From Leasehold To Freehold? Noida To Decide At Meeting On October 25

From Leasehold To Freehold? Noida To Decide At Meeting On October 25

As Noida authority has taken intervention into the matter transferring residential properties from leasehold of freehold, the decision is yet to be taken in a board meeting. Basically, the residents have been demanding the fact that their properties should be converted to freehold from leasehold for better living. And on this matter, the CEO of Noida Authority Alok Tandon has assured of coming up with a productive decision soon. It has come out clear that the residential properties in Noida are offered on leasehold basis for a period of about 90 years and not more. But, this has been creating issues with the house owners as they get into foundations for a longer period of time.

Indeed, the government has been exercising control over the transferring or sale of leasehold properties. Certainly known, as a part of the freehold system, an allottee is said to have an absolute ownership of the property. The reason stated for the transfer of leasehold properties is that owners find it troubling to do any construction or renovation work as needed by them because of the limitations associated with the leasehold matters. These stringent conditions are intended towards troubling the owners and restricting them to improve the standard of their property through construction as and when needed.

In this regard, NP Singh of Noida RWAs umbrella FONRWA has stated that they have demanded for a membership in the Noida Authority with two from FONRWA and two from that of Noida Entrepreneurship Association on the board. This will ensure better decisions and unbiased working methodologies of the association. Certainly, the problem faced by the residential property owners is because of the on-going decision of leasehold tenure. And this tends to degrade the appeal of the house, affecting its value.

Such issues, also, led to the protests by residents and businessmen in front of the office of Noida Authority. Apart from the problem of transferring the property from leasehold to freehold, the demand has been raised to waive off parking charges levied on the parking spaces outside the industrial units. Taking note of this demand, the parking charges over the area of 1800 square meter has already been waived that has given a sigh of relief to the residential property owners. Though, the decision on the transfer has to be taken and informed to the RWA authorities in Noida.

 

 

 

 

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