In a significant relief for homeowners in Navi Mumbai, the City and Industrial Development Corporation (CIDCO) has announced that residential plots allotted on leasehold terms are now eligible for conversion to freehold ownership.

To implement this move, CIDCO has formed a committee to scrutinise applications for conversion. The scheme covers plots allotted via tender, CIDCO housing projects, and under the 12.5 per cent and 22.5 per cent schemes.

Eligible homeowners can apply by submitting required documents and paying the conversion fee, calculated as a percentage of the land’s ready reckoner rate. If a lease agreement mandates the recovery of unearned income, it will also be collected along with the fee. Additional charges apply for subsidised plots.

Once converted to freehold, no transfer charges will be levied for future property transactions, and the Department of Land Records will maintain official records for these plots.

The scheme is voluntary and applicable only to plots where lease deeds have been executed. CIDCO encourages citizens to utilise this opportunity to secure full ownership of their properties.

CIDCO has developed 14 key nodes across Navi Mumbai, including Airoli, Vashi, Nerul, Belapur, Kharghar, Ulwe and New Panvel, where many plots were originally allotted on leasehold terms.