The Maharashtra Government has finally given its nod towards changing leased land into freehold as per reports. Leaseholders in Navi Mumbai can now pay a premium of 30% on the price and enjoy ownership of the freehold land for a period of 90 years. The Maharashtra Government has reportedly come to a conclusion that it is not possible to do away with land that is owned by the Government. As a result, this decision was implemented in order to offer free holding benefits to leaseholders without giving away ownership.
The decision will be extremely beneficial for around 5 lakh families as per reports who are currently residing in Navi Mumbai. The NMMC (Navi Mumbai Municipal Corporation) area is presently under the ownership of CIDCO (City and Industrial Development Corporation) and the plots have been leased to housing societies, hospitals and other establishments for 60 years.
Each time an apartment is bought or sold in Navi Mumbai, transfer fees between Rs. 75, 000-1, 50, 000 and stamp duty have to be paid up to CIDCO. The transfer fee amount is dependent on the location of the apartment, year of society formation or the year in which the occupation certificate was obtained by the building in question. The proposal is now awaiting the final signature from Maharashtra Chief Minister, Devendra Fadnavis.
