Great news for residents of 20 housing societies in Pune district! These societies have finally gained full ownership rights over government land, allowing them to carry out property transactions without needing government approval.
For years, these societies operated under occupancy rights, with the land ownership remaining with the state government. This caused complications for residents when it came to securing approvals for redevelopment projects or property sales.
In response to demands for simplifying the process, the state government introduced a policy to convert occupancy rights into full ownership rights. This initiative aims to streamline property transactions and redevelopment processes across the state.
Under the new policy, housing societies can acquire ownership by paying 15% of the current market value. The process has been simplified, eliminating the need for approval from the district collector and making it easier for residents to engage in property dealings.
A total of 20 housing societies in Pune district have already benefited from this policy, completing the application and payment process within the set timeline. These societies are now enjoying full ownership rights, allowing them to carry out property transactions without additional hurdles.
The impact of this policy extends beyond Pune, with approximately 22,000 cooperative housing societies in the state under leasehold or occupancy rights. The government has outlined a framework for ownership conversion, offering financial relief and long-term security for residents.
This conversion is a significant step for housing societies, eliminating the need for collector approval and improving property transactions. It provides long-term security and stability for residents, enhancing the value of properties in these societies.
Overall, the successful conversion of occupancy rights for 20 societies in Pune is a positive milestone in the state’s efforts to address housing challenges and improve urban development processes.
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