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Rates To Be Hiked DDA Plans Fee Hike for Leasehold to Freehold Conversion

Rishabh Chamoli | 2023-06-29

As stated by an official, the existing conversion rate stands at 6% of the land value, and the proposed increase will be 10% of this value.

The Delhi Development Authority (DDA) plans to raise fees for converting leasehold to freehold status for commercial and industrial properties and multilevel parking facilities in the city.

During their recent meeting on June 14, the authority approved increasing the fiscal year 2023 to 24 rates by 10% compared to the previous years rates. While the decision can be implemented provisionally, a proposal will be submitted to the Ministry of Housing and Urban Affairs for final approval and notification, which is expected to occur soon. As stated by an official, the existing conversion rate stands at 6% of the land value, and the proposed increase will be 10% of this value.

Regarding commercial properties, the rates for calculating conversion charges are anticipated to rise in different zones. In the Central, South, and Dwarka zones, the land rates for conversion charges may escalate from Rs 1,98,504 to Rs 2,18,354 per square meter. The rates for the West, North, East, and Rohini areas are expected to climb from Rs 1,37,855 per square meter to Rs 1,51,640 per square meter. In the Narela region, the rates are slated to increase from Rs 55,144 per square meter to Rs 60,658 per square meter.

Regarding industrial properties, the charges for converting leasehold to freehold status in the Central, South, and Dwarka zones are proposed to rise from Rs 1,19,106 to Rs 1,31,016 per square meter. The charges for the West, North, East, and Rohini areas will increase from Rs 82,715 per square meter to Rs 90,986 per square meter. In Narela, the rate will be raised from Rs 41,359 per square meter to Rs 45,494 per square meter.