Noida (UP), Nov 1 (PTI) The Noida Authority on Thursday gave its in-principal approval to conversion of land holding rights from "lease hold" to "freehold" subject to nod from the Uttar Pradesh government, according to officials.

The decision which could have a significant impact on real estate and property in the city adjoining the national capital was taken during the authority's 195th board meeting.

"The proposal was brought for discussion in the meeting and the board gave an in-principal nod for converting the land holding rights to freehold. The authority's chief executive officer and chairman, Alok Tandon, has been authorised by the board to now send the proposal to state government for its approval," a senior official said.

In Noida, plots or flats are sold on leasehold basis instead of freehold basis.

In leasehold, a plot or flat is owned by the purchaser for 99 years. The buyer has to pay a certain amount of lease rent for the property. Whereas in freehold property, no lease rent is required to be paid by a buyer.

Several industry and trade bodies, resident welfare associations and citizens had staged a protest in the city on October 4 demanding conversion of land holding holding rights.

The protestors, who were joined by Gautam Buddh Nagar MP Mahesh Sharma, had accused the Noida Authority of having "anti-people" policies.

During the meeting, the board also agreed to take feedback from the public over allowing floor-wise sales of residential buildings, according to an official statement.

The board gave its approval for setting up an office of the the Real Estate Regulatory Authority (RERA) in the city and announced that it has earmarked 450 sq metre space for it in Sector 44 here, it said.

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