Lease rules and regulations in Delhi NCR: If you are thinking of buying a flat in Delhi NCR, then this news is important for you. Most of the properties in Delhi-NCR are sold on lease. The lease of these flats is for 99 years. In such a situation, the question now arises in the minds of property buyers whether they will no longer have ownership rights over the property after 99 years. Let us know in detail in the news below-
Most of the properties in Delhi-NCR are given on lease. The lease of most flats is for 99 years. That means home buyers get the freedom to use the flat for 99 years. In such a situation, many times the question comes in people’s mind that what will happen after 99 years? After the lease ends, the property will have to be vacated or the contract will have to be renewed. Let us know in what manner and how many types of property deals are done in the country.
There are two types of property deals in the country
There are two types of property deals in the country. The first is freehold property and the second is leasehold property. In freehold property, the person owns the land or property from the day of purchase. Whereas, in leasehold one gets the right to use the property. The property is available on lease for a maximum of 99 years.
What is lease system?
The lease system was started in the country so that property transfer does not happen again and again. With this, the purchaser can easily get the right to use the property. The rights of the person purchasing the property are written in the lease so that it can help in resolving any kind of dispute. The person using the property through lease should not face any problem.
What happens after the lease ends?
There is no need to worry after the lease ends. The government runs a freehold conversion scheme for property. After the lease ends, the property becomes freehold. However, a charge has to be paid for this. There are many advantages of taking property on lease as it is cheaper than freehold. However, when the lease expires, a charge will have to be paid to convert it into freehold.