Collectorate approval for property transactions through power of attorney in GujratCollectorate approval for property transactions through power of attorney
Apnaloan.com Research Bureau
04 Mar 2008
Gujarat government amended the Registration Act (1908) which states that power of attorney transactions with reference to immovable property will not hold legality in disturbed areas. Now it is mandatory to get the approval of the District Collector for property deals struck only through power of attorney.
The government also plans to take corrective actions against those who fail to comply with the revised provisions of the Act. If a property transaction goes against the provisions of the law, a penalty of Rs. 2 lakhs or imprisonment of six months is likely to be imposed on the concerned individual.
Even those who fail to register property transaction in disturbed areas within a period of six months may have to face some corrective action.