From shopkeeper to shopowner

North corpn nod to conversion of market property

Traders in the markets of North Municipal Corporation could become owners of the commercial space leased to them.

The civic agency has decided to begin the process of granting ownership rights to the shopkeepers or licencees.

The corporation has prepared an elaborate policy to implement the process of market property conversion from licence to leasehold and from leasehold to freehold.

The draft policy states that existing licencees or shopkeepers of markets transferred to the erstwhile MCD by the Central government will be granted ownership rights.

Only those shops that have been given ownership rights by the Estates department will be allowed to convert their property from licence to leasehold. The Estates department allows ownership rights on payment of a capitalised value — premium of land and cost of superstructure.

"Ownership rights will be given to those who are original allottees, those who came to possess shops through partnership deeds or dissolution deeds prior to August 2008, and those who are occupants but unable to produce partnership deeds. The last one will be subject to submission of documentary evidence," a corporation official said.

Original allottees who have given up a shop after getting ownership rights by paying the capitalised value and, in cases, where the lease deed was not executed are eligible to re-apply.

"It has been proposed that such cases will be regularised by charging a one-time fee from the shopkeeper. The minimum fee for regularisation will be Rs 3 lakh. If the property was sold, an additional Rs 1 lakh will be charged to for each sale," the official said.

The markets fall in different categories. For a shop in Kamla Market, which falls in Category D, the regularisation fee will be Rs 5 lakh. If that shop has changed hands, the applicant will have to pay more.

... contd.

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