Will residential properties in Noida remain on leasehold or become freehold? Residents will have to wait a little longer to know the outcome. Noida Authority will take its final call in board meeting to be held on October 25.
Last month, Noida Authority CEO Alok Tandon had assured the residents that a decision on the issue would be reached soon. The decision, if made in favour of residents, will adversely impact the coffers of Noida Authority.
Residents have been demanding conversion of leasehold properties into freehold for some time now. NP Singh, president of Federation of Noida RWAs, said, “The decision if made in our favour will come as a great relief to the public.”
In Noida, the allotment of residential plots is done on leasehold basis for a period of 90 years. Moreover, the government has control over the sale or transfer of a leasehold property. Under the freehold system, an allottee has complete ownership over the property.
Last month, residents and businessmen had protested outside Noida Authority’s office, demanding conversion to freehold property and also a waiver on the parking charges outside industrial units. Parking charges on spaces outside industrial units measuring up to 1,800 sq m have already been waived off.
Noida’s urban area is on 15,280 hectares of land acquired from over 80 villages and the city has a population of 16 lakh.