My father has an old 1 room kitchen in prime south mumbai in a very old building. This building along with the neighbouring building is now going for re-development to a joint venture between Mhada and a private builder. The tenants of both buildings have given the authority to redevelop to the builder and Mhada in writing. A person in the other building wants to sell his 1 Room kitchen for 45 lakhs as after redevelopment the flat will be 1 BHK with 400 carpet. Given that I (my father) already have a 1 RK, I will be able have a large 2 BHK of 820 carpet) if I buy the property, hence my interest.
The problem is that (I am told) registration of this property cannot take place because
- All the tenants and the landlord of that building have officially handed over the buildings for redevelopment to the builder and MHADA i.e. the buildings are officially for redevelopment hence sale cant take place.
The estate agent says that the seller is ready to give in writing on stamp paper that he will transfer all his (and his heirs) rights to us. The agent says he will also arrange a NOC from the builder and the landlord. He says we can take in writing from the builder and landlord that deal is official in their eyes and they would transfer all the rights to us in the redevelopment project. He says that if we do all white payment by cheque then there is proof of paying him and hence it is safe.
I wonder whether this will stand in the court of law if tomorrow the original tenant comes back to claim his rights to the property after re-development as he knows that the property deal has not been officially registered.
Please advise.
