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What are the different types of home ownership?

Curious about home ownership

What are the different types of home ownership?

In India, there are two main types of home ownership: freehold and leasehold.

Freehold ownership means that you own the land and property outright, and have full control over it. You can sell, rent or renovate the property without seeking permission from anyone else.

Leasehold ownership means that you own the property for a set period of time, typically 99 years, while the land is owned by the government or a private company. Once the lease period expires, the ownership of the property and land may revert back to the government or the company, or you may have the option to renew the lease by paying a fee.

In addition, there are different types of properties, such as apartments, villas, townhouses, and independent houses, each with their own ownership structure and legal requirements. It is important to understand the type of ownership and legal framework before purchasing a property.

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