Administration should allow conversion of lease hold property to free hold property by taking the total lease money of lease hold property in lumpsum—– Kailash Jain
Chandigarh – November 25, 2022.
Udyog Vyapar Mandal Chandigarh ( UVM) has demanded conversion of lease hold property to free hold by taking the total lease money one time in lumpsum , which is due to him as lease money on lease hold property.
A demand to this effect was made in the meeting held under the chairmanship of Kailash chand Jain president Udyog Vyapar Mandal Chandigarh. Apart from UVM President Kailash Chand Jain, many office bearers including Virendra Guleria, Naresh Kumar, Prem Kumar Lamona, Vijaypal Choudhary, Mahendra Bansal, Naresh Jain, Sandeep Choudhary, Ashok Kapila, Pradeep Bansal & Sushil Jain were among the presents in the meeting.
UVM President Kailash Chand Jain said that the premium cost of property and lease money which is 2.5% for the first 33 years, 3.75% for the next 33 years and 5% for the next 33 years is charged by the administration on all lease hold properties. in this way apart from the premium or cost of the property, the lease money will be collected in 99 years after the allotment & that is too in 99 yearly instalments, only after that receipts the property will be freed.
In this regard, we demand that the administration may take lease in one go and make the property freehold. If the allottee is ready to give a lump sum amount to the administration which is being received in installments of 99 years, then on receipt of the full amount of lease money, that property should be made free hold by the administration.
By doing this, there will be no revenue loss to the administration, on the contrary, the money which was to be received in installments in 100 years, that money will be collected in one go, on which the administration can earn interest also , in this way, the administration will be benefited as well as the property owner will also get relief.
Kailash Jain has requested the administration that this formula can be applied for all types of properties conversion from lease hold to free hold. UVM has also sent a letter to this effect to the Ministry of Home Affairs and the Ministry of Urban Development, & the administrator UT chandigarh and demands that the properties in the city, especially commercial and industrial properties, be made freehold from lease hold under this formula.
