There will be registry of properties transferred from GPA

The owners of property transferred through General Power of Attorney (GPA) in Noida are now going to get big relief. The Noida authority is formulating a new policy to allow registry of such properties. This move will not only legalize property ownership but will also compensate for the revenue loss of the state government and the authority.

Solution to long pending problem

• Scope of the problem:
  • Many residential plots and flats are stuck in legal complications due to GPA transfer.
  • In Jalvayu Vihar (Sector 21 and 25), out of 730 properties, more than 200 properties have transferred more than one GPA.
  • There could be thousands of such cases in the city.
• Efforts of Noida Authority:
  • The authority discussed the issue in its board meeting on Thursday.
  • CEO Lokesh M. Describing this as a serious problem, he stressed on taking immediate steps for its solution.

Provisions of the new policy

The new policy of Noida Authority is being prepared to legalize GPA transfer and eliminate disputes.

1. Provision of Registration Fee:
   • First Transfer:
     2.5% to 5% of cost will be applicable.
   • Other transfers:
     10% additional cost will be incurred.
   • Third transfer:
     15% additional fee will be charged.
   • After this there will be an increase of 5% on each transfer.
2. Extension of old policy:
   • This proposal is an extension of the 2003 policy that initiated the process of legalizing GPA transfer.
   • In 2003, 30% of the property value had to be paid on the first transfer, 60% on the second, and 90% on the third.

Potential benefits from the new policy

1. legal protection:
   • Owners of properties transferred through GPA will get legal recognition.
2. Resolution of disputes:
   • This will help in ending property related disputes.
3. increase revenue:
   • The government and the authority will receive revenue from the registry of GPA transfers.
4. Improvement in property administration:
   • This step will make property administration more transparent and systematic.

effect of old policy

• Policy of 2003:
  • At that time a portion of the property value was charged to legalize GPA transfer.
  • This policy was extended several times on public demand.
• Current Status:
  • Currently, only the transfer of the first GPA holder is valid.
  • There is no provision for subsequent transfer.

Why is registry permission necessary?

1. Legalizing ownership:
   • Property owners can get legal rights to their properties.
2. Revenue offset:
   • Unregistered properties cause huge revenue loss to the state government and authorities.
3. Relief to families:
   • Hundreds of families who were troubled due to legal uncertainties will get relief.

plan ahead

Noida Authority will soon submit this proposal to the state government. The new policy will be implemented after approval.