Real estate Gurgaon: Independent Floor-Builder Floors

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Vikas Rikhye, Real Estate Gurgaon Blogger

Almost five years ago ,the Government of Haryana had put a ban in Gurgaon,on “Registration” of property falling under the category of Builder Floors/ Independent Floors (eg: Three Independent Floors built on Single plot) & it resulted into the following:

  • Sale of Builder Floors/ Independent Floors carried out on GPA{ general power of attorney }, an unsafe property ownership title for the buyer.
  • As GPA is not considered to be a legal instrument, the buyers would not get bank finance.
  • The Government’s loss of revenue in terms of Registration charges & Stamp duty.

It is understood that after conducting in-depth study in this matter the Government has finally legalized the registration of “Builder floors/ independent floors”, constructed on plots by plot owners in colonies developed by private builders such as DLF,Unitech & Ansals etc. as well as colonies developed by Haryana Urban development Authority {HUDA}

It is further understood that in this recent directive the applicants may have to pay 1% of extra Stamp duty, covering the cost of ” Infra -structure up-gradation”
With this vital decision, it not only provides a sigh of relief to the owners of such properties, who have transacted the purchase on GPA{ general power of attorney }, but it has also generated positive results as following:

  • With Registration, buyers of such properties will now become legal owners.
  • Availability of bank loans.
  • Gearing up/ boost in “Guraon Real estate” as the builders will be encouraged to build more of Independent floors considering the large demand for Independent floors.(with latent advantage of sale purchase of plots, positive improvement in “real estate prices in Gurgaon”)
  • Over all benefit to the Government revenue growth.

The real-estate experts feel, that this decision, shall help towards mobilizing positive growth in the present sluggish real estate scenario.

Disclaimer

The Author is a freelance Blogger and real-estate consultant,The readers are advised to do their own research & analysis before taking any action. The author is not responsible for any consequence good or bad . The author is only delivering his views & inviting response in the way of comments/views from the readers.

8 Comments

  • P.Krishnamurthy March 23, 2009 at 12:47 pm

    Dear Sir,

    This is indeed a great news and comes much to my relief since I own such a property (Executive Floors) in Unitech SC-II.

    However I would be much obliged if you clarify regarding the extra 1% of stamp duty that needs to be paid? I bought this property and registered the same as the first owner in 2001. Would I also be needed to pay the extra stamp duty as being stated by you or would this be applicable to a second owner or for any new property that may be bought in future? Kindly clarify.

    Many thanks in anticipation.

    Kind regards,
    Krishnamurthy

  • Hi! I just have a query…can you please tell me what is the status of \"lilac, independent floors by SS Group\" for the registration?? Are they registered or not??

  • The decision has been taken March 09. Howevere, the registration has not yet started. All builder are waiting for some kind of notification…..Delay in implementation looks to me as just political propaganda to attrack voters.

  • i purchased independent floor for rs.7.50 lakhs at Southend Floors Sector 48/49 Sohna Road Gurgaon from S S Group in 2002.Can anybody tell me how much shall i have to pay towards registration of the same

  • I stay in Kerala, India. We live in a newly constructed flat where we would like to know whether our builder has permission to build as many floors as he’s done now.

  • i would like to have Independent flooor in gurgaon,,,can u please help us ,,,

  • Dear Vikas,

    Any update on starting of registration of independent floors in Gurgaon??

    Regards,

  • I bought a house directly from SS group… Can you please confirm that builder floor registri are open.