Members of housing societies, which are built on collector’s or leasehold land, want the premium charges for conversion of the land to freehold status to be reduced from 15% to 5% of the ready reckoner (RR) rate. The demand was presented during the state-level meeting of the State Sahakar Parishad on Sunday.
“Most of these housing societies are in a dilapidated condition and in urgent need of redevelopment. But the high premium makes redevelopment unviable,” said a member of a housing society.
“At present, every flat resale requires a NOC from the collector. It is a time-consuming process even after payment of transfer fees. Even during redevelopment, the society requires NOC in addition to the payment of 15% of the RR value of the land as a premium. It takes more than one year to get the NOC from the collector. Also, one has to incur the additional cost of liaisoning and professional fees,” he said.