After massive protest, Noida Authority says decision on free-holding of property rights soon
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business-standard
12 days ago

After massive protest, Noida Authority says decision on free-holding of property rights soon

The Noida Authority said it has agreed to consider making residential property free-hold after thousands of people came out on streets to protest against its policies Thursday. The authority said it has also agreed to remove parking lots outside industrial units up to a size of 1,800 sq metres. The protest by resident welfare associations, Noida Entrepreneurs Association (NEA) and more than a dozen other groups saw thousands of people coming out on the city roads. The protesters marched from Sandeep Paper Mill square to Noida Authority office in Sector 6, where the chiefs of the participating organisations addressed the protesters. In Noida, plots or flats are sold on lease instead of free-hold basis. Under the lease system, a plot or flat is owned by buyer for 99 years and the buyer has to pay a certain amount for the property, whereas for properties with free-hold rights, no lease rent is required to be paid by a buyer. NEA president Vipin Malhan and federations of Noida RWAs ...

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