JOIN USTraders of markets under the New Delhi Municipal Council welcomed the council’s move to lower rates of commercial establishments for conversion of leasehold to freehold grants.
Very few shopkeepers could afford to apply for freehold grants after the NDMC adopted the Delhi government circle rates in 2008. What cost Rs 19.34 lakh per sq m post 2008, will now cost landowners Rs 76,000 for commercial establishments. The current land rates are the ones adopted by the Delhi Development Authority (DDA). “Before 2008, shopkeepers at Khan Market had to pay Rs 28,980 per sq m in Khan Market for conversion from leasehold to freehold as per the Land and Development Office (L&DO) rates.
Though the dip in rates from the 2008 order bring relief to shopkeepers, the DDA rate is still high compared to the L&DO rates. However, we appreciate the council’s revised scheme,” said Sanjiv Mehra, president of Khan Market Traders Association.“Over 115 traders in Khan Market can now apply for freehold grants,” Mehra added.Traders from around 11 markets are likely to benefit from the revised land rates scheme. This includes Sarojini Nagar, Khan Market, Khanna Market, Jor Bagh, Shankar market and Shaheed Bhagat Singh market, among others.
“For years now, we have been running from pillar to post for the council to roll back the exorbitant rates adopted in 2008. Finally we got justice. Around 50 percent of the shopkeepers at Sarojini Nagar market still remain to convert their commercial lands on leaseholds into freehold grants. Those who applied for freehold after 2008, mostly did so under compulsion” said Pramod Sharma, convener of Sarojini Nagar traders association.
Under the current scheme, residential properties can be converted into commercial establishments at the rate of Rs 89,000 per sq m.
“We saw only 60-65 traders applying for freehold grants after 2008, as most of them said they could not afford the revised rates of Rs 19.35 lakh per sq m. This revised land rates aim to give relief to traders from the exponential rise in prices earlier. Residential properties now can be converted into commercial establishments at the rate of Rs 89,000 per sq m in areas permitted by the law,” said NDMC chairperson Jalaj Shrivastava.