Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Maharashtra state government has allowed residential properties in the dissolved PCNTDA area within PMRDA to become freehold, benefiting over 11,000 property holders. Previously leased for 99 years, these properties, mostly for workers and weaker sections, faced difficulties in securing loans and redevelopment. By paying a fee, residents can now gain legal ownership. The decision fulfils a promise by Industries Minister Uday Samant and aims to resolve long-standing issues.
The Maharashtra state government has issued an order allowing residential properties in the now-dissolved Pimpri-Chinchwad New Township Development Authority (PCNTDA) area, located within the Pune Metropolitan Region Development Authority (PMRDA), to become freehold. This decision will benefit over 11,000 property holders, enabling them to become the legal owners of their properties. This move follows a commitment made by Industries Minister Uday Samant during the monsoon session of the state assembly earlier this year. The state cabinet took the decision last week, fulfilling that promise. Advertisement
According to an official from PMRDA, PCNTDA had provided a significant number of properties to people on 99-year lease agreements between 1980 and 2010. However, in 2021, PCNTDA was dissolved, and approximately 85% of its leasehold properties were transferred to the Pimpri-Chinchwad Municipal Corporation (PCMC), while the remaining 15% came under PMRDA's jurisdiction. The properties in question were mainly four-storey buildings constructed for workers and economically weaker sections in areas like Bhosari, Chikhali, and Nigdi. Even though these properties are mostly located within PCMC limits, property holders have faced challenges in securing loans from nationalised banks because they are not recognised as the legal owners of these properties. Additionally, any work related to these properties required a no-objection certificate from PMRDA.
Redevelopment of these buildings, despite their prime locations, had also been delayed due to complicated procedures and technical issues. A PMRDA official mentioned that all these issues will now be resolved, as property holders can convert their properties into freehold status by paying the necessary fees. However, the state government has yet to make a decision regarding the 85% of leasehold properties that were transferred to PCMC from PCNTDA limits. The hope is that these properties will also be made freehold, providing relief to a larger number of property holders.
A local MLA who had been actively advocating for this issue with the state government, mentioned that they are striving for a comparable decision for properties within PCMC limits, which would benefit over 500,000 citizens. He also clarified that the freehold option is voluntary. Property holders can choose to continue with their lease agreements if they prefer. A PMRDA official elaborated that approximately 8,000 plots had been transferred to PCMC, highlighting that the number of property holders is considerable due to the presence of numerous housing societies constructed by private developers in these areas. The official estimated that there are likely around 75,000 to 80,000 property holders within the PCMC limits.
In summary, this decision marks a significant milestone in resolving long-standing issues faced by residents in the Pimpri-Chinchwad region. Allowing property holders to become legal owners not only provides financial security but also opens up opportunities for redevelopment and ease in obtaining loans. As the state government works towards resolving similar issues within PCMC limits, many more citizens stand to benefit from this transition, further enhancing the region's property market and development.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
