Cidco announces conversion of leasehold plots to freehold plots

The City and Industrial Development Corporation (CIDCO) has announced that residential plots that are allotted on a leasehold basis can now to be converted to freehold. This is believed to be a major relief for homeowners in Navi Mumbai. 

According to the official Cidco statement, the scheme will cover residential plots allotted through the tender process, CIDCO-constructed housing projects, as well as plots allotted under the 12.5% and 22.5% schemes 

Once the land is converted to freehold, Cidco will not levy any transfer charges for future property transfers. IGR Maharashtra will maintain and update the records of rights for these freehold plots.  This is an optional scheme and is applicable only to those plots where lease deeds have already been executed.

How to apply for conversion of leasehold plot to freehold plot?

• Fill the application from from Cidco website
• Submit supporting documents
• Pay the conversion fee which is based on the ready reckoner rate (RRR) of that land. Note that only a percentage of the RRR is charges for conversion. 
• In case the lease agreement has mention of any unearned income, then in that case, that will also be added to the conversion fees. 
• Other applicable charges will be levied in addition to conversion fees for all plots that were granted at subsidised rates. 

To facilitate this conversion process, the Cidco has formed a committee that will verify all the applications received for conversions of leasehold land to freehold land. Cidco has asked all citizens to take benefit from this scheme and secure full ownership rights over their residential plots.