Hello,
I received a property by the way of gift deed from my brother-in-law who treats me like his son. The building was built over 40 years ago and i received it in 1986. The building is a commercial complex in Avenue road, Bangalore. One of the tenant has been in the shop for over 32 years (since before i got the building). I do not have the rental agreement for the same and the tenant refuses to share the copy he has. He also claims to have paid my brother-in-law a sum of money(nearly 4 lacs off the books) as "goodwill". Due to litigation on the property and mis-management, the rent has not been enhanced since the 1980. The rent then was Rs.275. He now refuses to increase the rent beyond Rs.1000 which is hardly enough to pay the property taxes. My brother-in-law is not healthy and can not confirm or deny the goodwill or the details of the rental agreement.
Can anyone help me understand the concept of good will in this case and what can be done to enhance the rent to the present market rate?
