The Punjab government has implemented reforms to enhance property rights and address legal uncertainties for residents in cooperative housing societies. Acting on Chief Minister Bhagwant Mann’s directives, the AAP-led government has established a framework to streamline the registration of cooperative housing properties, making it more affordable, secure, and legally sound. These reforms aim to formalize property transactions in cooperative housing societies that have long remained unregistered, ensuring both citizen benefits and the state’s stamp duty revenues.
The Chief Minister’s Office disclosed that the government has exempted instruments of original allotment by cooperative housing societies from stamp duty, allowing registrations at face value with only a nominal fee. This exemption also extends to legal heirs, spouses, and eligible family members as defined by the Department of Revenue, safeguarding genuine successor cases. Additionally, the government has introduced discounted stamp duty rates for non-original allottees and transferees until March 31, with rates set at one percent for January, two percent for February, and three percent for March, after which normal rates will apply.
In a move to provide clear legal titles to numerous families, the Punjab government’s initiative aims to facilitate affordable and secure property transactions in cooperative housing societies, benefiting residents and ensuring compliance with legal requirements.
