DDA changes norms, selling property easier
Own a flat, floor or a shop in a multi-storeyed building built on a Delhi Development Authority (DDA) plot? Life just got simpler for you. The Capital's largest land-owner and developer has changed ownership norms, making it easier to sell property. Owners can now convert property from leasehold to freehold on payment of a conversion charge and sell it without any hassles.
The charge for residential properties vary from Rs 27,720-Rs 4,575 per sq metre, depending on the area.
Earlier, all flat or shop owners were joint owners of the land. To sell a flat or shop in a multi-storey, approval of all owners was a must.
For instance, if you had a flat in an area like Panchsheel Park, to sell it, you would have to get the approval from all other flat-owners in the building. Now, payment of conversion charge will make you the sole owner and you are free to sell it.
Owners, however, will need to have all the documents such as the sale deed and power of attorney when applying for conversion.
A no-objection certificate will be needed, if the property is mortgaged. Conversion will not be allowed if there is a legal dispute over property title.
1 comment:
But it should always be kept in mind that rules of "Plotted Properties" do not get applied on "Flatted Properties" and vice versa.
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