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What is meant by leasehold and freehold properties? | What is meant by leasehold and freehold properties? |
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Leasehold properties (plot/built-up) are those in which perpetual leasehold has been granted by the title paramount in favour of the lease. In such properties, the title paramount, i.e. President of India acts through DDA, L&DO, Leasehold properties are not freely transferable. Depending upon the covenants of the lease deed, prior permission of the leasor (DDA/ L & DO) is required to transfer the property. In other words the property obtain from government or from any coorporate sectors from which they generate revenue.
Freehold properties are those where title paramount has conveyed the property in favour of the purchaser by conveyance/sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the office of the sub-registrar. It can be transferred by registration of sale deed.In other words the property in which any type of lease is not paid. |