Relief for Gurgaon Floor Owners

March 21st, 2009  | Published in Real Estate  |  1 Comment








In a case which was pending for last 5 years, the Haryana government has finally legalized the registration of independent floors constructed on plots by private owners, in colonies developed by Haryana Urban Development Authority(HUDA) and private developers such as DLF, Ansals and Unitech.
This is not only good news for the ones who were looking forward by buying property in gurgaon, but brings out relief for the ones who were insecure as they had bought their properties on General Power of Attorney(GPA). Their properties can now be registered in their own names by paying registration charges to the revenue department.

 

What used to be in the past ?

  • The property aspirants would buy floors on General Power of Attorney(GPA) only and could not register the property in their own name.
  • The GPA can be challenged in the court of law by seller after the deal, jeopardising the property rights of the buyer.
  • The property buyers would not get finance from the banks since GPA is not considered to be a valid purchase instruments.
  • The government would lose revenue in the form of registration charges and stamp duty in crore of rupees.

What will be from now on?

  • People can get independent floors registered in their names and become bonafide owners of the property.
  • They also qualify for loans from banks.
  • They will also be eligible for separate power, water and sewerage connections.

 

 

  • Martin

    Indian second largest property developer, Unitech is putting on sale its budget hotel in Gurgaon, Courtyard by Marriot for an expected 300 crore rupees. Though it is not clear who the buyer would be, the company is selling this hotel and many of its commercial and official properties to pay up a debt. Of late Gurgaon along with the other NCRs have emerged as one of the most economically and infrastructure wise developed city of the country. The availability of land has also contributed much towards this development. Hotels in Gurgaon have coincided with the increase in the number of multinational companies and the corresponding boom in the number of ITC hotels in Gurgaon to the city. Its close proximity to the National and the International Airports and the fact that it is adjoined to the National Capital also acts to its advantage. The big names from the hospitality industry have shown interest in setting up luxury as well as the business hotels in Gurgaon that meets the international standards of hospitality.

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