Did You Know: Why Leases Are For 99 Years?
There are two types of properties- Freehold property and Leasehold property. In the case of Freehold, it is quite clear from its name that it refers to properties which are free from the hold. The only owner holds it for an indefinite period of time. On the other hand, Leasehold property is that in which developers hold property development rights for 30 to 99 years. A property owner can also extend the tenure period by demanding for lease renewal. Moreover, this leasehold property can be converted in freehold property by paying the conversion charges. If you want to know more about these properties and need any suggestion then you can Real estate Service Providers. But the question is why this unusual figure 99? And, who acquires the property after completion of 99 years? Let’s discuss the 99-year deal concept in detail… Here, I am initiating with some important facts about leasehold property New Okhla Industrial Development Authority (NOIDA) offers land to develop apartment projects