All you know about buying property on lease land.

Q: What are the advantages & disadvantages of such property?

Subho Mallik, Delhi

21st August 2015

Buying property in Delhi

leasehold properties in delhi-ncr

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Replies (4)

Definitely UP Govt.& developing authority has to take serious step regarding the conversion of lease land to free hold land in Noida. Delhi has set example by converting leased land to freehold land. Noida people are suffering from this & feeling insecure here. It felt like promised are made to fool people during poll campaign. After election, all promises are in wind. It is the time for responsible authorities to take action for it.

Geeta, Noida

25th August 2015

Comment

Hey Guys,
According to latest news, RWA federation is demanding to honorable Chief Minister Akhilesh Yadav, conversion of lease land to free hold in Gautam Budh Nagar.

Mukhesh, Noida

25th August 2015

Comment

Hi Mukhesh,
I came to know from news that, N P Singh, the president of District Development Residents Welfare Association (DDRWA), stated that, properties in Gautam budh nagar are not freehold. This is the only such location, where properties are leased out for 99years. However, this is not happening in Delhi. All most all lease lands are converted to free hold land in Delhi.

Geeta, Noida

25th August 2015

Yeah, why Gautam Budh Nagar is the only district having this problem. Due to this people are feeling insecure here. For that reason, it is very much urgent to convert those leased land to freehold land as soon as possible. Developers such as DLF Group & Ansal Group have freehold lands allotted by development authority, for constructing township in Greater Noida.

Mukhesh, Noida

25th August 2015

As per A N Dhawan, current president of FONRWA, said that honorable chief minister has already promised people to take care of this land litigation, during poll campaign. But nothing has been done.Not a single step has been taken for this. So FONRWA demands that Noida residents must have freehold property.

Kasturi, Noida

25th August 2015

Another advantages of freehold property is, you will be entirely responsible for maintaining the property. Definitely you will have the total ownership rights of the property. And mainly no need to pay annual ground rent. In other hand, leasehold property is safer to purchase because of clear titles, developer's all documents are neatly verified.

Raj Roy, Delhi

21st August 2015

Comment

Those who are not able to manage the cost of the houses or do not need to be involved with the exterior maintenance and repair, may buy townhouses or apartment suites. However, there are few alternatives of home ownership, for example, buying the home and leasing the land. That means own the home but not the land.

Veena K,

22nd August 2015

Guys,
In my opinion, a home buying on a leased land community ought to permits you to claim a house that you would not be efficient to pay for. However, this sort of procurement requires a few benefits of ordinary home possession as well as has other key issue.

Sujan Mitra,

23rd August 2015

Most skilled individuals can normally check the leased land property, it is not expressed explicitly. Keywords utilized for incorporate leasehold interest and manufactured home. And also the expense of leased property be compelling lower to the market price.Steep homeowners' association (HOA) charges also determine that a posting may be for a leased land property.

Bulbul Verma,

24th August 2015

Hi,
According to sources, the postings of real estate should not normally record the leased-land property. Once in a while, fundamental information is leave the posting of real estate in view of sloppiness of real estate agent or on the grounds that the seller is attempting to cover something.

Vinu S,

25th August 2015

Hi guys,
A home buying on a leased land can be alluring when you break down the low sale value, yet buying incorporates a few complexities that conventional home buying does not have. After examination of hidden facts, you will never purchase a leased-land property without completely considering the irregular components of this sort of home possession.

Rituraj,

26th August 2015

Hi Subho,
As per my knowledge, the difference between the freehold & leasehold property is the ownership and control of land. As the proprietor, you can basically do what you wish with your home gave you keep within planning rules. In leasehold; the ownership is given by the govt for residency of 99 years. It is conceivable to extend the leasehold to up to 999 years, if owner wishes to augment the lease.

Raj Roy, Delhi

21st August 2015

Comment

@ Subho,

In my opinion, suppose you have bought a freehold property then you possess the land it is based on as well as the house. In the event of flats, the owner of the house turns into a shareholder in the property. You can live there for whatever length of time that you desire.

James, Delhi

21st August 2015

As per me, you will have the privilege to make changes in the house(freehold) or redo a few parts of the house. You may need to take consent from authorities in the event that you need to make structural improvements, especially with old buildings. In India, houses are freehold property. Mostly apartments are lease hold.

Subho Mallik, Delhi

21st August 2015

Well Subho, now a days all apartments are not in lease hold, many flats are now coming as freehold too. Property tax needs to be deposited each year in case of freehold property. But in case of leasehold property, comparatively rent amount is quite low. Some areas of Delhi, permits you to convert leasehold property to freehold property. There are set of rules & regulations for this conversion.

Akash Kanojia, Delhi

21st August 2015