Tenancy
vinayak
(Querist) 06 March 2012
This query is : Resolved
We are tenant in a premises from last 35 years. now without our knowledge the owner's heirs has entered into agreement to sale with the developer. The owner is no more. However the developer has given us two option either a unit in the redevelopment building or money. If we opt for the unit how much we have to contribute towards getting ownership right and towards cost of construction of new unit. The current unit is commercial one and is locked as the building is not in the position to carry on the business. the keys are still with us.
kindly guide us if we opt for money what percentage of the current market rate the builder has to pay the tenent? and if we opt for unit our contribution to get ownership right and cost of construction.
thanking you all in anticipation.
sanjeev murthy desai
(Expert) 06 March 2012
you are only tenent of that premises. Y developer given a proposal for new unit/money. i think there is something hidden in the fact. Developer has only enforcing rights and not a ownership. You should have to ask the owner heirs to get the absolute rights over the property.
ajay sethi
(Expert) 06 March 2012
opt for redevoped unit . it depends upon terms agreed after mutual negotiations .
if you urgently need money take money . it would depend upon market rate of property . you can expect 65%of market rate .
ajay sethi
(Expert) 06 March 2012
you dont have to pay for construction . developer will do so . you are reaping fruits of your inevstments made earlier .
one word of caution dont sign agreement unless it is vetted by a lawyer
