New guideline value register imperative
KARAIKAL: Scores of property deals stand frozen here due to the non-declaration of guideline value register for the current year. The guideline value register that was slated for release with retrospective effect on property transactions from April 1 has seen excessive lag, locking up conclusive titles to ownership of buyers.
The three sub-registrar offices here in Karaikal, Thirunallar and Neravy are reeling under the weight of pending documents that await a new value register from the Puducherry government. As of date, approximations of over 1,200 documents are pending registration for over four months here, awaiting the new valuation.
This, inordinate delay in the declaration of guideline value on property has placed property buyers and sellers in a fix, with no conferment of ownership rights and subsequent derived benefits. This has hindered other allied interests, including construction activities or mortgage loans. According to Selvashanmugam, lawyer, the delay has triggered off several incapacities, including inability to secure town planning approval, or patta transfer, and bank loans against collateral security.
According to an official source, elections were also a significant cause for the delay.
The village administrative officers, who were in-charge of valuation and preparation of preliminary report on guideline values, were appointed as booth-level officers for the elections.
The ownership transfer document is a mandatory requirement for any economic activity, says a source.