Purchase of property under pagadi by transfe rrent receipt
pawan
(Querist) 02 November 2019
This query is : Resolved
Sir,
Want to buy office room in mumbai under pagadi system. I understand they will issue rent receipt in my name. Now i need to know the details and legality of transaction.
Modus operandi, : any documents to prepare other than rent receipt ....and need to be registered ... any guideline value.... payment to pagadi owner or to both pagadi owner and actual owners? stamp duty/ taxes to be paid for the same..... whether legal ?
After transfer of rent receipt in name of purchaser can new pagadi owner sublet the property ? ....can he resale also with profit/ losses ? can he be evicted on ground of not using the premises ?
in case of redevelopment whether new pagadi owner need to pay redevelopment charges for 240 sq feet room ?
Hemant Agarwal
(Expert) 26 November 2019
1. Pagdi system properties CANNOT be purchased /Sold. Pagdi System properties can be duly Transferred via a duly Stamp Duty paid & Registered "Tenancy Transfer Agreement", PROVIDED the landlord & the old tenant are confirming & consenting signatory parties to the agreement.
2. Subletting or other parameters, relating to Pagdi system properties is possible ONLY with the written consent of the LandLord. Such Clauses can be incorporated in the Pagdi Transfer Deed.
Keep Smiling .... Hemant Agarwal
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