Admn. relaxes leasehold rules

As per the order, the auction purchaser/allottee shall now be permitted free of charge, to add, delete or substitute the names of family members which may take the shape of a partnership firm or private limited company. While no stamp duty and unearned increase would be charged from such cases, the same would also not be charged from those who convert their partnership form to private limited company comprising of original partners as directors/subscribers/shareholders. Similarly, in case of addition/deletion or substitution of partners in a firm and in cases of conversion from sole proprietorship firm or partnership concern to private limited company when change in constitution is intimated for approval by the Estate Office, within one year from the date of purchase of plot in auction, no such fee would be charged. This will, however, not apply in cases where plot is obtained by the party by way of allotment. The same rule would apply to such cases where a private limited company becomes a public limitedcompany also.

The move would help the joint owners of plots to get easy availability of finances for their future plans on the plot, as the rules were an impediment in getting easy finance, especially from the financial institutions.