Suppose I intend to purchase a house which will be ready in 1 year. The Seller asks for 50% advance and I want to do MOU. What is the amount of stamp paper I need to use to make MOU?
Type of Transfer: Lease
Type of Property: Industrial NA Land
Is Rent Control Act applicable to "Industrial NA Land" given on a "Lease"?
A property (Industrial Non Agriculture) falling under City Survey has been given on a Lease for "Unlimited Period" around 50 years back in 1960s for a yearly rent of Rs700.
The minimum Value of the Property (as per Jantri for paying stamp duty if sold) is above Rs 1,20,00,000 in current year i.e. 2012.
I have read that normal rent rate is 1% per month of such Value. Where as currently, even the yearly rent rate is just 0.00583% of its Jantri Value.
There is no provision in the Lease deed provided for Increasing the rent.
[The property is of no use to Landlord as it cant be sold nor is it yielding any Income. The people who entered into the agreement are dead. The property is not in use since last 10+ years nor has the rent been paid in last 10years. The tenant sent money order 12+ years back to clear his dues but the Landlord rejected as it was too low even for the inflation of that period. The Land is not in use nor the manufacturing activity mentioned in the deed is carried out by Tenant. The Building too collapsed long back and its now just a plain land.]
I would like to know:
1. if the Unreasonably Low rent can be challenged in Court?
2. What percent of property value should be demanded as rent?
My question is, Is "The Transfer Of Property Act, 1882" now known as "THE TRANSFER OF PROPERTY (AMENDMENT) ACT, 2002", Applicable in Gujarat State Currently?
Is the above mentioned Act applicable to the Gujarat State?
1. Is a lease agreement for an UNLIMITED-PERIOD legally enforceable for immovable-industrial-land?
(the word 'unlimited' is written in the deed instead of a specific number of years)
2. If the above lease is done in favor of a Partnership-Firm. And the firm dissolved as a result of death of both the partners 13 years back. Does the above lease agreement become VOID?
3. Under what circumstances can the Lessor gain back the right in the property?
I would really appreciate a genuine feedback to "ALL 3 Questions" separately from the lawyers on this forum. thank you :)