Navi Mumbai: In a major relief to property owners, the Government of Maharashtra has announced that residential plots allotted by the City and Industrial Development Corporation (CIDCO) will now be eligible for conversion from leasehold to freehold. To implement the directive, CIDCO has constituted a committee to scrutinize applications received under this scheme.
The scheme applies to residential plots allotted through tender processes, CIDCO-constructed housing projects, and plots allotted under the 12.5% and 22.5% schemes. Eligible plot holders can apply for conversion by submitting the required application and paying the prescribed conversion fees.
In cases where recovery of unearned income is stipulated in the original agreement, this amount will be collected along with the conversion fees. For plots allotted at concessional or subsidised rates, additional applicable charges will also be recovered in addition to the base conversion fee.
"This conversion scheme is optional and limited to those plots where lease deeds have already been executed. Once converted to freehold, no transfer charges will be levied by CIDCO for property transfers. Following conversion, the land’s ownership status will be updated in official records by the Department of Land Records, Government of Maharashtra," CIDCO spokesperson said.
CIDCO has urged all eligible citizens to take advantage of this opportunity and apply for the conversion to freehold ownership.
