New Delhi, Apr 18 (UNI) It has now become easier to register flats and shops in multi-storeyed buildings in the Capital in your name with the government today rationalising the conversion system of property from leasehold to freehold, bringing registered sale deed owners on a par with general power of attorney holders.
''Property sold through regular sale deed can now be converted into freehold by paying only a conversion fee and a surcharge of 33.3 per cent as applicable to general power of attorney holders,'' Science and Technology Minister Kapil Sibal told reporters after the Cabinet meeting that took the decision.
Till now, registered sale deed owners had to pay stamp duty and other charges, besides conversion fee and surcharge, while all lessees staying in a building had to give a single sale deed.
Mr Sibal said the Cabinet decision will permit conversion of flats and floors as well as shops and spaces in multi-storeyed buildings developed on leasehold plots, if the purchasers have valid registered sale deeds or registered general power of attorney agreement to sell after recovery of proportionate share of dues payable by the lessee.
It will also permit conversion of institutional properties sold at commercial rates, benefiting a large number of persons.
But, the decision will avoid giving undue financial benefits to the private persons who were handed over the government properties through the process of disinvestment, Mr Sibal added.
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