Hello,
i have a bungalow in a posh locality in Bhopal, MP. I am planning to derive some capital out of it now. I learnt that the cost of getting it converted to a commercial property would cost me around Rs.70 lakhs, which is not a viable option for me.
1.Can the learned lawyers please help me here and suggest activities which could be legally carried out ina residential premises considering that all the properties on the street are of commercial nature.
2.Also,I would be grateful if you could throw light on the 20% area rule, wherein you can use the area of the residence for commercial , non manufacturing purposes.
3.I was hoping to lease out the place to a dentist or a doctor, but is the rule such that the use of a non commercial for a clininc is permitted only if the dentitst owns that place?
4. IF you have any suggestions on how i could put this property to use, considering I do not want to sell it off.
