Panjab Waives Off 'No Objection Certificate' for Registration of Land & Property

The Panjab government has decided to do away with the clause of a no objection certificate (NOC) for the registration of any land and property. People from both urban and rural areas were facing problems due to non-availability of NOC. This resulted in the non-execution of the registration of land, creating problems for residents. CM Bhagwant Mann said the decision had been taken in the larger public interest to ensure that people did not face inconvenience. The legal mechanism for the decision has been worked out and details will be shared soon. The government has also amended the Indian Stamp Act to impose a 0.25% stamp duty on loans sanctioned by banks as well as loan crediting companies which would make both vehicles and homes more expensive. The government had also imposed a 2% stamp duty on property transfer through power of attorney. SAD on 6 Feb condemned the AAP government for both increases. SAD leader Bikram Singh Majithia said the two measures would impose a burden of ₹1,000 crore ($120M) on the common man who was already reeling under increased value-added tax (VAT) on petrol and diesel. Next on the government’s agenda is transfer fees on both general and special power of attorneys. The reason for waiving of NOC seems to encourage and speed up land and property sales so the government can earn money.