rocky (project hand) 25 March 2014

Lease agreement

Dear Sir,

I am a retired employee of PSU Steel ( Maharatna) company. During 2001 our company initiated a scheme in which quarters were leased to the employee.The lease agreement reads like this -THE LEASE AGREEMENT IS FOR 33 YEARS INITIALLY AND RENEWABLE FOR 2 LIKE PERIODS ?

So my question are

1. lease period is for 33 years or 99 years?

2. if it is for 33 years What is the amount that has to be paid for its renewal ? nothing is mentioned in agreement?

3. is there any legal way to confirm from my company regarding renewal premium etc ( RTI etc etc)

Regards

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2 Replies

Advocate Ravinder (Advocate/Attorney) 25 March 2014

After 33 years, the terms of lease agreement will be completed. For renewal,both the parties should enter into terms and conditions again and have to sign again. Renewal is equivalent to fresh agreement only. You may frame fresh terms and condition according to your wishes.

T. Kalaiselvan, Advocate (Advocate) 26 March 2014

If you do not get any information in this connection from the administrative office of your company dealing with estates of the company, you may try RTI route to get the same. It will be difficult to give an opinion without seeing the papers containing the terms and conditions recited in it.