The government decided that land leased for residential use must pay a one-time replacement amount during the extension of the lease to 99 years. The CIDCO Board of Directors had accepted a proposal to renew the lease and submitted it to the government for sanction. After payment of the replacement amount, the land will be granted free permission during the 99-year lease period. The conversion to lease-to-free prices is made after payment of a one-time transfer fee. Land up to 25 M2 must pay 5 per cent buyback, for land of 25 to 50 square meters 10 percent. This will be 15 percent for 50-100 square meters e2 and for 15 percent for 100-150 M2 lots. For commercial areas, 25 per cent is levied for land up to 200 square metres, land of 200 to 300 square metres or more than 30 per cent of the replacement amount. After payment of the replacement amount, the land is retained during the 99-year lease period. The plan is for two years and beneficiaries are not required to pay the replacement amount for transfers of real estate or rental property and do not require a certificate of non-compliance (NOC) for the change. An official in the Prime Minister`s Office (CMO) said in Navi Mumbai that the government is acquiring land that is being developed and leased by CIDCO. The CIDCO Board of Directors had accepted a proposal to renew the lease and submitted it to the government for sanction. The government decided that residential land must pay a one-time replacement amount for 99 years during the renewal of the lease. At a meeting on December 20, 2018, Fadnavis adopted guidelines at the City and Industrial Development Corporation of Maharashtra (CIDCO) to take immediate action.
The funder for the conversion of property is made after payment of a one-time transfer fee. The Prime Minister said that the process will be implemented in the Nashik and Aurangabad CIDCO lands that have been allocated. Maharashtra Chief Minister Devendra Fadnavis on Thursday announced the benefits of allocating CIDCO homes and commercial property land to franchise property, so people can own their real estate. Home News ” ” ” CIDCO homes, commercial properties that will be converted from leases to condominiums An official in the Office of the Chief Minister (CMO) told Navi Mumbai that the government is acquiring land that is being developed and leased by CIDCO.