What is the meaning of Leasehold and Freehold properties?
Leasehold properties: A property (plot / built up) in which Lease has been granted by the Lessor (Owner/Title Holder)in favour of the Lessee for a term specified in the Lease Agreement. Leasehold properties are not freely transferable. Depending upon the covenants of the lease deed prior permission of the lessor is required to transfer the property. A form of property interest in which the holder of the interest has the right to use or occupy, but not to sell or transfer the property. The holder of a Leasehold property has the right to build on and to occupy land for a specified lease term. Freehold properties: Property in which ownership is for an indeterminate length of time. In free-hold property the 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-regis
Leasehold properties: A property (plot/ built up) in which perpetual leasehold have been granted by the title paramount in favour of the lessee. The title paramount i.e. president of India in these kinds of properties acts through DDA, L & DO. Leasehold properties are not freely transferable. depending upon the covenants pf. the lease deed prior permission of the lessor (DDA/LDO) is required to transfer the property. One is required to pay charges such as 50 & of the unearned increase and conveyance. A form of property interest in which the holder of the interest has the right to use or occupy, but not to sell or transfer the property. The holder of a Leasehold property has the right to build on and to occupy land for a specified lease term. Freehold properties: Property in which ownership is for an indeterminate length of time. In free-hold property the title paramount has conveyed the property in favour of the purchaser by conveyance/ sale deed with no restriction on the right of the
