Notwithstanding anything contained in the letter of allotment/conveyance deed imposing a ban on the transfer of site/building as the case may be, or any right, title or interest therein before the stipulated period, the Estate Officer may grant permission to the transfer by way of sale, gift, mortgage or otherwise of the site, building or any right, title or interest therein, after transferee has paid full price of the site/building and if in the opinion of the Estate Officer special circumstances exist for the grant the of such permission. This will be applicable to all categories of sites/buildings sold by allotment/hire purchase, or on concessional rates.]In the case of transfer by way of sale/gift/mortgage or otherwise of the site or any right, title or interest therein, 1/3rd of the unearned increase in the value i.e. the difference between the price paid and the market value of the site/building at the time of permission of transfer shall be paid to the Government before registering such sale or transfer. The market value of the property for this purpose shall be assessed by the Estate Officer or such other authority as may be prescribed by the Chief Administrator and the transferee shall be entitled to produce his evidence and of being heard :Provided that 1/3rd of the unearned increase in the value will not be charged if a mortgage or charge of a site/building is created with the previous consent in writing of the Estate Officer, in favour of the Central Government, State Government, Chandigarh Administration, Life Insurance Corporation of India or any Scheduled Bank for securing a loan to be advanced by them for constructing the building on the site.Provided further that in the event of sale or foreclosure of the mortgage or charged property the Goverment shall be entitled to claim and recover 1/3rd of the unearned increase in the value of the plot as aforesaid and the amount of the Government's share of the said unearned increase shall be a first charge, having priority over the said mortgage or charge.Provided further that the Goverment shall have - the pre-emptive right to purchase the mortgaged or charged property after deducting 1/3rd of the unearned increase as aforesaid.
