Conversion of residential properties from lease hold to free hold gets nod

Noida: The Noida authority, on Thursday, took an important decision considering the long pending demands of the city residents for conversion of residential properties from lease hold to free hold. The decision was taken in authority's 195th board meeting.

"Keeping in mind their demands, we, the Noida Authority board, has given in-principal approval for the conversion of ownership of land in Noida from the existing leasehold model to a freehold model and the proposal will be sent to the government for its approval. All the residential properties in Noida will be converted to free hold once we get a final approval from the state government," said a senior Noida authority officer.

From many years, the residents of Noida have been asking the authority to make the property across Noida as freehold property. The residents said that even after paying lakhs and crores of rupees against the property, they are not owners of land.

In Noida, plots or flats are sold on leasehold basis instead of freehold basis. In leasehold, a plot or flat is owned by the purchaser for 99 years. The buyer has to pay a certain amount of lease rent for the property. Whereas in freehold property, no lease rent is required to be paid by a buyer.

Apart from this, the board also took a number of key decisions benefiting the residents, one among which is setting up a RERA office in the region.

"Since the RERA act came into force, the residents were demanding for a office in the region where they can raise their issues and lodge a complaint. The authority has marked a 450 square meter area in Sector 44A, Noida for setting up a RERA office," the officer added. The board also considered the much needed guest parking proposal for group housing projects in Noida and made it mandatory that out of total number of parking slots, 10% would be mandatory for guest parking. As per the new amendment, one parking space has to be reduced by 50 sq feet against the existing parking space of 80 sq feet.

As a part of farmers compensation, lands of whom have been acquired by the authority for various development schemes, the authority will now give money value equivalent to the 5 per cent developed plot as a part of their compensation.

"The board has decided to offer a monetary compensation at the rate of Rs 22, 000 per square meter against the area of land allotted to the farmers. The decision has been taken considering the shortage of land stock in the region," the official said.