CIDCO's scheme to regularise properties

Those whose property transactions are being held up because they don’t have authorisation from the City and Industrial Development Corporation can now avail of the body’s permission for a period of three months.

Those whose property transactions are being held up because they don’t have authorisation from the City and Industrial Development Corporation can now avail of the body’s permission for a period of three months.

HT Image

CIDCO, the satellite city’s development authority, has announced an amnesty scheme from July 7 to October 7. During this period, property owners who have bought CIDCO-built property without clearing the transaction with the body can regularise their transactions.

CIDCO has built residential as well as commercial properties in the city under its mass housing scheme. According to the rules set by CIDCO, property owners are not allowed to resell their property without its permission.

However, some property owners have sold their apartment without obtaining CIDCO permission to a second party, merely executing an agreement of sale and showing that the second purchaser has been given power of attorney. It is the buyer’s responsibility to ensure that the seller has obtained CIDCO’s permission to sell the property.

During the amnesty scheme, such buyers can register themselves in CIDCO records by paying the transfer charges to the development body.