Lease Renewal
3 weeks ago
As on today, if lease period of a society on MHADA land under redevlopment will be over in next five years. Then what are the charges levied for lease renewal and up to how many years lease will be renewed. How it is calculated based on land area. Also what are the annual lease rent to be paid to MHADA every year ?
A.Dear Client,
According to a 2019 notification by MHADA, lease renewals are now limited to 30 years, with rents revised every five years. MHADA proposes linking lease rents to ready reckoner rates, with renewals spanning 30 to 90 years. For individual residential and society plots outside Greater Mumbai, annual lease rents increase by 1%, calculated at 25% of ready reckoner rates for areas between 25 to 50 square meters. Areas over 50 square meters see a 2.5% increase. Commercial establishment rents rise by 5%, while socio-cultural and educational organizations face a 0.5% increase annually.
According to a 2019 notification by MHADA, lease renewals are now limited to 30 years, with rents revised every five years. MHADA proposes linking lease rents to ready reckoner rates, with renewals spanning 30 to 90 years. For individual residential and society plots outside Greater Mumbai, annual lease rents increase by 1%, calculated at 25% of ready reckoner rates for areas between 25 to 50 square meters. Areas over 50 square meters see a 2.5% increase. Commercial establishment rents rise by 5%, while socio-cultural and educational organizations face a 0.5% increase annually.
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A.Dear Client,
As per the Notification circulated in 2019 by MHADA, no lease is now renewed for more than 30 years, and rent is revised every five years. The Maharashtra Housing and Area Development Authority (MHADA) has proposed to link the ready reckoner rates with the lease rents. MAHADA shared the proposal 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.
As per the Notification circulated in 2019 by MHADA, no lease is now renewed for more than 30 years, and rent is revised every five years. The Maharashtra Housing and Area Development Authority (MHADA) has proposed to link the ready reckoner rates with the lease rents. MAHADA shared the proposal 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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