Shopkeepers in central Delhi can be owners now
The union urban development ministry decided the land rates of commercial properties across Delhi on May 2.
Soon shopkeepers at the posh central Delhi markets can be owners of their premises, thanks to a New Delhi Municipal Council proposal for conversion of leasehold properties to freehold properties.
The proposal will come up for approval in the next council meeting and markets like Khan Market, Bengali Market and Sarojini Nagar Market, among others, will be part of the first phase of conversion.
At present, people who have property on lease have to go through a cumbersome process of transferring it to their kin or children, or selling. Once converted to freehold, leaseholders’ children can become legal owners and buying and selling will become simpler too.
“The union urban development ministry decided the land rates of commercial properties across Delhi on May 2. So, if someone has a shop on lease in Khan Market, they can make a payment to make it freehold,” a senior council official said, adding, the policy has already been in place for some time.
“However, some lease holders were not getting conversion done due to high rates. Now, ministry has adopted DDA rates that are lower,” the official said.
In March 2006, Khan Market, Khanna Market, New Central Market (Shankar Market), Bhagat Singh Market, Bengali Market, Sarojini Nagar Market, Babu Market, Jor Bagh Market, Diplomatic Enclave (Malcha Marg Market) and Aliganj Market, by virtue of a Cabinet order, were transferred to the NDMC.
According to traders, in 2009, the council started charging circle rate (used when property is transferred during buying/ selling) as registration charges. “We objected to these arbitrarily raised land rates and raised it to the L&DO in 2013. In 2014, NDMC adopted DDA rates, but the matter got stalled again. We then approached the PMO. Finally on February 15, 2017, urban development ministry ordered same conversion rate all over Delhi,” Sanjiv Mehra, president, Khan Market Traders Association.