CHANDIGARH: In a significant breakthrough for hundreds of commercial and industrial property owners, the ministry of home affairs (MHA) has informed the UT administration that the long-pending proposal to convert leasehold commercial and industrial properties into freehold ownership is under active consideration and a final decision is expected soon.The move is expected to unlock the value of leasehold assets, ease property transactions and provide a major boost to investment in the city.According to senior UT officials, the MHA’s response followed recent discussions between the Chandigarh administration and the ministry at the “political level”, after which the issue was taken up at the ministerial level.“The MHA response came after a recent discussion between the UT Administration and the Ministry at the political level. The issue was taken up by the UT with the MHA at the ministerial level,” a senior official said, indicating that the proposal has gathered momentum after years of delay.The development comes nearly three months after the Chandigarh administration approved a proposal to convert leasehold commercial and industrial plots into freehold ownership and forwarded it to the MHA after obtaining the approval of Punjab governor and UT administrator Gulab Chand Kataria.Meanwhile, in a separate development, the Chandigarh administration has informed the Centre about the status of several other long-pending property issues in response to questions raised by Chandigarh MP Manish Tewari during Zero Hour in the Lok Sabha.
