Legal Question in Real Estate Law in India

i have booked a flat by a reputed builder in mumbai.But the land that is used is a leased land and its lease period is 30 and additional 30 years so total 60 years.. i am worried ..and pls inform me of the procedures after the said 30 and 60years .is it that il have to leave that flat.which means i am paying so much just for around 60 years of stay.is it advisable to go ahead and will i face problems in the time of lease expiry???. The land is belongs to MHADA and around 700 flats and shops will be constructed in this development land. Separate buildings are constructing for the tenants. This development land is located in Goregaon Mumbai.


Asked on 7/20/13, 2:28 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

20.07.2013

Dear Sir / Madam,

MHADA is supposed to be acquiring and reclaiming a lot of land all along the Arabian Sea coastline in the Western suburbs of Mumbai between Andheri and Virar. 60 years is a long period of time ... live and enjoy the pleasant moment and memory of having booked a flat in Mumbai ... do not think too deep into the future and spoil your present. And your payment schedule with the builder will be in keeping with the progress of construction ... you pay as you see the upcoming construction of your building.

Now, to answer what happens after the completion of the lease period. The day the Building Completion Certificate (BCC) is obtained by the builder from the Brihanmumbai Mahanagarpalika (BMC), that very day all the proposed members who have purchased flats in the building meet together for the formation of the Society, get it duly registered and issue Share Certificate to all the members. Which means during the time period between obtaining the BCC and the Occupation Certificate that the builder processes, the Society is already functioning for ensuring that the builder duly completes the building in all respects. After the lease period of 60 years, the Society as a body corporate will deal with MHADA.

Regards,

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Answered on 7/20/13, 3:30 am


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