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thomas (Manager)     10 May 2010

Apartment in a SEZ Zone


I have booked an apartment that is coming up in a SEZ zone near chennai and I was told that I would be signing a lease deed for a period of 99 years , since its within the SEZ. I was also told that the Lease would be renewed after the said term.

I would like to know would there be a possible renewal after 99 Years.

if I have to give away my property after a few years to another 3rd party, would it be possible and how...

Please advice



 2 Replies

srikanth kumar bandari (advocate)     11 May 2010

Mr Thomas, First of all you ought to have verified the title/ownership  of property owner when you purchase any immoable property, as far booking of the flat is concerned  in my opinion it is better to stop and ask for refund of the amount and not to proceed further, as you have clearly stated that the flat booked by you falls within the SEZ area, by signing a lease deed for (99) years you cannot become the absolute owner of the property nor you inturn cannot sale the property to any third person, your status shall be as that of a "Lease Holder" for (99) years but you shall not have any right and title to alienate the property to any other person. and last but not the least as far as extension of period of lease is concerned the time specified by you is (99) years, extension arises only when the said period is expired. so do not fall into such trap and be careful. 

bhagwat patil (Property due diligence 9422773303)     11 May 2010

In every transaction ie mortgage, alienment, transfer, you have to go for tri-party agreement.after all u r not an ABSOLUTE owner of the property, as SKB stated. follow his advice.

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