Buying an ownership property constructed on leased land
Haroon Rasheed
(Querist) 19 March 2014
This query is : Resolved
Hi, I have a question regarding flats in cooperative society situated on a plot which is leasehold…
I am looking to buy a flat for myself & have seen flat in old building in mumbai. The society is registered housing society. However, the plot is not owned by the society but is given on lease by an individual. Lease period is 99 years – balance lease period is less than 60 yrs…
I will like to know – What happens when the lease period gets over? Are the owners required to vacate the flat?? 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??
Request you to kindly reply urgently.
Regards,
Haroon Rasheed
ajay sethi
(Expert) 19 March 2014
lease gets renewed . lease rentals to be paid increases . if there is violation of terms and conditions of lease it can be terminated . better contact a local lawyer before purchasing flat
Rajendra K Goyal
(Expert) 19 March 2014
Get all the papers scrutinized by a local lawyer.
Normally there is negligible scope to cancel a lease before 99 years.
Haroon Rasheed
(Querist) 20 March 2014
Thanks (Shri Ajay Sethi and Shri Rajendra Goyal) for your valuable response.
The title deed of the flat specifies that the "The parties hereto shall have an option to extend the lease for the period as may be mutually agreed thereto".
In this connection I would like to have your valuable inputs if the lessor can opt not to extend the lease after expiry of lease term i.e. 99 years?? Also in case he can will I have to vacate the premises; is there any legal recourse in such case??
Your urgent response is solicited. Thanks in advance.
Regards,
Haroon
ajay sethi
(Expert) 20 March 2014
yes it is at option of the lessor whether he wants to extend lease or not . in case wherein there are flagrant violations of terms of lease the lease deed may not be extended . you may have to vacate . lessees can challenge decision in courts
ajay sethi
(Expert) 20 March 2014
thanks for your appreciation
