A day after the Noida Authority sent a proposal for conversion of all leasehold property in the city to freehold, the officials have said that the arrangements for the conversion will be similar to that in Delhi Development Authority.
The DDA offers two modes, online and offline for the conversion. The applicant needs to fill the form and attach the lease agreement and an affidavit. A no dues pending declaration is also needed from the applicant. The application is processed by the DDA and the process is executed. The applicant then visits the stamps and registration department and completes the formalities of a registration for freehold property. A time period of up to 45 days is taken for the conversion of leasehold to freehold.
Satish Gaur, Noida’s Chief Architect Planner said though the Noida Board has given a green flag to the decision, the final decision is still in the hands of the state government. “For freehold property, the owners must submit a one-time lease rent, and the building’s construction should be as per the rules. The government may decide certain conversion fee for mutating leasehold property to freehold,” he said. The rules and regulations for doing so will be drafted after the final approval by the government.
A report on the impact if the residential properties are mutated to freehold has been submitted to Noida Authority by Ernst & Young.
Pankaj Bajaj, President, CREDAI NCR, mentioned property markets had been slow in the past few years. “Conversion to freehold is definitely a sentiment booster. At the same time, we hope that this should not lead to unbridled construction on freehold property, especially the small plots in residential sectors. Excess construction can lead to infrastructure overload and chaos like we have seen in Delhi and Ghaziabad,” he said.
A concern raised by a few Noida-based architects is that freehold property will lead to an increase in the population.
Atul Gupta, Architects Association Noida Zone, said,” Noida already has so much of pressure on services, roads, parking etc. The freehold will have an impact on population and it will have further more impact on basic municipal services.”