Administration allows conversion of leasehold residential property into freehold

Story By: Rajesh Sharma
Saturday, August, 19 2017 - 13:15

Chandigarh Administration has taken a decision to allow conversion of residential leasehold properties into freehold.  The administration also gave absolute ownership right to the holder of a general power of attorney (GPA) over the property in Chandigarh.

The conversion rates would be notified within a week.

This was announced by local MP Kirron Kher at the UT Guesthouse on Friday.

Addressing a press conference, Kher said the demand for conversion of commercial and industrial properties would also be fulfilled soon. It is estimated that 20,000 to 25,000 households, allotted plots by the Estate Office and the Chandigarh Housing Board (CHB) on a leasehold basis, and  over 100 cooperative housing societies would benefit. 

A leasehold property can be occupied for a limited period, mostly for 99 years, and the actual ownership remains with the UT Administration but in the freehold, the owner is free to utilize it for any purpose.

A leasehold owner of a house cannot sell his house to anyone.

The residential properties were being sold on general power of attorney (GPA) but now these properties can be sold to the purchaser with absolute ownership. The current GPA holder can transfer the properties in their names on the basis of conversion rates.

The practice of conversion leasehold into freehold was stopped by the UT Administrator Shivraj Patil in 2013.

As per reports, the decision to convert leasehold properties into freehold will affect the property rates in Chandigarh. 

The detailed notification of the entire process will be issued after a week.



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