Delhi development authority has decided to convert the property by executing the conveyance deed in the name of Allottee/GPA holder/Agreement to Sell in respect of plot/shops/society flats and flats allotted by DDA on leasehold basis and constructed prior to the year 11/10/2011.
Freehold and leasehold are two different types of property ownership. Often people find these terms confusing because of miss-understanding the difference between these two properties. We here at eDrafter will not only guide you about How to get your property converted from leasehold into freehold, but also we will teach you about the benefits of freehold over leasehold.
Benefits of Freehold over Leasehold
Sole Owner
Owner of the Property is no longer confined. He can enjoy free ownership.
Easy Transfer
Owner of the Freehold Property can transfer the property without any restrictions. You are free from the state of restricted.
Higher Value
After getting converted the Property into Freehold, the Property will posses an higher value of about 15-20% as compare to the Leasehold Property.
Free from Paying Ground Rent
Freehold Property Owner is free from loosing his pocket in order to pay for Ground Rent.
Easy Availability of Loan
No Leasehold property can get Property Loan. So, conversion into freehold is an added advantage in order to get a Property Loan.
WHO CAN APPLY FOR FREEHOLD CONVERSION?
Any person who is the Original Allottee of DDA Property or the person who purchased the Property from Allottee as the GPA Holder/Agreement to sell can apply for Freehold Conversion.
In the case of Allottee or GPA Holder/Agreement to Sell’s Death:-
- If Allottee has not left the WILL than all the Legal Heirs of said terms can apply for the Freehold after the Mutation of his/her Property.
- If Allottee has left the WILL than than the person who covers under his/her WILL can apply for the Freehold after the Mutation of his/her Property.
- If GPA Holder/Agreement to sell has left the WILL than the person who covers under his/her WILL can apply for the Freehold/Substitution of his/her Property.
- If GPA Holder/Agreement to sell has not left the WILL than all the Legal Heirs of said terms can apply for the Freehold/Substitution of his/her Property.
For more information and drafting of your freehold conversion file kindly visit this link
https://www.edrafter.in/dda-property-freehold/
Regards,
eDrafter.in
website
email: info@edrafter.in
