Corpus fund
Amit
(Querist) 23 April 2014
This query is : Resolved
sir I am Amit staying in the city of mumbai in one of its suburbs area. Our building is a Tenants property where The Trusts are the owner. now the trusties have sold the said property which is around one Acre for an undisclosed amount to a builder . The builder will constuct Two buildings one for us and another for him which he will sell. Now after construction our flats will be on an ownership basis. Now my rent is around 1000 rupees today. After redevelopment my cost of staying will be somewere around 4500 t0 5000 rupees.in the new flat. now According to law a person in a redevelop new flat according to The Maharashtra Rent Control Act , should get corpus fund according to the cost of his new flat. Bur here I am getting only 2 lakh rupees which I keep in Fixes Diposit in any bank will get only 1400 rupees per month. so I have to shell 3000 or more in new flat. so can I challenge legally to get more corpus fund according to the Rent Act.
Dr J C Vashista
(Expert) 23 April 2014
Although Rent Control Act is protecting the interest of tenants but being a mutual agreement for payment/receipt of Rs. 2 lakh, the law will honour it.
Explain the facts to your lawyer, seek his/her advise and services and proceed.
Rajendra K Goyal
(Expert) 23 April 2014
Consult a local lawyer and show him all the papers. you should agree to the proposal as you are going to get better accommodation.
ajay sethi
(Expert) 23 April 2014
1) you are lucky indeed . from rental flat you are becoming owner of flat .
2) your maintenance is not going to increase to Rs 5000 per month as feared by you . the maintenance charged depend upon facilities provided by builder .
3) the sum of Rs 2 lakhs being offered as corpus to you is a reasonable sum .
4) you can always sell your flat on taking possession if you so desire
Amit
(Querist) 23 April 2014
yeah and more 1.5 cr corpus fund will be kept with society being formed after redevelopment. I .e. in my account 2.1 lacs. with the society other than 2 lacs with me.
Amit
(Querist) 23 April 2014
more I want to ask is that I will only be allowed to sell the flat after redevelopment and not before redevelopment. still one more thing I want to ask is that what I was told that since it is a tenanted property till the new building being made what I am being told is that I cannot make a nominee cause it is a tenanted property till the new building and new society is formed .is that any other way that I xan make a nominee even in a Tenanted property.
T. Kalaiselvan, Advocate
(Expert) 24 April 2014
Nomination can be made for shares in the society, in your case the society is yet to be formed hence question of nomination does not arise now.
