In a clarification issued on Thursday, the department said that builders do not need a No Objection Certificate (NOC) from agencies such as Maharashtra Housing Area and Development Authority (MHADA), Municipal and Industrial Development Corporation (CIDCO), Maharashtra Industrial Development Corporation (MIDC) or municipalities to sell or transfer flats constructed on their land. The clarification was issued by Stamp and Registration Deputy Inspector General Dharmdev Menkar.

The confusion arose after the department amended Section 18(A)(1)(B) of the Registration Act in April. Property registration expert Hitesh Thakkar said the amendment was vague and officials interpreted it to require an NOC from MHADA, SRA, MIDC and CIDCO for every sale and transfer of a flat on their property.

“This led to procedural and other delays, which led to a 70% drop in the price of such properties. Some buyers also sought a refund of stamp duty as it was not possible to get the NOC in time,” he said.

However, the July 24 circular clarifies that the provisions of section 18(A)(1)(B) of the Registration Act will not apply to the sale or resale of residential and/or non-residential units in a building constructed by private developers on land leased from municipalities, local self-government bodies and authorities such as MHADA, CIDCO and MIDC.

They will, however, apply to documents such as final purchase deed/assignment deed in respect of land and construction in the interest of the organisation or company in respect of such property, the clarification said.

Raju Dhote, deputy inspector general of the stamp and registration department, said the clarification was issued after consultation with the state revenue department and law and judiciary department.

He had also informed State Stamp and Registration Inspector General Ravindra Binwade about the delay and revenue loss.

“The state’s finances are under stress because of the girl child and other welfare schemes. Most of the revenue comes from urban areas and we realised that our revenue from stamp and registration in urban areas is falling,” said a senior official in the state finance department.

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Prior to this, the merger has received necessary approvals from the Central Reserve Bank (RBI), Securities and Exchange Board of India (SEBI), shareholders of HDFC and HDFC Bank, Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India. Apart from this, No Objection Certificate (NOC) has also been received from both the stock exchanges.

$ 40 billion deal: Let us tell you that the HDFC-HDFC Bank merger was announced on April 4, 2022.This is one of the few mega mergers in the corporate history of India. With this acquisition deal of about $ 40 billion, a large company in the financial services sector will come into existence. The combined asset base of the proposed entity will be around Rs 18 lakh crore.

Upon completion of the deal, 100 percent of HDFC Bank will be held by public shareholders, while existing shareholders of HDFC will hold 41 percent of the bank. This is the second such merger in the banking sector. Earlier in October 2001, ICICI Limited had done a similar merger with its banking arm ICICI Bank.

What’s up with the stock: HDFC Bank’s share price is at ₹1572 on the last trading day of the week. The share price has increased by 1.36% compared to a day ago. Similarly, the stock of HDFC also gained momentum and it rose by 1.14% to the level of Rs 2561.

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