Property Transfer by Private Housing Schemes Banned by Government

The private housing schemes have been barred from handling property transfer matter on their own as circulated in the news report. The task will now be managed by the Board of Revenue (BOR).

To make the work official, BOR has also issued a notification to the departments concerned. With the notice issued, private housing schemes are now bound to follow the order and let the board take care of matters related to property transfer. The measures taken by the board appear to be part of the recent measures taken to regularize private housing schemes and investigate the fraudulent practices. The private housing scheme had their own respective methods for internal transfer of plots, houses and property files and this also caused huge loss to national exchequer.

The new rule will help the government earn revenue worth hundreds of million rupees in terms of stamp duty and transfer fee. This will also help in keeping the buyers safe from being scammed. Also, the practice of internal property transfer also benefited the real estate developers in terms of saving due taxes and also by keeping their records private.

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