After a massive protest by residents of Noida and various other associations, the Noida Authority has now decided to take a final decision on free-holding property rights in a board meeting on October 25. According to officials, the authority has agreed to consider this only after thousands of people came out on streets to protest against its policies.
From past many months, Residents have been demanding conversion of leasehold properties to freehold. In wake of this, Noida Authority CEO Alok Tandon had assured residents of a decision on the issue in their next board meeting.
Officials said, “In Noida, the allotment of residential plots is done on a leasehold basis that is for 90 years and not forever. Moreover, the state government has full control over the sale or transfer of a leasehold property. However, under the freehold system, a property owner has complete right on the ownership of the property.”
He further said that converting leasehold property to freehold will have a greater impact on Noida Authority’s funds and hence we have formed a committee to discuss on the matter.
Last month, resident welfare associations, Noida Entrepreneurs Association (NEA) and many other groups staged a protest against the current policy which is stalled for a long time. “There are strict conditions which stop property holders from undertaking further constructions on the site. The property holder can’t equally divide the plot even for their own sons,” NP Singh, president FONRWA added.
Few days back, Noida authority waived off parking charges on spaces outside the industrial units measuring up to 1800 square meter.