[ecis2016.org] In a move that will enable people to own their properties, Maharashtra chief minister Devendra Fadnavis has announced a scheme that will allow the conversion of CIDCO houses and commercial plots from leasehold to freehold, after the payment of one-time transfer fees
Maharashtra chief minister Devendra Fadnavis, has announced conversion benefits for allotment of CIDCO houses and commercial plots, from leasehold to freehold, so that people can own their properties. The demand was made by public representatives from Navi Mumbai, Aurangabad and Nashik region.
You are reading: CIDCO houses, commercial plots to be converted from leasehold to freehold
Read also : Properties in Mumbai to cost more as government hikes Ready Reckoner rates
In a meeting held on December 20, 2018, Fadnavis issued directives to the City and Industrial Development Corporation of Maharashtra (CIDCO), to take necessary action immediately. The leasehold to freehold conversion will be done, after payment of one-time transfer fees. The chief minister said the process will be implemented in Nashik and Aurangabad CIDCO plots, which have been allotted.
An official in the chief minister’s office (CMO) said in Navi Mumbai, the government acquires plots, which are developed by CIDCO and allotted on lease. The CIDCO board had approved a proposal to give extension to the lease agreement and submitted it to the government for sanction. The government decided that while extending the lease for 99 years, the plots allotted for residential purposes, will have to pay a one-time transfer fee.
Read also : Special purpose vehicle to raise funds for Mumbai-Nagpur Expressway
[ecis2016.org] Freehold land will empower citizens, boost Noida’s real estate market, say experts
Plots up to 25 sq metres will have to pay five per cent transfer fees, while it will be 10 per cent for plots of 25 to 50 sq metres. It will be 15 per cent for 50-100 sq metres plots and 20 per cent for a 100-150 sq metres plots. For commercial plots, 25 per cent transfer fee will be taken for plots up to 200 sq metres, while plots of 200 to 300 sq metres or more, will have to pay 30 per cent transfer fee. After the transfer fee is paid, in the 99-year lease period, the plots will be made freehold. The scheme will be for two years and the beneficiaries will not have to pay transfer fee for land or tenement transfer and will not require a CIDCO no objection certificate (NoC) for change of user.
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Lifestyle
