ownership flat on leasehold land
mihir
(Querist) 02 June 2011
This query is : Open
Hi, I have a question regarding flats in cooperative society situated on a plot which is leasehold…
I am looking to buy a flat for myself & have seen flat in old building in mumbai. The society is registered housing society. However, the plot is not owned by the society but is given on lease by an individual. Lease period is 99 years – balance lease period is less than 50 yrs…(One may think this is long enough but considering the HUGE property prices in Mumbai this appears a limited period)
I will like to know – What happens when the lease period gets over? Are the owners required to vacate the flat?? What kind of payment is required if the lease is to be renewed?? Can the lessor ask for termination of the lease even before the lease period is over?
Does the law anyway protect the flat owners in such case when the landlord does not want to renew the lease??
Request you to kindly reply urgently.
Regards,
