Freehold property is where the owner has the complete rights of the land has no time limit to his period of ownership.
On Thursday, conversion of all leasehold property in the city to freehold has been approved by the Noida Authority. The home and land-owners can now look forward to full ownership rights as finally, the Noida Authority has agreed to their demand.
Although, before it will come into effect, this decision taken at the 195th board meeting will need an approval from the UP government. Noida was established in 1976 under the UP industrial Act and since then Noida Authority acquired land from farmers and allotted it in various categories like residential, industrial and commercial for a 90-year lease.
Once this decision of conversion to freehold will come into force, there will be a change in title ownership. It will be applicable to all residential properties, including plotted ones, builder floors, and housing society flats. You are applicable for the title ownership through only a mutation.
“In leasehold property, the Noida Authority is the owner. In freehold, residents will have ownership rights,” an official said. This means that the owners of the property are free to use their properties for any person and they are not answerable to authority and the state.
This action will let the owners feel the pride of ownership and it will also enhance the sale and purchase of properties.