lease deed for new residential flat

Querist : Anonymous (Querist) 18 March 2010 This query is : Resolved
Hi!
I have booked a residential flat which is under SEZ. Accourding to SEZ rules Promoter cannot sell the land but they can lease it. The residential flat under this is being leased of 99 year perpetual lease. Is it advisable to go for this? what is the implication involved in this. Please guide.

Thanks in advance

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Querist : Anonymous (Querist) 18 March 2010
lease deed for new residentail flat

A V Vishal (Expert) 18 March 2010
There is no problem if the lease is in perpetuity, but other covenants of the deed must be examined by a experienced lawyer whom you can hire locally.

Prakash Yedhula (Expert) 18 March 2010
There is no transfer of ownership of the land in a leasehold property as in the case of a freehold property. This may come in the way while obtaining a loan. That apart, you need to check up whether proper permission was obtained in promoting a residential flat in a special economic zone. Also it depends on the nature of ownership of the promoter. It is better to consult a good lawyer with all the documents concerned before venturing into purchasing such flat.

Querist : Anonymous (Querist) 18 March 2010
Thanks I will look for the other areas, when i enquired they said the property can be sold with the same leasing criteria.

Kumar Thadhani (Expert) 18 March 2010
Yes I agree with expert Prakashji.

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