The order, issued in early July, suspended the registration of high-value real estate transactions in Lutyens’ Delhi, South Delhi and West Delhi. Many say the order is defective.
The L&DO is a department of the Ministry of Housing and the City. According to the L&DO, there are approximately 57,389 residential units, 1,597 commercial, 1,430 institutional and 110 industrial units under its jurisdiction in Delhi.
“The interference from several authorities is having a negative impact on the property market of Delhi. In addition to the NOC issue, the Delhi government is now planning to increase the turnover rate which will again affect the property sector,” said Harsh Bansal convenor, CII Delhi State. RE, UD & Infra sub-committee, and co-founder of Unity Group.
The majority of Lutyens’ Delhi leasehold properties are covered by the L&DO.
Conversion costs and property taxes are the responsibility of the buyer and in many cases these costs were not paid, necessitating the intervention of the ministry.