In a bid to safeguard the interest of allottees and generate revenue, Greater Mohali Area Development Authority chief administrator Girish Dayalan on Wednesday directed private builders under it to get their plots or apartments registered in purchasers’ names.
This has to be done within three months from the date of issue of occupancy certificate.
There are around 100 private builders under Greater Mohali Area Development Authority (GMADA) and most of them allot the plots or apartments on the basis of allotment letter under which the purchaser pays the transfer fee and does not get ownership.
Dayalan said the GMADA asked private builders to execute registered conveyance deed of a plot or apartment in favour of the allottee within three months from the date of issue of occupancy certificate.
“A letter has been written to Punjab Real Estate Regulatory Authority chairperson Navreet Singh Kang asking him to issue directions to private builders regarding the registration of property,” he said.
He said, “At present, the deal is done between the purchaser and the builder. The state is losing revenue due to this.It also endangers the interest of allottees, as the title is only conveyed by registered document.”
The government exchequer also faced losses as multiple transfers took place without registration and only through payment of transfer fees to promoters, he said.
Dayalan said, “In case a promoter of any real estate project fails or declines to submit these documents within the time period specified in the directions issued, further action with respect to grant of any approval or issuance of any certificate to promoter can be withheld till the desired documents are submitted.”Promoters of various mega housing projects and licensed colonies, which fall under the jurisdiction of GMADA, have obtained partial completion certificates or occupation certificates from the competent authority.
According to the provisions of section 17 of the Real Estate (Regulation and Development) Act, 2016, the promoter of a real estate project is required to execute registered conveyance deed of a plot or apartment in favour of the allottee within three months from the date of issue of occupancy certificate.
The mega housing projects are exempted from the provisions of the The Punjab Apartment and Property Regulation (PAPRA) Act under which the undersigned is the competent authority.
Therefore, to ensure no stamp duty evasion, it was requested that directions could be issued under sections 35, 37 and 38 of the Act and the promoters of all housing projects, who have either obtained partial completion certificates or occupation certificates, can be directed to execute conveyance deeds of plots or apartments in favour of the allottees within three months of issue of such directions.
The copies of such conveyance deeds executed could be submitted to GMADA. In case, conveyance deed of any plot or apartment was yet to be executed by them in favour of the concerned allottee, then they could be asked to submit copies of agreements to sell to GMADA and to specify reasons for non-execution.
Bhupinder Singh Sabharwal, president of Mohali Property Consultant Association, said, “We welcome the move as it was the need of hour. Purchasers have been complaining of cheating,” he said.
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