UP government mulls allotment of land on free-hold basis in Noida
The Uttar Pradesh government is mulling allotment of land by seven industrial development authorities, including the two in Noida and Greater Noida, on free-hold instead of the existing lease basis.india Updated: May 02, 2012 01:31 IST
The Uttar Pradesh government is mulling allotment of land by seven industrial development authorities, including the two in Noida and Greater Noida, on free-hold instead of the existing lease basis.
"The state industrial development department has prepared a proposal in this regard to be examined by the chief minister. We have received a letter of the proposal from the state government. We're preparing our reply," said a senior official of the Noida authority. He said the authority might add certain charges. "Once land in Noida is available on free-hold basis, it will ease the process of sale and purchase. People will not need to obtain transfer of memorandum. They will not have to seek mortgage permission from the authority while taking bank loans," he said.
Currently, individuals, builders, institutions and industry, besides commercial establishments are allotted land on lease basis. As a result, even flat buyers in Noida are not owners of the property for which they invest huge sums of money. Flats are sub-leased by builders to them. Land in neighbouring cities such as Ghaziabad is available on free-hold basis.
Free-hold land has for long been a major demand in Noida. Currently land is allotted on a lease agreement of 90 years and annual lease rent is charged. The objective is to control use as well as transfer of land. The federation of Noida RWAs has been demanding the conversion for more than a decade now. It was also one of the poll planks of Noida MLA Mahesh Sharma.
"This is a welcome move. Though the Ghaziabad development authority and other development boards and authorities in the state have been converting the lease-hold system into free-hold but the Noida authority resisted the change in policy," said a Congress leader.
First Published: May 01, 2012 23:56 IST