New notification on cooperative housing societies a ‘betrayal of residents’: Balbir Singh Sidhu

Referring to the notification, Sidhu said, “The government has given relief only to the first allottee. Subsequent buyers have been offered a marginal concession of just 1 to 3 per cent, and that too only till March 31, 2026.” He alleged that the move was nothing but a deliberate attempt to extract money from middle-class families and senior citizens.

He pointed out that no concession has been extended to cooperative housing societies themselves, which are now being charged 8 per cent stamp duty at prevailing market rates. Sidhu added that in most cases, the original allottees have already sold their houses, and, therefore, the current legal owner should be treated as the first owner, irrespective of how many times the property has changed hands.

Raising additional demands, Sidhu said cooperative housing societies should be allowed to levy 1 to 2 per cent NDC (no dues/transfer charges) to ensure proper maintenance of roads, parks, sewerage systems and other infrastructure. He also demanded that at least one year’s time be granted for registration so that residents are not subjected to undue financial stress.

Concluding his statement, Sidhu urged the Punjab government to immediately review the notification and stand with the people instead of burdening them.