The UT Administration on Wednesday issued guidelines for regulating the transfer of share, flats or dwelling units in the Cooperative House Building Societies in Chandigarh.
A spokesperson of Chandigarh Administration said that the guidelines have been issued to protect the interests of bonafide members and prospective purchasers from any unwanted litigation and streamline the entire procedure.
As per the guidelines, the Society should pay full premium of the site allotted to it and obtained NDC from the Estate Officer/Chandigarh Housing Board, as the case may be. Upon the execution of Deed of Conveyance and lease Deed, the transfer of individual dwelling unit (s)/flat in each Society shall be allowed only through the Deed of Conveyance( Sale Deed) or Deed of Transfer of leasehold rights, as the case may be, to be executed and registered on payment of the prescribed stamp duty on the value of dwelling unit as determined by the Collector from time to time.
A GPA/SPA/Sub GPA holder may however, execute a Deed of Conveyance ( Sale Deed) or Deed of Transfer of leasehold rights in exercise of the powers granted under the Power of Attorney and convey title on behalf of the Executant as held by the Apex Court in favour of intending purchaser. The intending purchaser or his/her spouse or dependent children should not possess/ own either on free hold, lease hold or hire purchase basis, a dwelling unit or a residential house/site/flat at Chandigarh, Manimajra, Panchkula and SAS Nagar (Mohali) on the date of execution of Deed of Conveyance ( Sale Deed) or Deed of Transfer of leasehold rights, as the case may be, said the spokesman.
The intending purchaser should seek NOC from the respective Society to the effect that no dues are pending on the part of the outgoing member/allottee/lessee, and the Society has no objection to his/her enrollment as a member, which shall be a pre condition before the execution of Deed of Conveyance ( Sale Deed) or Deed of Transfer of leasehold rights, by the outgoing member of the Society.
In addition to transfer fee, the transferee/intending purchaser shall also pay a sum of `25,000 by way of demand draft in favour of the respective Society as miscellaneous/ processing charges besides other expenses likely to be incurred by the Society. Also, the transferee/intending purchaser shall furnish all required documents and also an indemnity bond to the effect, stated the guidelines.
As per the guidelines, the intending purchaser shall be liable for action against him/her as per law if any information furnished by him/her is found to be false.