Plan to convert collector's land to freehold land gets low response
Real Estate

Plan to convert collector's land to freehold land gets low response

The scheme introduced by the Maharashtra government to convert collector's land to freehold land in March 2019 has received poor response.

The individuals who undertook the scheme were rich and could afford to pay 25% of the Ready Reckoner rates as a premium.

The government gave more than 1,250 such plots to the individuals and housing societies. Only 19 plot owners opted for the conversion to freehold land.

Founder President of the Federation of Grantees of Government Land, Salil Rameshchandra, said that Mumbai has 3,000 housing societies on collector's land, yet one co-operative housing society sought the scheme.

Niranjan Hiranandani, who got the occupancy class II land or collector's land on Malabar Hill, converted to freehold land. He said that he paid more than should have been paid.

Occupancy land has two categories, class I land and class II land. These lands were bought from the government at the prevailing market prices. The occupancy class I lands have no restriction on sale and purchase and are freehold lands.

Class II lands are available on the outskirts of cities for cooperative housing societies. Individuals not only reclaimed the lands but also laid infrastructures, including roads, drains and street lights, at their cost. However, for sale, purchase and mortgage, the collector's permission is required.

This scheme remains valid till March 2022, and then the premium will increase to 60% for housing societies and 75% for individuals.

Image Source


Also read: Inspira Builders acquires over two acres of land in Bengaluru

The scheme introduced by the Maharashtra government to convert collector's land to freehold land in March 2019 has received poor response. The individuals who undertook the scheme were rich and could afford to pay 25% of the Ready Reckoner rates as a premium. The government gave more than 1,250 such plots to the individuals and housing societies. Only 19 plot owners opted for the conversion to freehold land. Founder President of the Federation of Grantees of Government Land, Salil Rameshchandra, said that Mumbai has 3,000 housing societies on collector's land, yet one co-operative housing society sought the scheme. Niranjan Hiranandani, who got the occupancy class II land or collector's land on Malabar Hill, converted to freehold land. He said that he paid more than should have been paid. Occupancy land has two categories, class I land and class II land. These lands were bought from the government at the prevailing market prices. The occupancy class I lands have no restriction on sale and purchase and are freehold lands. Class II lands are available on the outskirts of cities for cooperative housing societies. Individuals not only reclaimed the lands but also laid infrastructures, including roads, drains and street lights, at their cost. However, for sale, purchase and mortgage, the collector's permission is required. This scheme remains valid till March 2022, and then the premium will increase to 60% for housing societies and 75% for individuals. Image SourceAlso read: Inspira Builders acquires over two acres of land in Bengaluru

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