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The Maharashtra government has approved converting CIDCO residential plots from leasehold to freehold, providing greater ownership rights to property owners in Navi Mumbai and other CIDCO-developed areas. This decision marks a policy shift for CIDCO. CIDCO has formed a committee to manage applications. Plot owners must apply and pay fees, including unearned income recovery if applicable. Freehold status eliminates future transfer charges, simplifies registration and inheritance, and offers more flexibility for redevelopment or resale.
The Maharashtra government has recently approved a change in land ownership status for certain residential plots. This decision impacts areas developed by the City and Industrial Development Corporation (CIDCO) across Maharashtra, aiming to grant property owners more complete rights over their land by allowing the conversion of leasehold plots to freehold status. Advertisement
The Maharashtra government has approved the conversion of residential plots allotted by CIDCO from leasehold to freehold. This decision is expected to impact property owners in Navi Mumbai and other CIDCO-developed areas. Historically, CIDCO has maintained leasehold control over most of its residential plots, making this a policy shift for the corporation. To manage and scrutinize applications for this conversion, CIDCO has established a dedicated committee.
The policy applies to residential plots allotted through various methods, including the tender process, CIDCO-constructed housing projects, and plots under the 12.5% and 22.5% land allotment schemes. Eligible plot owners must submit an application and pay the required conversion fees. If stipulated in the original agreement, unearned income recovery will also be collected. For plots allotted at concessional or subsidized rates, additional charges will be levied. The conversion is optional and applies only to plots where a formal lease deed has been executed.
A key benefit of this policy is that once a leasehold plot is converted to freehold, no transfer charges will be levied on subsequent property transactions. This is anticipated to encourage wider adoption of the scheme.
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