Jamshedpur, March 18: After a freeze on land mutation, realtors in the city are reeling from another government decision.
The registrar of the district registry office has stopped accepting any application for registration of land falling under the Tisco lease area.
Not a single sale-deed has been registered with the district registry office in the past one week.
As a result, those planning to buy or sell property in the area falling under the Jamshedpur Notified Area Committee are in a fix.
The decision also spells trouble for those who have planned to leave, having sold their property, as well as those who wish to gift property to their kin.
An office-bearer of the Jamshedpur Builders’ Association on condition of anonymity said, “In December 1995, when the then district administration stopped land mutation, it was a big jolt. But this time the administration has gone a step ahead by stopping the registration of property falling under the Tata lease area. The move has made builders and prospective buyers of apartment complexes uncertain.”
The office-bearer explained that the land under the Tisco lease hold area is not registered but it is only the superstructure set up on the land that is registered.
“Those who buy residential flats from the promoters in Tisco area can claim rights on the superstructure only. But with the process of registration coming to a standstill, interests of both buyers and sellers have been jeopardised.”
Those who invested lakhs in stamps duty are a trapped lot. As a result of the district administration’s move, they are left with no option than to return the stamp duty and bear a 10 per cent loss.
Advocates dealing in property matters said a large section of flat-owners in the Tisco lease area is awaiting the implementation of the new registration rate to complete the registration of their flats. They, too have been left high and dry.
“Majority of the flat-owners does not have any legal rights over their flats as they are not registered. They now have to wait until the Tisco land lease is renewed ,” the lawyers said.
The district registry officer, Sahdev Mehra said he has stopped registration on the basis of an instruction from the deputy commissioner, East Singhum.