Hello Hon'ble members,
I need Urgent help !! We Own a Building where we have total 25 flats, out of which 17 are given on ownership basis , 3 are occupied by my family and 5 on Rent [pagdi system] since last 30 years now.
Building was built 30 years back
Now the 5 tenants on pagdi system wants those flats on ownership basis,so i agreed for a meeting.
The 5 tenants on pagdi system has been paying a monthly rent of 50 Rs. since 30 years,They given the deposit of 20,000 rs 30 years back.
Initially we use to Pay property tax ourselves but since last 18 years they have been paying property tax since the rates have gone high and it was not possible for us [owners] to pay property tax.
I agreed to give them the flat on ownership and we called a meeting,In the meeting they proposed me to give me 1.5 lakh rs each lumsum and called for settlement.
But the present market rate here is 8000 rs per sqft and i feel the amount 1.5 lakh is to low to settle,also i am thinking of re-development of the building soon.
So i need expert adivce that what is best for me,should i make settlement with them now or handover them to builder at the time of redevelopment,what is more profitable ?
If i should make settlement with them now ! then what should be the rate at which i should give them ownership rights [given the market price is 8000 per sqft and Building will go for redevelopment] ?
NOTE : The carpet area of all the flats is around average 350 sqft each
total 5 flats.
I am from Mumbai
