Noida Residents Come Together To Demand Freehold Plots

Noida Residents Come Together To Demand Freehold Plots

Noida Residents Come Together To Demand Freehold Plots

Led by the Noida Entrepreneurs Association (NEA), various industry bodies, resident associations, traders have been demanding conversion of leasehold plots into freehold. Earlier on September 16, the Noida Authority had announced its plans to rope in Ernst & Young to study the impact of such a move. The authority does have a higher revenue to earn but residents also may be significantly impacted.

According to a Hindustan Times report, representatives of various bodies are likely to lead a protest on October 4 demanding the conversion as well as free parking outside factory premises. It has been brought to notice by the associations that despite 42 years after Noida came into being and plots were allotted, no allottee has total control over his own industrial residential or commercial plot. This, the affected buyers say, is a clear indication that their rights have been neglected. It is reported that there has been no visible development despite the fact that the authority says it has spent about Rs 45,000 crore on the same. Parking remains a menace, too. The representatives of these bodies say that most of the development that Noida boasts today is due to the businesses, traders and residents who have been contributing.

Do note that the Uttar Pradesh government introduced the freehold policy in 1995 which made leasehold to freehold conversion easier but the rule was not applicable in areas under the jurisdiction of the Noida authority, the Greater Noida authority and the Yamuna Expressway Industrial Development Authority (Yeida).

The decision to allow the conversion would need to be approved by the state government. Once approved, buyers, traders and industrialists will have complete power and ownership of their plots and it will be easier to buy and sell such plots. As of now, floor-wise registry of units is also prohibited which makes it difficult for buyers and residents to pass on their assets to their legal heirs.

Last Updated: Mon Oct 01 2018

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@@Fri Jul 05 2019 13:15:19