The West Bengal state government has taken up initiative to work towards the lease holding policies. The following post is a perusal of the freehold and lease holding policies in the state.
The real estate market of Kolkata has been riding high for some time. Despite the slump experienced in 2012, the markets have revived greatly in the recent past and now things are showing much brighter than before. Regions in eastern Kolkata are some of the best places to invest in properties, both—commercial and residential.
Whether it is business parks in or the grand Electronics Complex in Sector V, or the grand residential complexes in Rajarhat or New Town—the realty souk of Rajarhat has loads to offer. From houses on rent to newly built apartments, end users are spoilt with choices.
However, in the recent past certain glitches have cropped up that led to some complications in the ownership of freehold lands in the region. In a recent new published, it was stated that there would no longer be any freehold plot in the New Town or Rajarhat area. The Housing Infrastructure Development Corporation (Hidco) will now assign plots only on the basis of leasehold. Recently, some plots were auctioned and are still welcoming auction-goers to buy plots – all of them on the basis of 99 years.
Unlike its neighbouring town of Salt Lake, where residential and commercial plots are leased for 999 years, multiple plots in Rajarhat and New Town have been handed over mainly on a freehold basis. This has allowed the owners to sell off some of their existing lands in case they chose to. Multiple plots have already been allotted as per residential and commercial purpose mainly in the New Town Action Area I.
According to senior administration officials, an order that was dispensed by the land reforms department last year, made it compulsory for all government that land must be given out only on the basis of leasehold only. The benefit of such a policy is that, conditions pertaining to lease enable appropriate monitoring about the usage of land and also ensure that it is not left deserted for years together.
It also helps in preventing conjectures related to land and also to monitor differences in land prices. As per new policies, adopted after Trinamool Congress came to power, it has been stated that no allotted plot can be left unutilized for more than six months. Nonetheless, such a policy does not seem to have yielded good results as several plots still remain idle.
Administrators have pointed out that more than 25 such plot holders have been recognized who had left their plots just like that for more than a year. They have also stated that the government plans to take up a special drive after the festive season. They would ideally take back the unused plots or request the allotters to start off with construction work at the earliest.
he officials are already under the process of preparing an exhaustive list of such unused property and do plan to undertake a major drive soon. All the plot holders will be called upon for a hearing session where they will be explained as to why they cannot leave a plot unused for so long.
In an initiative to take an action against this, many plots have already been given away to private partners in the New Town area for commercial activities. Most of these lands are now being used for construction of social infrastructures like schools, colleges and hospitals.
<a href="http://www.99acres.com/commercial-office-space-in-kolkata-ffid">Non-residential plot</a> owners have also been allowed additional floor area ratio if their plots are located within 250 meters of the East West Metro Line. Such an initiative by the government officials are expected to see a rise in the property market of Kolkata in the coming future with New Town or Rajarhat taking away the laurels. Therefore, if you plan to invest in a residential property in Kolkata, you may do so now.
(About the Writer: Sampurna Majumder has been lending his expertise to 99acres.com by writing articles and blog posts on the in-news topics such as Property adviser and property market)
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