Navi Mumbai Residents Celebrate CIDCO Board’s Approval of Leasehold to Freehold Conversion
Navi Mumbai, 2nd October 2024: Led by newly appointed CIDCO Chairman Sanjay Shirsat, the CIDCO Board has agreed to the long-standing request from Navi Mumbaikars to convert leasehold land to freehold. This decision will eliminate transfer charges, reducing the financial burden on flat buyers.
The board’s resolution will be presented for Cabinet approval, and Shirsat is hopeful that it will provide relief to nearly all CIDCO-constructed buildings, cooperative society tender plots, and other residential developments. Previously, leasehold periods lasted 33 years and required renewal, with CIDCO charging an annual lease rent to societies and a transfer premium of 1 % of the agreement value each time a flat changed hands. This practice has faced significant opposition from various associations, including the Navi Mumbai Housing Federation.
Once approved by the state cabinet, this decision will facilitate self-development projects, offering new hope to residents.
“This is a significant decision by the CIDCO Board, as it will lessen the financial burden on individuals purchasing property in Navi Mumbai. Our federation has been actively voicing public concerns,” stated B.B. Mhatare, Secretary of the Navi Mumbai Housing Federation.
