Sale of flats in housing societies allowed, with riders
Satisfying a 15-year demand of over 1 lakh residents of Cooperative House Building Societies — mostlypunjab Updated: Feb 11, 2016 11:36 IST
Satisfying a 15-year demand of over 1 lakh residents of Cooperative House Building Societies — mostly in Sectors 48-52 in Chandigarh — the UT administration on Wednesday allowed transfer of flats with certain conditions. Over 10,000 flats will now enter the realty market. The sale/purchase of flats will be allowed on the basis of a conveyance deed (a document where the seller transfers all rights to legally own, keep and enjoy the property to the buyer) that would be executed provided three conditions are met. There is no violation of construction norms on the property; stamp duty has been paid on the prevailing collector rate and a no-objection certificate (NOC) has to be obtained from the society concerned.
Societies to get conveyance deed executed
The first step has to be that the society with land allotted on its name — either freehold or leasehold — has to execute the conveyance deed or the lease deed on paying the prescribed stamp duty on the actual amount paid to the Chandigarh Housing Board/ UT administration. The authorities have given societies six months to get this done.
HT has learnt that none of 115 societies have got this done as yet. After this has been done, the transfer of individual flats in each society shall be allowed only through the sale deed or the deed of transfer of leasehold rights, to be executed and registered on the payment of the prescribed stamp duty.
The purchaser or his/her spouse or dependent children should not possess/own either on freehold, leasehold or hire purchase basis another such property at Chandigarh, Manimajra, Panchkula and SAS Nagar. The purchaser shall deposit transfer fee depending on the size of the flat by demand draft in favour of the society in lieu of the unearned increase.
For a four-bedroom flat (category A), the fee has been set at Rs 1 lakh. The fee is Rs 50,000 for a three-bedroom dwelling and Rs 30,000 for a two-bedroom flat. Once the sale deed or deed of transfer of leasehold rights duly stamped has been executed, the purchaser shall apply for transfer of share/dwelling unit/flat to the society.
First Published: Feb 11, 2016 11:35 IST