Own a flat, floor or a shop in a multi-storeyed building built on a Delhi Development Authority (DDA) plot? Life just got simpler for you.
The Capital's largest landowner and developer has changed ownership norms, making it easier to sell property. Owners can now convert property from leasehold to freehold on payment of a conversion charge and sell it without any hassles.
The charge for residential properties vary from R27,720R4,575 per sq. metre, depending on the locality.
Earlier, all flat or shop owners were joint owners of the land. To sell a flat or shop in a multi-storey, approval of all owners was a must.
For instance, if you had a flat in an area like Panchsheel Park, to sell it, you would have to get the approval from all other flatowners in the building. Now, payment of conversion charge will make you the sole owner and you are free to sell it.
Owners, however, will need to have all documents such as the sale deed and power of attorney when applying for conversion. A no-objection certificate will be needed, if the property is mortgaged. Conversion will not be allowed if there is a legal dispute over the property title.
Any idea if this rule applies to Group Hosuing Societies also ?
DLF had mentioned this to us a few months ago when we had gone looking at the DLF Jasola Commercial Center which was sold as leasehold. DLF was taking a bulk amount and forming a corpus to get everyone to go freehold. Then we were told we can do it ourselves and anyone paid them, they'd return the funds.
Steps : Property on loan changes hands?