Power of attorney to be Mandatorily Registered

The laws on property deals through a power of attorney (POA) — a legal document that empowers a person to act on behalf of another — are all set to get tougher. The government is planning to amend the laws to make registration mandatory for such deals.

CENTURY-OLD ACT

This will be among the amendments sought to be made to the more-than-a-century-old Registration Act, 1908. The Act, under the purview of the Department of Land Resources of the Ministry of Rural Development, prescribes norms for registration of property and wills as also other kinds of deeds and documents.

“The Cabinet may take up for consideration the proposed amendments to this Act on Tuesday. This includes a proposal to make compulsory registration of POA authorising transfer of immovable property with or without consideration,” a senior Government official told Business Line.

He also said that compulsory registration will bring property transactions executed through POA into the ambit of the registering authorities. This will reduce the disputes related to such transactions. It will also ensure full realisation of stamp duty to States and Union Territories. Property dealing through POA is rampant in many States, giving rise to disputes.

Deals through POAs are done on the basis of notarised documents. This is considered sufficient to authorise an individual or a firm to use the immovable property, but neither can become an owner in the true sense. This is done to avoid stamp duty since registration of the sale deed involves payment of stamp duty according to the circle rates.

Another amendment being considered is to empower sub-registrars, the zonal level registration authority, to refuse transfer of properties in certain cases.

UNAUTHORISED TRANSFERS

Such prohibition on unauthorised transfer of properties includes those whose transaction is prohibited under State specific laws or properties that have been attached by courts or other authorities. “Such a provision will reduce the disputes and will ensure that such properties stay with the rightful owner,” the official added.

One of the current provisions of the Act makes it mandatory to register the adoption of a son. Now, in order to provide gender equality, it is proposed to substitute the word ‘son’ with ‘son or daughter’, thereby bringing in female adoptions also into the purview of the Act.

Source: The Hindu Business Line , June 3, 2013

For any information on Saviour – Builders in Delhi NCREMail Us.

Advertisements

About Saviour Builders

Saviour Builders Pvt. Ltd. is one of the leading real estate developers in Delhi NCR. The Saviour Group is the tantamount to deliver contemporary quality amid excellence and diverse innovation. It has emerged as one of the prominent entities in the real estate sector of India and is into residential, commercial and township projects in and around Delhi NCR. The Group devotes its complete dedication to reach higher and build better. With its immense hard work and loyalty, Saviour has accomplished the dream of delivering various tremendous infrastructures round the city. We intend to provide you with affordable houses in the Delhi NCR region. Some of its significant projects like Saviour Greenisle, Saviour Park, Saviour Street, Gaur City -1, Gaur City -2 and many more have created a new benchmark within the trade. Today, we have our presence at Noida, Noida Extension, Greater Noida (West) and Ghaziabad. We, at Saviour, are building homes based on trust and you are invited to build your future with us. We help you live your dream of living in style.

Posted on June 6, 2013, in Real Estate and tagged , , . Bookmark the permalink. 7 Comments.

  1. I do accept as true with all the ideas you’ve offered for your post.
    They are very convincing and can certainly work.
    Still, the posts are very short for beginners. May just you please extend them a bit from next time?

    Thanks for the post.

  2. hello there and thank you for your info – I have certainly picked up anything new from right here.
    I did however expertise some technical points using this site,
    since I experienced to reload the site lots of times previous to I could get it to load correctly.
    I had been wondering if your hosting is OK? Not that I am complaining, but sluggish loading instances times will often affect your placement in google and can damage
    your high quality score if ads and marketing with Adwords.
    Anyway I am adding this RSS to my email and could look out for a lot more of your
    respective fascinating content. Make sure you
    update this again very soon.

  3. It’s hard to come by educated people about this subject, however, you seem like
    you know what you’re talking about! Thanks

  4. If some one wishes to be updated with most up-to-date technologies therefore he must be visit this website and be up to date daily.

  5. Wow! At last I got a web site from where I be able to actually take useful data concerning my study and knowledge.

  6. Write more, thats all I have to say. Literally, it seems as though you relied
    on the video to make your point. You definitely know what youre talking about, why throw away your intelligence on just
    posting videos to your blog when you could be giving us something
    informative to read?

  7. I loved as much as you’ll receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get bought an edginess over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly very often inside case you shield this increase.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: