Delhi’s big-ticket property deals come to standstill
According to industry experts, as many as 100 such transactions are on hold. Some of the owners who especially come to India during this time of the year to sell off these rare properties, are stuck due to the delay.
“There has been no formal notification from L&DO.
The department has stopped accepting applications and this is causing distress to all the industry stakeholders,” said an industry source. “There are senior citizens and NRIs waiting to get their properties converted, sell and distribute the proceeds to the rest of the family in India to avoid potential disputes in the future.”
Brokerage firms active in buying buyers for such properties said that the elderly, widows and ailing senior citizen owners are suffering the most.
Also, there is a huge revenue loss for the government on account of the loss of freehold conversion charges and stamp duty payments because property transactions have halted in these localities where availability itself is rather low.
“Some people are being told by L&DO officials that they are looking to change or revise the land rates in Delhi.
As an industry body with our ears to the ground, we request the authorities to expedite the matter of new land rates,” said Amit Goyal, Chair — housing and urban development committee, PHD Chamber of Commerce. “In the interim, we earnestly recommend that leasehold to freehold conversions be allowed.”
An L&DO spokesperson did not respond to ET’s mailed query and text messages.
In July 2022, the department had issued directions to the revenue department of Delhi government, asking not to register any property without the no-objection certificate (NOC) from the department.
It has gradually started issuing NOCs, but the process of conversion
