"Disputed land aquisition by Developers Prohibited"
There are many instances when we see Developers acquiring disputed land and developing buildings on that land. Noiw the developers acquiring disputed land will be penalised. The urban development ministry(UDM) is planning to check all land deeds of properties acquired by builders. On finding any discrepancies, the ministry will refer it to the judiciary for taking punitive action against such buyers. The proposal is a result of a recent trend where builders are buying disputed land and properties at a discounted value and use illegal means to settle property disputes.
After buying disputed properties, builders use force to acquire them. The government has received several complaints in this regard. In order to check such practices, the ministry is planning to undertake detailed enquiries into the sale and purchase of disputed properties. However, the government is in favour of more stringent scrutiny of land titles than coming out with any specific legislation to curb the practice. “We must distinguish between actual sincere buyers and those who buy properties to speculate on it. In that case, only those instances would be considered for review which appear cagey. The cases after being scrutinised by the urban development ministry can then be referred to the judiciary for taking punitive action against the buyers,” an official at the ministry said.
According to government sources, undervaluation of disputed properties by paying lesser stamp duty, palming off properties with unclear land titles are several such indication of unlawful practices in the real estate industry, which need to be effectively plugged.
So we can hope for a more transparent dealings in our Real Estate System in the coming future.
After buying disputed properties, builders use force to acquire them. The government has received several complaints in this regard. In order to check such practices, the ministry is planning to undertake detailed enquiries into the sale and purchase of disputed properties. However, the government is in favour of more stringent scrutiny of land titles than coming out with any specific legislation to curb the practice. “We must distinguish between actual sincere buyers and those who buy properties to speculate on it. In that case, only those instances would be considered for review which appear cagey. The cases after being scrutinised by the urban development ministry can then be referred to the judiciary for taking punitive action against the buyers,” an official at the ministry said.
According to government sources, undervaluation of disputed properties by paying lesser stamp duty, palming off properties with unclear land titles are several such indication of unlawful practices in the real estate industry, which need to be effectively plugged.
So we can hope for a more transparent dealings in our Real Estate System in the coming future.