UPSIDC freehold policy

Hello sir I want to know about the freehold policy of UPSIDC so please provide me suitable information about this policy.

[Shaleen]

Uttar Pradesh State Industrial Development Corporation (UPSIDC) has decided to make residential plots in two of its projects at Greater Noida and Ghaziabad freehold.

The two beneficiaries

Residential plots in Tronica City at Loni (Ghaziabad) and in Surajpur (Greater Noida) will become freehold.

At Surajpur, UPSIDC has sold residential and group housing plots.

Around 1,000 allottees there would benefit. Tronica City has 12 residential sectors.

Several private developers are building group housing projects there.

Noida still under leasehold system

The three industrial townships in Noida, Greater Noida and Yamuna Expressway are still under the leasehold system.

The state government has proposed allotment of land by these three authorities on freehold basis, but they are resisting.

Even flat buyers in Noida are not owners of the properties for which they invest huge sums.

Flats are sub-leased by builders to them.

What is freehold property?

The property is enjoyed by the purchaser forever and heirs can continue to do so.

They can sell, mortgage and deal with it in any manner.

There is no expiry period for such properties.

Various state agencies such as Awas Vikas Parishad and other development authorities including the one in Ghazibad have introduced the freehold system long back.

Advantages of freehold

Once land in Noida is freehold, it will ease the process of sale and purchase.

People will not need to obtain transfer of memorandum.

They will not have to seek mortgage permission from the authority while taking bank loans.

Freehold land has for long been a major demand in Noida.

RWAs have been demanding the conversion for more than a decade now.

Hello sir I want to know about the freehold policy of UPSIDC Industrial land so please provide me suitable information about this policy.