Deed will have to be executed giving full financial details and payment of due stamp duty.
This was ordered to overcome the following maladies which have arisen immense black money in the property transactions affecting the economy, lack of correct proper title trail, evasion of not only stamp duty but also income tax / wealth tax / capital gains tax and massive litigation and criminalization of property transactions.
It is stated that the Revenue Department has recorded sale deed amounting to Rs.145 crores, agreement to sell amounting Rs. 13 crores and GPA with consideration amounting Rs. 6 crore during the month of April, 2012.
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