Transfer of Land taken on lease from MIDC to Another compan

Amit (Querist) 03 July 2009 This query is : Resolved
Dear All,

I am working with one construction company situated in Pune. we had taken the land on Lease of 95 yrs from MIDC in Raigadh dist.

Now we want to transfer the same land to another our friend concern.

Can we do so????

Please guide me on above matter

Regards
Amit

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PALNITKAR V.V. (Expert) 03 July 2009
Since you have taken the land on lease, you can not transfer it to third party without consent of MIDC except where the lease agreement allows you to do so.

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A V Vishal (Expert) 03 July 2009
Yes, Palnitkarji has rightly advised, much depends on the covenants of the lease deed about sub lease. In case there is no clause then you require prior written approva; of MIDC to sub lease the land even though the sub lessee is your sister/friend concern.