Odisha, June 13: With a major relief to leasehold property owners or lessees, the Odisha government has announced a significant reduction in the conversion fee to make leasehold lands freehold.
The Odisha Revenue Department slashed about 7% of the conversion fee, scheduled to turn leasehold lands, freehold properties.
According to a recent notification issued by the General Administration (GA) Department, the conversion fee has been cut from 10% to just 3% of the land's benchmark value.
In pursuance of the Cabinet’s approval, the revenue department is all set to implement the people-friendly policy.
The revised conversion fee structure will be applicable to land leased out by various authorities, including the Bhubaneswar Development Authority (BDA), Cuttack Development Authority (CDA), and the Odisha State Housing Board, among others.
"GA & PG Department after careful examination have been pleased to approve the Rationalisation of assessment of Conversion Fee in respect of land leased out by GA & PG Department in favour of different individuals in different points of time used for residential purpose," read the notification issued by the GA & PG Dept on Friday.
"Conversion fee shall be assessed @3% of BMV where the building has been constructed as per the approved building plan without any plan deviation. Cases where deviation has been made within the permissible limit, and regularised by the competent authority, the conversion fee shall be considered at @3% of BMV. In case the deviation is beyond the permissible limit, conversion shall not be allowed. Conversion for such type of cases shall be entertained only after regularisation by the competent authority," the notification further read.
