The Stamp and Registration Department has issued a circular, which gives relief to the developers who want to sell flat or redeveloped property built on the land of different government or civic agencies. In an explanation issued on Thursday, the department said that the builders do not need a no objection certificate (NOC) to sell or transfer flats on land of agencies like Maharashtra Housing Area and Development Authority (MHADA), Municipal and Industrial Development Corporation (CIDCO), Maharashtra Industrial Development Corporation (MIDC) or municipalities. This explanation was issued by Stamp and Registration Deputy Inspector General Dharmadev Menkar.
In April, confusion arose after amendment in Article 18 (a) (1) (b) of the Registration Act by the department. Property registration expert Hitesh Thakkar said that the amendment was unclear and the authorities had interpreted it in such a way that it became necessary to take NOC from MHADA, SRA, MIDC and CIDCO for the sale and transfer of every flat on their property.
He said, “This led to the process and the rest of the delay, which led to a drop of 70% in such property. Some buyers also demanded a return of stamp duty as it was not possible to take NOC on time.”
However, in the circular of July 24, it has been clear that the provisions of Section 18 (a) (1) (b) of the Registration Act will not be applied to the residences and/or non-residence units in the building made by private developers and/or non-resident units in the building made by private developers on land leased on land leased by municipalities, local self-government bodies and authorities like MHADA, CIDCO and MIDC.
Explanation states that however, they will apply to documents in the interest of such property in the interest of the organization or company in the interest of the company and the final procurement deeds / assignment deeds.
Deputy Inspector General Raju Dhote of the Department of Stamp and Registration said that the clarification has been issued after consulting the state’s revenue department and the Law and Judication Department.
He also informed State Stamp and Registration Inspector General Ravindra Binwade about delay and revenue loss.
A senior official of the state finance department said, “The state’s financial condition is tense due to girl sister and other welfare schemes. Most revenue comes from urban areas and we realized that our revenue is falling from stamp and registration in urban areas.”