Board Rules No Deposit Needed for Property Offers; Avoids Unnecessary Financial Burdens and Complications.

The Board has instructed that individuals offering to purchase property at a specific amount should not be required to make a deposit or provide a bank guarantee to prove their offer's authenticity. This directive follows a case where a complainant alleged that a property's sale price was understated and offered a higher amount. The Competent Authority had requested a deposit and bank guarantee, which led to complications. The Board concluded that such financial requirements do not necessarily reflect the property's market value at the time of registration and could lead to unnecessary issues.