The transfer had stalled high-value property transactions in Lutyens’ Delhi, South Delhi and West Delhi.
“The extra requirement of NOCs from L&DO for freehold privately held properties had stalled a number of transactions in essentially the most prime places,” stated Amit Goyal, CEO, India Sotheby’s Worldwide Realty. “That is the time when households residing abroad and proudly owning property go to India and this a lot wanted readability will restart the transactions momentum together with registrations of sale deeds, ATS and GPAs.”
NOCs won’t be required for registration of wills, reward deeds, relinquishment deeds, hire agreements, and normal energy of attorneys (GPA) for each leasehold and freehold properties of L&DO, the division stated in a letter to the income division of Delhi. There’s additionally no want of NOCs for registration of outlets which have been below the jurisdiction of L&DO however have been transferred to native our bodies.
“Additional, there isn’t any processing charge for the NOC and the NOC will probably be uploaded on the web site,” Niranjan Kumar Joshi, deputy land & growth officer, stated within the letter.
“A momentum had constructed up submit Covid-19 and luxurious properties have been in nice demand,” stated Pradeep Prajapati, founding father of boutique actual property consultancy agency Wealthvisory Capital. “With this clarification, hopefully the momentum will resume.”