The Uttar Pradesh government may soon approve the conversion of leasehold property into freehold in Noida. The Allahabad High Court, in a hearing on September 9, had asked the state government to decide the matter in a month. While hearing the petition of Confederation of NCR Residents Welfare Association i.e. CONRWA, the High Court had said that the state government should tell by October 9 what it is going to decide. CONRWA had filed a PIL seeking freehold of leasehold property in Noida.
Demand to free-hold property is stuck for ten years
The demand for free hold property in Noida has been stuck for the last ten years. The Federation of Noida Residents Welfare Association ie FONRWA has taken the approval of the Noida Authority Board on holding the property free. The board had given its consent for this first in 2018 and then in 2020. But the state government did not allow it. Residents of Noida say that there has been a demand to hold the property free for a long time, but the state government is hanging on to the matter.
‘Property free-hold in Delhi, why not here?’
Sujit Pandey, Secretary of CONRWA and President of Noida Express-view Apartments Sector-93 Resident Welfare Association, says that apart from Noida, property is free-hold in the entire NCR including Delhi, then why are people being denied it here. After all, what will the property owner’s children get after 90 years? An argument often made against having free-hold property is that it can create parking problems, but this is a shoddy argument. It would be good that the government approves the decision to free-hold the property of Noida at the earliest. After all, why shouldn’t people have the right to their blood and sweat earnings forever?
Effect of news: Property transfer charge halved in Noida-Greater Noida, industrial plot also got relief
Real estate company owners backed free-hold
Real estate company b. Enterprises owner Bhupinder Singh Kalakoti says that the authority and the state government may suffer long-term revenue losses if Noida property is free-hold. However, she can compensate for this by taking a one-time free-hold fee. By the way, by approving free-hold properties, property owners in Noida will get a lot of relief. Property is free-hold in NCR including Delhi.
Rakesh Yadav, CMD, Antriksh India Group, another real estate firm, says that a free hold property means that the ownership of the property is transferred to the buyer forever. There will be three big advantages of freeholding the property. The first advantage will be that home buyers will get freedom from transfer. For this, several days of detours have to be made in the authority. The second benefit will be relief from transfer charges. At the same time, the third advantage will be that he will get the ownership right from the rent. That is, he can sell his property to third parties at any time. Along with this, the value of the property increases due to free hold, which can be of great benefit in resale. In the lease hold system, the government has control over the sale and transfer of the property. Under this system, his right over the property lasts only for 90 years.