Indian Express 19.01.2010

Amnesty for property registrations at old rates extended

The Punjab government has extended for another three months, the amnesty to the owners of plots allotted by government’s any development authority in Mohali and elsewhere in Punjab to get the conveyance deed of their plots registered at the allotment rates instead of the prevailing collector’s rate.

With this, the state government would continue to suffer huge financial losses, which had already been caused since March 2009 when the amnesty was first introduced, to benefit the plot allottees and re-allottees for another three months.

In a notification issued under Sections 47-A and 75 of the Indian Stamp Act, 1899, the Department of Revenue and Rehabilitation made fourth amendment in the Punjab Stamp (dealing of under-valued instruments) Amendment Rules, 2009, to grant a major relief to the plot owners in the state.

As per the notification, the stamp duty for registration of immovable property allotted by any government/semi-government organisation will be charged on the consideration amount fixed at the time of allotment of such property, provided that the document was got registered by the original allottee and the re-allottees (to whom such property was transferred by the original allottee through a government/semi-government organisation or legal heirs of the original allottees), who were yet to pay full and final instalments of their plots, till March 31. Those, who were still paying the installments, could avail this benefit within three months from the payment of their last regular instalment as per schedule of payment of such allotment.

This amnesty was first introduced on March 2, 2009, and was extended twice for three months’ period consecutively after its expiry on June 2 and September 2.

Though a large number of plot owners had already availed the facility, still a number of allottees were deprived of availing the opportunity before the last extension expired on December 31.

Confirming the development, Greater Mohali Area Development Authority (GMADA) Chief Administrator (CA) Vivek Partap Singh said as per the government’s order, the allottees and re-allottees were required to apply to GMADA on the prescribed form for execution of conveyance deed till March 11 at least 20 days before March 31 for processing.

History
Since the early 1980s when the plots were allotted across the state, the revenue at the prevailing collector’s rate was charged for registration of plots. At that time, the collector’s rate used to be lower than the original allotment price. With the passage of time as the real estate market witnessed boom, the collector’s rate multiplied many times than the original allotment rates of the yesteryears. This had led to widespread protest from the plot owners and during his recent Mohali visit, Punjab Chief Minister Parkash Singh Badal had announced to amend the law, albeit causing heavy loss to the state exchequer.