According to the officials, the Noida Authority recently gave its in-principal approval to the conversion of land holding rights from “leasehold” to “freehold” subject to nod from the Uttar Pradesh Government. This decision was taken during the authority’s 195th board meeting and this could have a major impact on real estate and property in the city adjoining the national capital.
A senior official said “The proposal was brought for discussion in the meeting and the board gave an in-principal nod for converting the land holding rights to freehold. The authority’s chief executive officer and chairman, Alok Tandon, has been authorized by the board to now send the proposal to state government for its approval.”
In Noida, the plots/flats are sold on leasehold basis instead of freehold basis. In case of 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.
As per the released official statement, during the meeting, the board also agreed to take feedback from the public over allowing floor-wise sales of residential buildings.
The official also said that the board gave its approval for setting up an office of the Real Estate Regulatory Authority (RERA) in the city and announced that it has earmarked 450 sq. metre space for it in Sector 44.
Earlier, Alok Tandon, CEO Noida Authority assured residents to take a decision on the issue in their next board meeting.