Noida Authority To Decide Soon If The Leasehold Houses Become Freehold Or Not
Real Estate News Real Estate News Noida & Delhi NCR

Noida Authority To Decide Soon If The Leasehold Houses Become Freehold Or Not
  • Ranking
  • reviews

  • 0 votes
    • Your vote

Noida, 15th October 2018: The residents of Noida are asking the government to convert the leasehold properties into freehold properties for some time now. As per the latest real estate news Noida, the Noida Authority held a meeting last month, and Alok Tandon, the Chief Executive Officer of Noida Authority assured the residents that they will resolve the matter soon.

On Thursday, an official said that the next board meeting will be held on 25th October this year and the Noida Authority will take a final call regarding the issue in the meeting. According to the property news Noida, for the last 90 years the residential plots are being allotted in leasehold basis by the government but, under the freehold scheme, the allottee will have the direct ownership of the particular property. This will shift the control of leasing and selling the property from the hands of the government to the allottees.

Read More Article: Commercial Plots Are Being E-Auctioned For The First Time In the Real Estate Industry Of Noida

The president of FONRWA, N. P. Singh said that the leasehold system is preventing many builders to construct further. Even the properties can’t be divided among the inheritors equally by the property holders due to the leasehold system, he added.

Singh also said that they want two of the FONRWA members and two of the Noida Entrepreneurship Association members to be the parts of the discussion board as they are currently unaware of the deliberations. He believed that this will obstruct the Noida Authority from taking a unilateral decision which will then work in the favor of the residents.

After not hearing from the Noida Authority for a long time. Some builders and residents lodged their demands to the external offices as well. The officials of the Noida Authority announced that a particular committee has been formed by them. They will have a detailed discussion regarding the issue on the coming Friday.

 

Somdeepa Bhattacharjee

Author: Somdeepa Bhattacharjee

Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.