CIDCO Approves Conversion of Leasehold Land to Freehold, Offering Major Relief to Navi Mumbai Residents

Navi Mumbai, 3rd October 2024: The City and Industrial Development Corporation (CIDCO) has approved a long-awaited request to convert leasehold land to freehold, offering significant relief to Navi Mumbai residents. Once implemented, this new policy will eliminate transfer fees, reducing the financial burden on property owners.

The CIDCO Board of Directors, led by its newly appointed chairman Sanjay Shirsat, unanimously approved the proposal during a meeting held on October 1 at Nirmal Bhavan, Navi Mumbai. “A long-pending decision was unanimously approved during the recent board meeting, converting leasehold land to freehold. This historic move will make all CIDCO properties across Maharashtra freehold,” Shirsat stated.

The decision now requires state cabinet approval, after which residents will gain permanent ownership rights to their properties.

“This decision was reached after recommendations from the Chief Minister and other cabinet members, and we are confident of its approval at the state level,” Shirsat added, mentioning that the Government Resolution (GR) could be issued by October 8.

Previously, CIDCO land was leased for 33-year terms, which required renewal, and residents had to pay annual lease rents along with a 1% transfer premium whenever a property changed hands. This policy faced criticism from many residents, housing societies, and associations like the Navi Mumbai Housing Federation. They have now welcomed the new decision, calling it a major relief.

Shirsat expressed optimism about the decision, noting that it would benefit almost all CIDCO-constructed properties, cooperative society plots, and other residential developments, thus enabling self-development projects.

Vijay Nahata, Chairman of the Mumbai Slum Improvement Board and a Shiv Sena leader who had been actively advocating for the freehold conversion, expressed satisfaction with the decision.

“This decision is a relief for Navi Mumbai residents, who previously had to endure long procedures for selling, mortgaging, redeveloping, or managing property matters. These processes were often complicated and time-consuming, and the new policy will help simplify them. After nearly four years of persistent follow-ups with CIDCO, this decision will benefit CIDCO homeowners across Maharashtra,” Nahata said.

Former NMMC corporator Netra Shirke also welcomed the move, calling it a significant step forward. “This decision marks an important milestone. The control that CIDCO has over Navi Mumbai should gradually transfer to the Navi Mumbai Municipal Corporation (NMMC) as the only planning authority. Granting freehold status to residential, commercial, and public properties is a major move, and we are hopeful the cabinet will approve the proposal,” Shirke added.