- March 31, 2020
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Leasehold Properties –
A property (plot/built up) in which the perpetual leasehold has been granted by the “Title Paramount” (President of India) in favor of the lessee. The title paramount acts through organizations such as DDA and L&DO in case of such properties. Leasehold properties are not freely transferable. Depending upon the covenants of the lease deed, prior permission of the lessor (DDA/L&DO) is required to transfer the property.
Freehold Properties –
A property, where title paramount has conveyed the property in favor of the purchaser by conveyance/sale deed. With “no restriction” over the “owner” on the right 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.