Hi
I have a question regarding a property that has been let out originally by my grandparents to a government company in Mumbai. The property was intially let out in 1980s on a 3 year agreement after which it was extended. The rent price was never realy updated in line with market value of surrounding offices then and the rent paid remained constant until until 2007 when it was increased.
I have since looked into the rent payable by surrounding offices who are paying around 8x more than what we receive in rental income. I have been made aware that under the Maharashtra rent control act I do have the power to increase the rent in any given year by more than 4%. Is there any way of getting a fair rent out of this situation?
If this is not possible I would like to gain repossession of the property for personal use. What would be the best approach for this and what notice is required by law to be given to the tenant
Thanks
