I have recently inherited 2 floors of a lease hold (L&DO 99 years perpetual Lease) plotted property. This dwelling is on the plotted land and was constructed in 1960 by my grandfather who was also the orginal single lessee. Since then, it has not undergone any structural changes. This is a ground plus 2 floor property and is located in NCT. Subsequent to the death of my grandfather the following events took place:
1. Based on my Grandfather’s Will, my father and my Uncle entered into a Family settlement and accordingly my Uncle got the Ground Floor and my father the First and the Second Floors. Their names were subtituted in the books of records of L&DO as co-lessee.Mutation was also carried out recognising my father as a TAX payer for First and the Second Floors and my Uncle for the Ground Floor.
2. Thereafter, after the death of my Uncle, my cousin got my uncle’s share and now after the death of my father, I got my father’s share.
3. In the meanwhile i.e. before the death of my father, my cousin sold his share to a builder on the basis of GPA/POA/WILL. This was prior to October 2011. While the builder has been able to get the mutation done in the MCD records, my cousin’s name remains on the records of L&DO.
4. As on date, I am a co-lessee along with my cousin on the records of L&DO and Mutation for the First and Second Floors is also in my name.
Now, I am exploring the possiblity of going along with the proposal of the builder which is broadly as follows:
1. That he would redevelop the property as per new bye laws
2. That I would get UGF and the First floors
3. That he gets LGF, Second and Third Floors
My questions…
1. Is it legally feasible to go in for such a deal?
2. If yes, how does one take this transaction forward ensuring clear tittle and safe gaurding my interest?
3. What is the process that needs to be followed and what is the documentation requirement?
4. What are the different Agreements and Deeds that need to be entered into?
5. How do I ensure safety and protection of my interest for now and future specially if I need to sell any or both the floors?
6. How do I ensure quality construction and timely delivery of fully redeveloped property?
