Leasehold property

Leasehold refers to a property tenure, where one party buys the right to occupy the property for a given length of time (30 to 99 years). In a leasehold land, the authority (usually, a government agency) remains the owner of the land and gives the land to builders, to develop apartment projects on leasehold a basis. Anyone who buys a residential flat, will own it only for the leasehold period.