INCREASING DEMAND FOR FREEHOLD PROPERTY IN NOIDA

Leasehold and Freehold Property 

For the past few months the Noida property market is observing the customers rising demand to change their present leasehold land to freehold land. This will allow the resident to have a complete right on the land as well as property. For the same, many customers in Noida along with some NGOs and developers are interested to get their lands converted into freehold. Certain days also saw people protesting at the Noida authorities and ultimately the authorities are planning to provide the residents what they desire.

Freehold Property

If someone has purchased a freehold property then that person own the land it is built on and also the house. In case of apartments, the owner of the house becomes a share holder in the property. They can live there for as long as they desire. They will have the right to make alterations in the house or redo some parts of the house. They might have to take permission from authorities if they have to make structural changes, particularly with old buildings. In India mostly houses are sold as freehold property but apartments are mostly on lease, however, this too is changing as many flats are getting sold as freehold too.

Leasehold Property

In case someonehas purchased a leasehold property; then they have the right to live in a property for a stipulated period of time. Here the buyer is not the owner of the property or the land it is situated upon. In case of a leasehold property, they will have to pay ground rent to the owner or the leaseholder. Once the set period in the lease expires, the ownership of the property is given back to the land owner. Most leases are roughly given for period of 99 years. If anyone is buying a leasehold property, it is important to find out how long the lease is for as it will influence the value of the property. It is possible to extend the leasehold to up to 999 years and one can actually purchase the leasehold property, but by paying a price for it.

To conclude it can be understood that buying a freehold property is more preferable than the leasehold property as freehold are more stable and are likely to increase in value in the longer term.For these very reasons, residents of Noida are willing to get their properties to be converted into freehold as they can then become the complete owners till eternity.

Mr. Ashok Gupta, CMD, Ajnara India Ltd., says “Freehold property have been quite popular in cities like Delhi where one gets the rights of the land and is also free to make structural changes but these are more suitable in houses built by development authorities or ok plotted developments. In places like Noida there are high rise apartments mainly on lease where one can live as long as he wants and more or less a freehold property in this case won't matter much. But yes freehold properties will surely being in more developments in places like Noida and Greater Noida”.

Mr.Vipul Gupta, MD, Neobrix, says “Noida and Greater Noida markets are extreme opposites of each other. One is nearing sold out and other just started. The decision to convert leasehold to freehold will revive the Noida market and boost the Greater Noida and other upcoming markets. This step will bring upon a revolution in NCR real estate sector for sure”.

Mr. Deepak Kapoor, Director, GulshanHomz, says “Freehold property in Noida will surely boost the morale of a normal buyer and will surely be a great news for any developing realty destination like Noida and Greater Noida. A freehold property has a little more of trust value attached for a first time property buyer”.

Mr.SushantMuttreja, MD, Cosmic Group, says “We welcome any such plan which will bring the concept of freehold property in Noida or any other such property destination. By freehold one will get complete rights for the land though aspect like property tax will be levied but the ownership rights is a major gain”.

Mr.Rupesh Gupta, Director, JM Housing, says “The concept of freehold land has been in the capital for quite some time now. This grants a freedom for the property owner to own the land as well and also provides them with the right to make desirable changes. This will also allow the prices of the property to rise up better as compared to growth rate today”.

Mr.Vikas Chawla, Director, Maxblis, says “If places like Noida and Greater Noida becomes a freehold land destination then we might witness another big boom in the real estate sector. This will allow future prospects to show more interest in the properties of these regions. Such decisions are very grateful for the society as a whole and developers are also there to welcome it”.

Tag: Freehold property, Leasehold property, property in Noida, property for sale, Maxblis, JM Housing, Cosmic Group, GulshanHomz, Neobrix, Ajnara India Ltd