I am looking to buy a flat for myself & have seen flat in under construction property in mumbai. The promoter has taken the plot from owners (on Confirmation cum rectification deed) on supplimentary lease for 99 years. Thus, the plot is on lease for 99 years – balance lease period is around 97 yrs…(Considering the HUGE property prices in Mumbai is it worth investment ? )
Please clariy my following doubts –
What happens when the lease period gets over? Are the Flat owners required to vacate the flat??
Whether this will have any issues while seeling the flat after 10-15 years?
What kind of payment is required if the lease is to be renewed??
Can the lessor ask for termination of the lease even before the lease period is over?
Does the law anyway protect the flat owners in such case when the landlord does not want to renew the lease??
Please help.
