The administration of Chandigarh might very soon witness a change in property ownership laws, as the High Court has hinted towards a change in that the co-owners of a piece of property may be able to sell their shares without the consensus of the co-owners or the others possessing interest in the property, as said by the order of the Supreme Court issued recently. This change can surely determine stances, which were rather long standing since then, in the long run as a lot of attached complications relating to transferability of property will be unrolled.
Joint property ownership has otherwise had restrictions, which at times left out co-owners from selling their respective shares without seeking the permission of all the owners in Chandigarh. This has led to conspicuous disputes and dropped valuation of properties concerned. The latest directive passed by the Supreme Court has ultimately opened much of the said restrictions to allow co-owners in Chandigarh to transfer their shares without needing consent from other co-owners.
This could be another step in advancement for the real estate market since, according to the real estate analysts, it will give owners flexibility to manage property as well as get opportunities for investment. This move would enlarge the scope for liquidity in the real estate sector and reduce disputes amongst co-owners.
However, it is the Chandigarh administration that will finally take a decision on this permission, and is watching out to understand the ramifications of such a twist. Authorities are cautious to check whether the amendment countermands the regulations of the city’s development or is contrary to law. Therefore, such changes in polices are, nonetheless, bound to come up very soon based on the directive of the Supreme Court.
If approved, this could inject new life into Chandigarh's real estate sector, creating greater ease of doing business and thus better investment environment.
© Copyright 2020, All Rights Reserved
Powered by Basharat Hosein
