Indore (Madhya Pradesh): The Indore Development Authority (IDA) has collected revenue of Rs 3.68 crore from 169 properties by converting them to free-hold from lease during a four-day drive held from March 20 to 24.
IDA has estimated that around 2 lakh properties in the city can be converted from lease to free-hold.
IDA chairman Jaipal Singh Chawda said, “According to an estimate, there are around 2 lakh IDA properties that are on lease and have to be renewed every 30 years. The lease holders have to follow lease conditions and take several clearances while renewing the lease, which is often cumbersome. But once it is converted into free-hold, then the owner is at liberty to use the property in whichever way he wants.
The IDA has now started a campaign to convert lease property into free-hold and so far 1,300 lease properties have been converted into free-hold, while the target is to convert 10,000 lease properties into free-hold properties.
Chawda said that the authority has more than 26,000 lease holders under various old schemes. The IDA will be accepting applications for converting lease property into free-hold between April 1 and April 30 and the disposal of the cases will start from May 1.
