Co-operative hsg soc. on lease hold land
S V Khadse
(Querist) 14 August 2015
This query is : Resolved
Hi!
I have identified a flat for purchase in CHSL on leasehold land. I want to know,
1) tax treatment of such flat - propety tax, etc.
2) rights of CHSL on land in case of redevelopment.
3) What documents need to be verified before puchase of such flat to ensure CHSL & in lieu individual flat owners claim/right on land in case of redevelopment(natural/fored due to unfortunate demolition etc.)
Request experts to kindly clarify.
Thanks in advance.
Hemant Agarwal
(Expert) 14 August 2015
1. IN a "leasehold property", the land perpetually belongs to the land-owner (private person, Mhada, Cidco ....). Here the land does NOT belong to the Society, hence re-development of building is not possible without the express agreement with the original land-owners.
Keep Smiling .... Hemant Agarwal
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P. Venu
(Expert) 15 August 2015
A "leasehold" need not necessarily always mean a lease in terms of Transfer of Property Act.
In the present case, the term "leasehold" signifies a conditional assignment, a kowl (or cowl). The conditions hold good only so long the property is reclaimed or developed or for the first thirty years, whichever is earlier. There after the persons in possession acquire the status of "occupants".
Rajendra K Goyal
(Expert) 15 August 2015
Local taxes etc. are locally applicable, differ from place to place / state to state, you have to confirm locally.
For other part terms of lease and all other related documents need to be referred, consult local lawyer.
