Go freehold if your house is on govt land

Delhi/NCR
Bringing a big relief to a large number of people living in 23 Nazul estates (government land) across Delhi, the urban development ministry on January 1 approved the mechanism for conversion of such properties from leasehold to freehold, by paying certain charges.

This scheme will be applicable to residential properties for conversion to freehold where the leases have already expired. Lessees, power of attorney holders, mutatees and purchasers of properties on Nazul lands can apply for conversion to freehold.

The Nazul estates which fall under this scheme include Karol Bagh, Jhandewalan, Paharganj, Darya Ganj, Sadar Bazar, Aliganj, Chirag, Naiwala Basti Reghar, Jhilmil Tahirpur, Arakpur Bagh Mochi, Southern Ridge, inside City Wall and The Bela, a government release said.

Following directions from urban development minister M Venkaiah Naidu, DDA will facilitate the conversion against payment of about Rs 2 lakh per 100 square metre plot, depending on the number of years since the term leases have expired.

This issue had remained unresolved causing anxiety among such lease holders since an appropriate scheme could not be formulated since 2005.

The scheme, applicable to residential properties for conversion from leasehold to freehold, will be operational till December 2015 with a view to facilitate conversion of leases already expired. A separate schedule of rates for conversion of properties where the use has been changed to commercial, industrial or any other use will be worked out, a ministry spokesperson said.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/go-freehold-if-your-house-is-on-govt-land/79906.html