noida the noida authority on thursday approved conversion of all leasehold property in the city to freehold agreeing to a longstanding demand from home and landowners who can now look forward to full ownership rightsthe decision taken at the 195th board meeting will need approval from the up government before it comes into effect once it does the state in this case noida authority will cease to be the lessor of all residential property in noida as a result sale of plots houses and flats can happen without a noobjection certificate from it noida was established in 1976 under the up industrial act and the noida authority held the title rights of all land under it it acquired land from farmers and then made allotments in various categories like residential industrial and commercial for a 90year leaseconversion to freehold means the change in title ownership through a mutation will be applicable to all residential properties including plotted ones builder floors and housing society flats the decision said realtors association credai will have a positive impact on the sluggish real estate market in noida but conversion charges are also likely to be applicable when one goes in for a mutation noidas officer on special duty santosh kumar said in leasehold property the noida authority is the owner in freehold residents will have ownership rights this means the owner is free to use the property for any purpose in accordance with local regulations the sale and purchase of freehold property also does not require consent from the state and hence means less paperworkcredais ncr president pankaj bajaj said in freehold property no permissions or transfer charges are payable while selling typically other things remaining the same a freehold property will sell for about 1015 higher than a leasehold property this is attributed to the fact that a freehold property is seen as encumbrancefree bajaj however cautioned that aspects such as freehold conversion charges and the kind of residual controls that noida authority keeps would also have an impact on the decisionresidents welcomed the decision np singh president of the federation of rwas said this had been a key demand in meetings with the noida authority for years residents will now get a sense of ownership over their property this will also facilitate sale and purchase of propertiesthe noida authority board also considered residents demand to allow sale of flats floorwise in residential sectors but no decision was taken in another significant development noida authority extended the last date for review and resettlement schemes for developers who have dues earlier the last date was fixed as september 30 to expedite stalled group housing society projects and commercial properties the date was extended to december 31 2018it also agreed to make amendments in building bylaws by providing for a 50 square metre parking area in a group housing society instead of an 80 square metre area in addition 10 of this parking space will be reserved for guest parking the authority approved