Monday, December 14, 2015

Leases cost housing societies dear in Mumbai

Leases cost housing societies dear

STATE RELIEF FOR PROPERTY OWNERS IN & AROUND CITY Premium For Land Transfer Will Be Decided In 3 Mths
The state government will allow ownership of collector's land given on lease for more than 29 years to housing societies and educational institutions to be transferred to them against payment of a premium based on the ready reckoner rates. The move will come as a major relief to more than 3,000 housing societies in Mumbai which were built on collector's land. “Whenever the lease expires, the land can be transferred to the housing society or educational institution after paying a premium, which will be on the basis of the area's RR rate. The premium will be fixed by a committee in the next two to three months,“ said revenue minister Eknath Khadse. The premium for trans fer of land leased for over 29 years will be decided by a committee within the next three months, state revenue minister Eknath Khadse announced in the legislative assembly on Monday .
“Under the rule, ownership of flats can also be transferred in the owner's name as the construction cannot be demolished. However, the same rule would not be applicable to Cidco,“ added Khadse. Most of the over 3,000 housing societies in the city came up in the 1960s or 1970s. The houses were registered by the state government registrar and stamp duty was supposed to be collected from both house and land owners. However, they were tagged as “illegal construction“ in the 712 extract (property card), said a revenue department official.These societies have to pay the prevalent market rate for the lease every year as well as set up infrastructure such as stormwater drains and sewage lines without financial help from the government.
Meanwhile, the revenue minister also announced relief for project-affected persons who had to surrender their properties or were evicted due to road-widening, dambuilding and other projects.He also announced relief for refugees from Pakistan who had settled in Maharashtra.“Land given to all types of project-affected persons and refugees coming from Pakistan in 1947 will be transferred on an ownership basis but they will have to prove their status,“ said Khadse. Most refugees are located in Ulhasnagar, Pune and Kolhapur.

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