Cab. approves NCT of Delhi (Recognition of Property Rights of Residents in UC) Bill

Speed Post News Network

New Delhi : The Union Cabinet chaired by PM Narendra Modi on November 20, 2019, approved the proposal to introduce the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Bill, 2019, during the ongoing Winter Session of Parliament.

This Bill will help in allowing the registration of properties and provide certain relief to the residents in Unauthorised Colonies  of Delhi from Registration Charges and Stamp Duty.

Nearly 40 lakh people reside in Unauthorised Colonies located on private or public land in Delhi. Properties, whether in the form of plot of land or built up space, are generally held through General Power of Attorney (GPA), Will, Agreement to Sale, Payment and Possession documents. The properties in these colonies are not being registered by registration authorities and thereby the residents do not have any title documents in respect of such properties and the Banks and financial institutions do not extend any credit facilities in respect of said properties, according to a PIB release.