There is a common belief in Delhi/NCR that if you buy a flat, it will go out of your family’s hands after 99 years. While this belief may have some validity, it is important to understand the nuances of leasehold property and not panic unnecessarily.
Firstly, it is true that many flats in Delhi/NCR are built on leasehold land, which typically has a lease period of 99 years. This means that after 99 years, the builder or the original owner of the land will no longer have the right to the property. However, this does not necessarily mean that you will lose ownership of your flat after 99 years.
It is crucial to differentiate between the ownership of the land and the ownership of the flat. In the case of leasehold property, the land is owned by the government or a land-owning agency, while the ownership of the flat rests with the individual buyer. The buyer has a lease agreement with the landowner, which grants them the right to occupy and use the land for the duration of the lease period.
When the lease period expires, the landowner may choose to renew the lease or take possession of the land. However, in most cases, the lease is extended or renewed by the government or the land-owning agency. This ensures that the occupants of the flats continue to have the right to live in their homes even after the initial lease period has ended.
It is important to note that the process of lease renewal or extension may involve certain formalities and fees. The exact procedure varies depending on the specific rules and regulations of the state or city where the property is located. Therefore, it is advisable to consult a legal professional or a real estate expert to understand the specific leasehold laws and procedures in your area.
Additionally, it is worth mentioning that not all properties in Delhi/NCR are leasehold. There are also freehold properties available, where the buyer has full ownership rights over both the land and the flat. Freehold properties are generally considered more desirable as they offer greater flexibility and security of ownership.
While the 99-year leasehold period may seem daunting, it is important to understand that it is a long-term arrangement and does not necessarily mean that you will lose your flat after 99 years. In most cases, the lease is renewed or extended, ensuring that you can continue to enjoy the benefits of your property for generations to come.
However, it is always advisable to conduct thorough research and due diligence before purchasing any property. This includes understanding the terms of the lease agreement, the reputation of the builder or developer, and the legalities involved in leasehold properties.
In conclusion, the belief that your flat will go out of your family’s hands after 99 years is not entirely accurate. While it is true that many flats in Delhi/NCR are built on leasehold land with a 99-year lease period, the ownership of the flat remains with the individual buyer. The lease is typically renewed or extended, ensuring that you can continue to enjoy your property for years to come. However, it is important to be aware of the specific leasehold laws and procedures in your area and seek professional advice when necessary.