Chandigarh: Punjab govt on Tuesday announced to remove the requirement of no objection certificate(NOC) for registry of land and property, because of "larger public interest" after complaints about delays in issuance of NOCs ahead of the Lok Sabha Elections.
Chief Minister Bhagwant Mann said that the decision had been taken to save people from facing inconvinience.
He also added that the legal mechanism for the decision had been worked out and the details would be made public soon. "The decision has been taken in due consultation with general public and is aimed solely at ensuring their benifit," he said.
The CM said' " People from both urban and rural areas in the state were facing a lot of problems due to non-availability on NOCs. This resulted in non-execution of registration of land, creating a lot of problems for the general public. Now, the problem will be solved as the requirement of NOC for the registration of land and property has been abolished by the state govt."
Simplified Property Registration: With the removal of the NOC requirement, individuals involved in property transactions will no longer need to obtain clearances from various government departments, such as the municipal corporation, electricity department, or pollution control board, before registering their properties.
Impact on Property Market: The abolition of the NOC requirement is expected to have a positive impact on the property market in Punjab, making it more attractive for buyers and investors. The simplified registration process may lead to increased transparency, efficiency, and confidence among stakeholders in the real estate sector.
Overall, the decision to do away with the NOC for property registration in Punjab represents a significant reform aimed at easing the regulatory burden on property transactions and fostering a conducive environment for real estate development in the state. This move is likely to be welcomed by property buyers, sellers, and industry stakeholders alike.