Mhada - tranfer of tenancy
PP
(Querist) 15 November 2012
This query is : Resolved
A very old MHADA LIG establishment is being redeveloped. There is a triparty agreement between MHADA, builder and the society (670 members). All the legal formalities regarding the project are done and the construction is in full swing.
The existing owner bought the tenancy rights from one of the original members in the society in 2010 and got his name registered into MHADA and the society records. The builder has paid a one time lumpsum amount of X to each of the society members earlier this year and is also paying a rent of Y amount every year to each of the society members. The existing owner now wishes to sell the tenancy rights. Payment would need to be done from personal savings, no bank loan possible but its a lucrative deal and hence, giving it a thought.
My questions are:
1. Is it safe to do the transaction at this stage, considering that the existing owner would take care of getting my name registered into the society and MHADA records.
2. What legal documentations need to be done to safeguard my interests? Is a NOC required from the developer?
This is considering that the developer would transfer the flats to the society members and as such whose ever name is present in the society records is entitled to recieve the flat. Does this argument hold true?
3. Since this is used to be an LIG establishment, do I need to be in the LIG category in order to purchase the tenancy rights?
ajay sethi
(Expert) 16 November 2012
first approach MHADA . ask the seller to obtain NOC from MHADAand the builder . if MHADA grants NOC and agrees to transfer then you can go ahead .
