Properties in 45 resettlement colonies to get freehold status
The Delhi Government is all set to issue freehold rights to residents of 45 resettlement colonies in the city which is likely to benefit around seven lakh families that were relocated from jhuggi-jhopri clusters from across the city.
In this regard, the government had submitted a proposal to the Union Urban Development Ministry which has given its nod recently.
In a recent event at Trilokpuri, Delhi Chief Minister Sheila Dikshit revealed that freehold ownership rights will be conferred to the 45 resettlement colonies in the Capital. She had also said that Congress Vice President Rahul Gandhi will confer the the certificates conferring ownership rights to the property owners on Thursday at a function in East Delhi.
Scenario till now
Though they were developed in 1970s, the property owners were deprived of their rights so far for which they could not even avail bank loans on their properties. These colonies are more than 40 years old and are located in different parts of Delhi. Some of the colonies include Wazirpur, Janakpuri, Satya Niketan, Madangir, Sriniwaspuri, Sultanpuri and Pankha Road.
How will it help the owners?
The ownership rights will allow plot owners in the resettlement colonies to apply for approval of building plans. With the grant of freehold status, the owners will be allowed to buy or sell their the properties and there will be no risk in transferring the title of properties.
Conversion charges
To convert the properties to freehold, the original allottees and their legal heirs will have to pay five percent of the existing circle rates, said officials. And the occupants who had purchased properties and started residing prior to March 31, 2007 will have to pay 30 percent of circle rate for the conversion while all occupants other than tenants and residing in the colonies prior to December 31, 2011 should pay 100 percent of the circle rate for getting freehold rights of their properties.
How will it impact real estate?
With this significant move, the prices of properties in the resettlement colonies is likely to rise high. The real estate market will surely get a boost with increasing number of property transactions. An year ago, the Delhi Government had presented allotment letters to more than 500 jhuggi jhopri dwellers from eight slum tenements.
What’s in store for the government?
The Government is committed to encourage the weaker sections of the society, said Dikshit. On the flip side, many are of the opinion that the move is merely a measure to reap more votes from the weaker sections in the upcoming elections.
