The CIDCO board's decision will be submitted for Cabinet approval, and Shirsat is optimistic that this will provide relief to nearly all CIDCO-constructed buildings, cooperative society tender plots, and other residential developments
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Newly appointed CIDCO Chairman Sanjay Shirsat-led the CIDCO Board, yesterday, agreed to Navi Mumbaikar's longstanding demand to convert leasehold land to freehold. This decision will eliminate transfer charges, easing the financial burden on flat buyers.
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The CIDCO board's decision will be submitted for Cabinet approval, and Shirsat is optimistic that this will provide relief to nearly all CIDCO-constructed buildings, cooperative society tender plots, and other residential developments. Previously, the leasehold period lasted 33 years and required renewal. CIDCO charged an annual lease rent to societies, along with a transfer premium of 1 percent of the agreement value each time a flat was transferred to a new buyer. This practice has faced opposition from numerous associations, including the Navi Mumbai Housing Federation.
This decision by the CIDCO Board, once approved by the state cabinet, will pave the way for self-development projects, bringing a ray of hope.
"This is indeed a positive decision by the CIDCO Board, as it will alleviate the financial burden on the average person buying property in Navi Mumbai. Our federation has been actively raising public concerns," said B.B. Mhatare, Secretary of the Navi Mumbai Housing Federation.
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