Maharashtra Abolishes 5-Year Wait for Class-2 Land Ownership; Boosts Real Estate

• Maharashtra government cancels the mandatory five-year waiting period for converting Class-2 lands to full ownership (Class-1).
• Landholders can now immediately apply to the District Collector, pay the necessary premium (nazrana), and acquire ownership rights.
• The decision aims to simplify land transactions, reduce delays, and provide a significant boost to the construction and industrial sectors.
• Agricultural projects, industrial ventures, commercial complexes, and housing societies are among the direct beneficiaries.
• While the waiting period is removed, paying a premium (50-75% of Ready Reckoner rates) to the government remains a requirement.