Redevelopment of pagdi properties in Mumbai
Jun 01, 2014
Source : The Times of India

 

MUMBAI: For redevelopment of tenancy properties, there are three parties between which the agreement for redevelopment is done
(1) Owner;
(2) Tenant;
(3) Builder/developer and all other processes are the same as the redevelopment of a co-operative housing society.

Here, the landlord of the property has full right over the sale of the land because of the records of the property i.e. 7/12 extracts and property papers, so the landlord makes the deal with the developer/builder accordingly and the landlord takes the profit out of the property on a permanent basis and the tenants who are in possession of the said room/flat after redevelopment, become the sole owners of the said room/flat. The rights of the landlord ceases, no rent or any kind of receipt is claimed by the landlord or any other agencies.

Landlord

A landlord is any person who receives or is entitled to receive rent, in respect of any premises, either on his own account or for the benefit of some other person.

A tenant who has further let out a premises (who is called as a subtenant), is also deemed to be a landlord for the purpose of such a type of sub-tenancy.

Owner

Owner means a person who receives the rent of the said premises, which was let out and includes ¬

- (i) An agent of trustee who receives such a rent on account of the owner.

- (ii) An agent of trustee who receives the rent of or is entrusted with or concerned for any premises, devoted to religious or charitable purposes. (Section 3 (m), Mumbai Municipal Corporation Act 1888)

For a tenancy property, a tenant is defined under section 7(15) of the Rent Control Act 1999, which is as follows: Sec.7(15) `tenant’ means any person by whom or on whose account, the rent is payable for any premises and includes

(a) Such person ¬

- (i) Who is a tenant, or

- (ii) Who is a deemed tenant, or

- (iii) Who is a sub-tenant as permitted under a contract or by the permission or consent of the landlord, or

- (iv) Who has derived a title under a tenant, or

- (v) To whom, interest in premises has been assigned or transferred as permitted.

(b) A person who is deemed to be a tenant under Section 25.

(c) A person to whom interest in premises has been assigned or transferred as permitted under Section 26.

(d) In relation to any premises, when the tenant dies, whether the death occurred before or after the commencement of this Act, any member of the tenant’s family who

- (i) Where they are let for residence, is residing or

- (ii) Where they are let for education, business, trade or storage, is using the premises for any such purpose, with the tenant at the time of his death or, in the absence of such member, any heir of the deceased tenant as may be decided, in the absence of agreement, by the court.

The provisions of this clause for transmission of tenancy shall not be restricted to the death of the original tenant, but shall apply even on the death of any subsequent tenant, who becomes a tenant under these provisions on the death of the last proceeding tenant.

For deemed tenant, Section 25 of the Rent Control Act, 1999, provides as follows:

When the interest of a tenant of any premises is determined for any reason, any sub-tenant to whom the premises or any part thereof, have been lawfully sublet and such sub-tenancy is subsisting on the date of commencement of this Act or where sub-tenancy is permitted by a contract between a landlord and a tenant, such subtenant shall, subject to provisions of this Act, be deemed to become the tenant of his landlord on the same terms and condition as he would have held from the tenant.

Latest Realty News

The opportunity in Mumbai’s inventory overhang
May 31, 2014
MUMBAI: The uncertainty in the real estate market has existed for some time now. With the market having been in a wait and watch mode and the growth figures of the Indian economy not looking so bright currently, the developers in Mumbai have found it tricky to offload their inventory. New property launches have definitely reduced in the market. This situation has led to a price reduction and handsome discounts or attractive freebies have been around for some time.
NMC property tax dept bifurcation in limbo
May 28, 2014
NAGPUR: The Nagpur Municipal Corporation (NMC) property tax department's bifurcation proposal is likely to be relegated to the back burner. The NMC union headed by BJP state president and South-West Nagpur MLA Devendra Fadnavis has opposed the proposal by leaders of BJP-led ruling alliance.
3 sell property by producing bogus owner
May 28, 2014
NAGPUR: Three men have been booked for fraud after they allegedly sold a property by bringing a bogus woman to pose as the owner, and submitted fake documents with forged signatures at the assistant district deputy registrar's office. Property owner Shama Khan, 47, a resident of Jahangir Manzil Road, Chhaoni, filed a complaint at Dhantoli police station on Wednesday evening.
Affordable Housing in Delhi,Property in Delhi,Real Estate in Delhi
May 28, 2014
MUMBAI: After facing flak for being “inhuman” when evicting residents to raze the 35 illegal floors in Worli’s Campa Cola compound last November, the BMC is now treading carefully.
‘Infrastructure will propel growth in 12-18 months’
May 26, 2014
MUMBAI: There is unison in thought among India Inc that accelerating infrastructure projects is the way forward for the new Government to recoup growth to the 8-10 per cent levels.
Buying compact homes is a wise investment
May 25, 2014
MUMBAI: Home loans rates have been slashed – If such an announcement in the paper prompts you to buy a house, count yourself among those who act in haste and repent in leisure.
To shift lenders or not?
May 22, 2014
MUMBAI: When home loan rates go down, existing home loan borrowers often wish they had delayed their decision to buy the property. Some even shift lenders when the rate difference becomes substantial. State Bank of India (SBI), the country’s biggest lender, has been advertising its ‘cheapest rate’ and encouraging existing borrowers to shift.
Builders seek lower rates, reforms
May 22, 2014
PUNE: The change of power at the Centre and some immediate policy moves can reinvigorate the moribund real estate sector, the developers and builders in the city have said.
Infrastructure drives real estate along NH3
May 21, 2014
MUMBAI: Infrastructure growth has given impetus to the real estate market across India. The widening of the eastern express highway and construction of a number of flyovers on this stretch led to the increased accessibility of Thane and adjoining areas to south and central Mumbai, resulting in rapid development of Thane and adjoining areas. Similarly, the areas along the National Highway 3 (NH3) are also likely to see considerable transformation, due to its widening into a four-lane highway.
Oshiwara is poised for growth in Mumbai
May 21, 2014
MUMBAI: Located between Jogeshwari and Goregaon, Oshiwara is the sovereign destination along with a superlative infrastructure setup and excellent connectivity to all parts of Mumbai.

Latest Realty News Of State

Realty Talk's