It is a process that evaluates and determines a property's current market value based on factors such as demand and supply, property size, construction quality, location and connectivity.

It is important because it provides a clear understanding of your property's current net worth. This can be useful when applying for loans or while selling the property.

It is a property in which the lessee holds temporary ownership for a fixed period. After the term ends, the property reverts to its original owner (lessor) unless the contract is renewed.

A property whose ownership rights are fully transferred to the purchaser is termed a freehold property. The owner has complete control over the property and can sell, lease, or transfer it without restrictions (subject to local laws).

It is always advisable to convert a leasehold property into a freehold property, as it grants you complete ownership. To do this, you need to obtain the sale deed and get the property registered in your name.