Chandigarh

Badnore gives nod to policy for trancfer of society flats

September 29, 2018 12:34 PM

Punjab News Express
CHANDIGARH: In a major relief for thousands of people living in over 10,000 flats of group housing societies in the city ,Punjab Governor and UT Administrator VP Singh Bandore  has approved the new policy for transfer of flats.
 The new  policy wil allow residents to become owners by getting the conveyance deed executed which was stopped after the Administration started the process of framing the new policy. The Administration had started the process  to review the policy for the transfer of flats six months ago.
The last transfer policy was announced in 2016. under the current procedure, the sale/purchase was allowed on the basis of a conveyance deed, which had to be executed on the payment of stamp duty at the prevailing collector rates and after getting a no-objection certificate from the society concerned.
Sources said the Governor had give relief to resident by giving a one- time relaxation in the proposed unearned profits charges and the subsequent stamp duty The sources said the Administration would not impose unearned profit charges on those who applied under the scheme in the next one year .

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