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The Land and Development Office (L&DO) stated on Thursday that high-end properties in Delhi that were converted from leasehold to freehold before March 2000 may be registered without a no-objection certificate (NOC).
L&DO, which reports to the Union Housing and Concrete Affairs Ministry, instructed the Delhi income division in July not to register any property without the NOC. High-value property transactions in Lutyens’ Delhi, South Delhi, and West Delhi had been halted as a result of the transfer.
“The added necessity of L&DO NOCs for freehold privately held properties had halted multiple deals in the most prime locations,” Amit Goyal, CEO of India Sotheby’s International Realty, noted. “This is the time of year when families with property in India visit, and this much-needed clarification, together with registrations of sale deeds, ATS, and GPAs, will reignite the transaction momentum.”
There Is No Processing Charge For The NOC
The division indicated in a letter to the income division of Delhi that NOCs will not be necessary for the registration of wills, present deeds, relinquishment deeds, leasing agreements, and normal energy of attorneys (GPA) for every leasehold and freehold belongings of L&DO. There will also be no demand for NOCs for the registration of outlets that were formerly under the jurisdiction of L&DO but have been transferred to native our bodies.
“Furthermore, there is no processing charge for the NOC, and the NOC will be placed on the website,” added Niranjan Kumar Joshi, deputy land & development officer, in the letter.
“A momentum had built up following Covid-19, and luxury houses were in high demand,” said Pradeep Prajapati, founder of boutique actual estate consultancy Wealthvisory Capital. “Hopefully, with this explanation, the momentum will return.”
Source- ET
