[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.|
NOIDA: Noida Authority will take a final decision on whether the residential properties in the city will remain leasehold or be allowed to become freehold, the day when its next board meeting takes place on October 25, officials said on Thursday.
Residents have been demanding conversion of leasehold properties to freehold for some time now. Last month, Noida Authority CEO Alok Tandon had assured residents of a decision on the issue soon.
In Noida, the allotment of residential plots is done on leasehold basis, that is for 90 years and not forever. Moreover, the government has control over the sale or transfer of a leasehold property. However, under the freehold system, an allottee has outright ownership of the property.
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Have a nice day.