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nawaz ansari   09 December 2021

99 years lease details

hello... I'm from mumbai. I want to know how I can get details of building 99 years lease details. From which department I can get. what is the procedure to get details


 1 Replies

Anaita Vas   20 December 2021

In real estate, the properties are of two types: leasehold properties and freehold properties. A property can be leased out for a period of time between 30 years to 99 years. 

99 years lease is basically if anyone has purchased the land as a 99 year leasehold, that person will be the owner of the property for 99 years only after that the land will be given back to the original land owner. 

If a property is leased out for 30 years, it can be renewed when the lease expires, after the payment of the lease amount. 

When a 99 year lease expires in India, following are the options which may happen:

  • The original owner of the land can reclaim the ownership of the land after the 99 year lease agreement expires.
  • 99 year Lease tenure can be extended by signing a 99 year lease agreement again, which must specify the nature of the rights, duties of the lessee and the lessor and all the terms and conditions. 99 year lease agreement format is available on various websites and portals.
  • The owner of the land can convert the property into the freehold property after the 99 years lease agreement expires, for which he has to pay certain duties and charges.
  • The value of the leased property usually falls when the 99 years lease expires. 
  • The developers and builders prefer to build flats on the leasehold land as the rates of the leasehold properties are quite less than the freehold properties.

This is everything about 99 year leasehold meaning. You can find 99 years lease agreement format online easily. 

 

Regards,

Anaita Vas


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