a mx 14 January 2021

Procedure for landlord to buy back pagdi property

I am a landlord of a building in mumbai and I have pagdi tenants. Some tenants want to sell back the property to me. What is the paperwork I must do so that during redevelopment they don’t claim anything back . Is 66% if property value a fair payment to make to them for buying back the property ? Your valuable advise will help

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Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 15 January 2021

“There is no prescribed law about charges to be paid to a landlord for an NOC, in case you want to sell the property you bought under the pagdi scheme,” . It only prescribes that you seek the prior consent of the landlord, before transferring your tenancy. Usually the part-owner gives some portion of the sale proceeds to the original owner. As per market practices, this is 33% but it could be less or even more. However, there is no such thumb rule.you can bargain according to the current market situations.