Properties in Hadapsar, Pune, is very much sought after by home buyers. Hadapsar, being a hub for renowned IT companies and top-notch industries, it is a preferred destination for the professionals. It has been noticed that most professionals residing in the area opt for leasehold properties. People working with private firms, tend to take up better career opportunities and move ahead with time. Rarely does a private firm professional stick to the same place for a lifetime. That is why leasehold residential apartments in Hadapsar, Pune, are in such a rage.
Leasehold is a form of land ownership or property tenure where one party buys the right to occupy land or a building from the freehold owner for a given length of time. A leasehold is granted for a fixed period of time. When this time runs out, the lease can be renewed with the consent of the landlord. There are also statutory rules that entitle a leasehold owner to extend the lease for the payment of a relatively small fee.
A leasehold therefore has a difference from a freehold or fee simple where the ownership of a property is purchased and held for an indefinite length of time. It also differs from another form of tenancy where a property is rented on a periodic basis such as weekly or monthly.
The lease period in a leasehold is often measured in decades and centuries. The 99 year lease is the most common time-period used in the market. There are a few upmarket properties in Hadapsar, Pune that lease out their property for a good period of time like 999-year lease. The benefits of such properties are that:
As many residential apartments in Hadapsar, Pune, are readily facilitated with the lease provision, this works as a convenience for most home buyers. Hence, it is found that more and more home buyers tend to settle in the area.