A leasehold property defines the status of the land on which the property is built. Leasehold land on which construction takes place is ordinarily on long-term lease of 99 years onward. Specific to residential property on leasehold land, one may use the example of the MMRDA's Wadala development plan, wherein the land is given on long-term lease to various developers who can sell the units constructed on an outright basis. The developer ordinarily pays a substantial value for the long-term lease to the lessor up front.
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