Why in news:

• The state government of Punjab has passed the Punjab Apartment and Property Regulation (Amendment) Act.

Key Points:

• The Punjab Apartment and Property Regulation (Amendment) Act, 2024, is a significant legislative change aimed at addressing longstanding issues within the property registration framework in Punjab, particularly concerning unauthorized colonies.
• This amendment builds upon the original Punjab Apartment and Property Regulation Act of 1995 and seeks to alleviate the challenges faced by small plot holders while imposing stricter penalties on illegal developments.

Key features of the Amendment

1. Simplified Registration Process

• One of the most notable changes introduced by the amendment is the abolition of the No Objection Certificate (NOC) requirement for property registration in unauthorized colonies.
•  This change applies to plots measuring up to 500 square yards that have been documented through agreements or power of attorney executed by July 31, 2024. The amendment allows these transactions to be registered without the cumbersome NOC process, which was previously a significant barrier for many property owners.

2. Benefits for small plot holders

The amendment specifically targets relief for small plot holders who have been adversely affected by previous regulations. By enabling easier registration, it aims to:

• Legalize transactions that were previously difficult to formalize due to bureaucratic hurdles.
• Ensure that individuals who have made legitimate purchases can access civic amenities and services without unnecessary delays.

3. Stricter penalties for non-compliance

In an effort to curb illegal construction activities, the amendment proposes stringent penalties for developers and promoters who fail to comply with property regulations. Under the revised Section 36(1), violators could face:

• Imprisonment ranging from 5 to 10 years.
• Fines between ?25 lakhs and ?5 crores for non-compliance with regulatory provisions.