Chandigarh, Jan 13 In a decision aimed at strengthening property rights and easing long-pending legal uncertainties, the Punjab government on Tuesday said it has introduced reforms to benefit residents living in cooperative housing societies.
Acting on the directions of Chief Minister Bhagwant Mann, who also holds the Cooperation Department portfolio, the AAP-led Punjab government has approved a comprehensive framework to make registration of cooperative housing properties affordable, secure, and legally robust, while ensuring legitimate recovery of stamp duty for the state.
Sharing details, the Chief Minister’s Office (CMO) said the Punjab government has taken steps to formalise property transactions in cooperative housing societies, many of which have remained unregistered for decades.
“The Chief Minister has approved a set of reforms to ensure that property transactions in cooperative housing societies are formally registered, legally secure, and financially affordable for citizens, while also safeguarding the state’s revenue interests,” the statement said.
It said instruments of original allotment executed by the cooperative housing societies in favour of their original members have been completely exempted from stamp duty.
“Such registrations will be permitted at face value, with only a nominal registration fee payable,” it said, adding the same exemption has also been extended to legal heirs, spouses, and eligible family members as defined and notified by the Department of Revenue to ensure that genuine successor cases are fully protected.
To further enable thousands of families to secure clear legal title to their homes, the government has introduced highly concessional, time-bound stamp duty rates for non-original allottees and transferees, notified on January 12.
“Under this decision, stamp duty has been fixed at one per cent for registrations completed by January 31, two per cent for registrations up to February 28 and three per cent for registrations up to March 31. After this period, normal stamp duty rates will apply,” the CMO added.
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