Housing Society Lease renewal by MHADA
7 months ago
After 30 years of Lease will we have to pay MHADA again for the land ? Also what will be the approximate cost for renewal?
A.Dear Client,
The Maharashtra Housing and Area Development Authority (MHADA) has proposed to link the ready reckoner rates with the lease rents. The proposal was shared by MAHADA in February this year based on the resolutions passed by MAHADA boards. The proposal also includes revising lease rents every five years. Also, the renewal of leases must be done in proportion from 30 years to 90 years. The annual lease rent for areas outside Greater Mumbai for individual residential plots and housing society plots will increase by 1%. However, the area for these plots must range between 25 square meters to 50 square meters. The annual lease rent for these areas will be calculated at 25% of ready reckoner rates during renewals. Also, for areas that are above 50 square meters, the annual lease rent will increase by 2.5%. The lease rents for commercial establishments will increase by 5%. The annual lease rent will also increase by 0.5% for the socio-cultural, religious, and educational organizations.
The Maharashtra Housing and Area Development Authority (MHADA) has proposed to link the ready reckoner rates with the lease rents. The proposal was shared by MAHADA in February this year based on the resolutions passed by MAHADA boards. The proposal also includes revising lease rents every five years. Also, the renewal of leases must be done in proportion from 30 years to 90 years. The annual lease rent for areas outside Greater Mumbai for individual residential plots and housing society plots will increase by 1%. However, the area for these plots must range between 25 square meters to 50 square meters. The annual lease rent for these areas will be calculated at 25% of ready reckoner rates during renewals. Also, for areas that are above 50 square meters, the annual lease rent will increase by 2.5%. The lease rents for commercial establishments will increase by 5%. The annual lease rent will also increase by 0.5% for the socio-cultural, religious, and educational organizations.
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A.Dear client,
Those whose lease period is over will now have to pay rent according to the ready reckoner value, increasing the land lease rates — in some cases, by an astronomical 18,000 times. The lease period has been restricted to 30 years.
Those whose lease period is over will now have to pay rent according to the ready reckoner value, increasing the land lease rates — in some cases, by an astronomical 18,000 times. The lease period has been restricted to 30 years.
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