Noida Authority assured the Federation of Noida Residents Welfare Associations (FONRWA) and Noida Entrepreneurs' Association (NEA) during a meeting on Wednesday that it will discuss the proposal to allow freehold property in the city in its next board meeting.
The chief executive of Noida Authority assured this to the federation members.
The residents, home-buyers and industrialists of Noida have been demanding the conversion of property for a long time now.
The final decision on the subject will be made by the Uttar Pradesh government.
The members of FONRWA said that they had originally given the proposal six years ago and since then the matter has been discussed at various levels with the concerned authority.
President of FONRWA, NP Singh, said that the federation had earlier raised the matter in front of Uttar Pradesh Chief Minister Yogi Adityanath and other officers of Noida Authority. "In our meeting with the chief minister on August 8, we had raised this issue. He had assured us that the matter was under consideration and we can expect a results soon. After a few days, we were informed by the chief minister's office that our demand has been sent to the CEO of the Noida Authority,” Singh said.
“Now the authority has given us the assurance that they will table this agenda in their upcoming board meeting,” said a FONRWA member.
According to an official of Noida Authority, a team from consulting firm Ernst & Young —hired to study if the conversion will help the authority gain more revenue, which could, in turn, be used for development and maintenance — will submit its final report on the issue to the authority chief soon.
While under the freehold system, an allottee has outright ownership of the property, thereby making its transfer and sale easier, under the leasehold system, the government has control over the sale or transfer of a property. Moreover, as per the leasehold system, the owner has the right to call the property his or hers for only 99 years — and not forever.