Properrty In Noida

Freehold status for UP plots likely
12th June, 2012  Source:The Economic Times

Lucknow: In a welcome move for homeowners, Uttar Pradesh State Industrial Development Corporation on Monday decided to frame a policy to grant a freehold status to all housing plots across the state.

    Managing director of UPSIDC Manoj Kumar Singh told TOI that both the policy and the rates for conversion of leasehold plots to freehold will be fixed within a fortnight. The move will especially benefit residents of Ghaziabad’s Tronika City — being developed by UPSIDC — and owners of plots in the group housing scheme in Greater Noida.

    Earlier, the district authorities of Gautam Budh Nagar, Greater Noida and Yamuna Expressway had deferred the state government's decision to convert the lands of industrial development authorities into freehold properties. This led to massive resistance from the authorities who claimed the move would hamper their development and revenue generation.

    Now, with a concerted free-hold policy in place, residents will be able to pay the respective development authorities a certain amount in order to convert the status of their housing plot from lease-hold, where the authority is the owner of the land, to free-hold, where individual residents become owners.

    The UPSIDC Board also approved the construction of a 225-acre Plastic Park in Auraiya district of UP.