New rule for power of attorney to curb revenue loss: U.P. minister
Uttar Pradesh minister of state for stamp and registration (independent charge) Ravindra Jaiswal said sale purchase of land and houses had doubled in the state compared to 2016-2017. This reflected better financial status of those living in UP which now had improved law and order situation and was attracting more and more investment.
Aligarh Uttar Pradesh minister of state for stamp and registration (independent charge) Ravindra Jaiswal said on Wednesday that new rules and regulations for execution of power of attorney in the state would check revenue loss to the state government. He highlighted the relief allowed by the state government in cases of power of attorney executed among family members.
Jaiswal, who held a review meeting with officials at the circuit house, said that sale purchase of land and houses had doubled in the state compared to 2016-2017. This reflected better financial status of those living in UP which now had improved law and order situation and was attracting more and more investment.
“We were receiving information about misuse of power of attorney on a large scale, leading to cases of stamp theft and revenue loss to the state exchequer. As such, we had to frame new rules and regulations and now any power of attorney executed in regard to immovable property in the name of someone other than family members will be registered with stamp duty paid according to circle rate fixed by district magistrate,” he said.
It may be noted that in many cases power of attorney executed at a lower cost was preferred instead of sale deed executed on the basis of circle rate and as such, cases of misuse of power of attorney were coming to light.
“It is commonly believed that one goes for purchase of land or house or invests in it after fulfilling his daily requirements and this reflects increase in his earnings. This is made possible because of leadership of Prime Minister Narendra Modi at the centre and chief minister Yogi Adityanath in the state. People are opting to live in Uttar Pradesh and are making investments here,” claimed Jaiswal.
“This also goes to prove that law and order has improved in U.P. with land mafia and criminals feeling demoralised. Industrial units are coming up, inviting investments and youths are getting employment. There is a marked increase in per capita income,” he said.
The minister asked officials to behave courteously with people coming to offices for sale and purchase, as they were the ones who added to revenue generated in state. He promised renovation at Khair and Iglas offices in Aligarh and directed officials to ensure common civic amenities in offices.