Freehold Properties in PCNTDA: Maharashtra Minister Assures Relief to 5 Lakh Citizens
Freehold properties in PCNTDA area may soon get a reprieve as Maharashtra Minister Uday Samant promises to take action, bringing relief to over 5 lakh citizens.
Freehold PropertiesPcntdaMaharashtraReal EstateUday SamantReal Estate MaharashtraJul 05, 2024
The demand for freehold status was raised by Bharatiya Janata Party MLA Mahesh Landge from Bhosari during the monsoon session of the Maharashtra Legislative Assembly in Mumbai. Landge explained that PCNTDA was established in 1972 to acquire and develop land for distribution to laborers and economically weaker sections. The government generated revenue through the highest bids from auctions according to the ready reckoner rate at that time, fulfilling the purpose of PCNTDA.
However, property owners have not received the Building Completion Certificate due to PCNTDA's complicated processes. Property transfer fees are exorbitant, and the heir registration process is complicated and time-consuming. Additionally, 95% of societies lack convenience deeds, preventing the redevelopment of 30-year-old societies. These properties do not show clear titles, causing nationalized banks to withhold loans from property owners.
The Maharashtra State Government has taken a positive stance on this matter, which will provide relief to around 5 lakh PCNTDA citizens. Landge stated that freehold of properties within PCNTDA will not burden PCMC, PMRDA, or the Maharashtra State Government. Since PCNTDA has been merged with PMRDA, the developed, i.e., leased properties are classified under PCMC. PCMC earns around Rs 100 crore in revenue from these properties and receives subsidies from the Central and Maharashtra state governments. Additionally, property tax and other revenue sources belong to the PCMC.
Freehold properties refer to real estate where the owner possesses full and permanent ownership of both the land and any structures on it. Unlike leasehold properties, which are held for a specified term and often subject to restrictions by the landlord, freehold ownership provides indefinite tenure. Owners have the autonomy to use, modify, sell, or lease the property at their discretion.
Information Pimpri Chinchwad New Town Development Authority (PCNTDA) was established in 1972 to acquire and develop land for distribution to laborers and economically weaker sections. In 2021, PCNTDA was merged with the Pune Metropolitan Region Development Authority (PMRDA).
Pimpri Chinchwad New Town Development Authority (PCNTDA) is a governing body responsible for the development and management of land in the Pimpri Chinchwad area. Pune Metropolitan Region Development Authority (PMRDA) is a statutory organization responsible for the development and management of the Pune metropolitan region.
Frequently Asked Questions
What is the main issue faced by PCNTDA property owners?
Property owners have not received the Building Completion Certificate due to PCNTDA's complicated processes, and they face high property transfer fees and a complicated heir registration process.
How many property owners are suffering due to these issues?
Around 97,414 property owners are suffering due to these issues.
What is the benefit of freehold properties?
Freehold ownership provides indefinite tenure, and owners have the autonomy to use, modify, sell, or lease the property at their discretion.
What is the current revenue earned by PCMC from PCNTDA properties?
PCMC earns around Rs 100 crore in revenue from these properties and receives subsidies from the Central and Maharashtra state governments.
What is the expected outcome of granting freehold status to PCNTDA properties?
The move is expected to provide relief to around 5 lakh PCNTDA citizens and increase revenue for PCMC.
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