Chandigarh administration stops mentioning the house floor in bank NOCs

As per this ET Realty story (source), the Chandigarh administration has issued an order to the UT state office to stop mentioning of floor while issuing NoC to the banks. This might have a direct impact on the Chandigarh floors real estate transactions.

The ET Realy story says—The assistant estate officer (AEO) Harjeet Singh Sandhu reads, “It has been discussed during the meeting with the estate officer, UT, on August 19, that the estate office is mentioning share as well as floor while issuing NoC to banks for loans, which is against the letter and spirit of the estate law of Chandigarh as fragmentation of property is not allowed. So, it is circulated that fragmentation of property is not allowed in Chandigarh and there is a specific percentage of share of applicant for e.g. 20%, 30% or 50% share in the whole estate.”

Read the complete story here.