Noida Authority Rolls Back Parking Charges Outside Industrial Units, Promises Freehold Property

After over 2,000 protesters, which included representatives from homebuyers and business forums, staged a dharna in front of its office in Sector 6 on October 4, the Noida Authority has decided to roll back its earlier decision to impose parking charges on spaces outside the city's industrial units. The authority will stop charging parking fee outside industrial units built of plots measuring up to 1,800 square metre. In another move that would cheer property owners of the city, the authority has also promised it would convert all leasehold properties into freehold, a long standing demand of Noida citizens.

In Noida, plots or flats are sold on lease instead. Under the lease system, a plot or flat is owned by a buyer for 99 years. After this period, the buyer has to get the lease renewed ─ a request which may or may not be approved ─ by paying a fee. This means that paying annual ground rent and living in the property for years, an owner ends up losing their property after the end of lease tenure.

You may like to read: The Fine Line Between Freehold & Leasehold Property

A final decision on converting leasehold properties to freehold could be made after the authority board on October 10 examines a report being prepared by consultancy firm Ernst and Young. If the board gives the proposal a go-ahead, it would be sent to the Uttar Pradesh government for a final approval.

"Since 2006, we are asking for freehold property. We held talks with Chief Minister Yogi Adityanath...but nothing has been done yet," Federations of Noida RWAs (FONRWA) President NP Singh told media.

The authority move to stop charging parking has also come as a great relief to entrepreneurs.

"The decision on the parking system, which is likely to get implemented in a couple of days, would provide relief to employees of 90 per cent industrial units and factories in Noida," Noida Entrepreneurs Association (NEA) media in-charge Sudhir Shrivastava told PTI. There are about 8,500 functional industrial units in Noida