paghadi title clearance
1 year ago
we have a paghadi house in south mumbai for almost 100 years. the rent receipt is on my grannys name. who has died. her successors are my dad and uncle. my dad to expired 2 years back. so we need to transfer the rent receipt on my mom and uncles name. landlord is demanding 35% of the mkt value for this change. is it a valid demand? property is soon expected to go for redevelopment
A.Dear Sir,
RIGHTS OF PAGDI HOLDER
Q1. What is Pagdi system in Mumbai?
Ans. The Pagdi system is a pre-independence rental law that gives the tenant certain ownership rights over the rented property, including the right to sub-let the property or even sells it while giving a share to the original owner.
Q2. Is the Pagdi system legal in India now
Ans. While there are efforts to modernize or abolish the archaic Pagdi system altogether, the system was made legal as per the Maharashtra Rent Control Act of 1999 and came into effect in the year 2000.
Q3. What happens if my owner wants to sell the Pagdi property I’m renting?
Ans. If the original owners choose to sell the building with its land to a new real estate developer, you as a tenant will be given a substantial percentage of the current sale amount to vacate the premises.
Q4. Can I save on taxes on the sale of a Pagdi property I am renting?
Ans. The amount received from the sale of the Pagdi property is a capital asset and you can save tax on such long-term capital gains by reinvesting in a new home.
Q5. Can I get a home loan on a Pagdi property?
Ans. Getting a home loan on a property under the Pagdi System can be difficult, as many ownership issues remain prevalent with old properties. If you want the property rights transferred to your name, you need to establish your ownership rights for the banks to approve your loan application.
RIGHTS OF PAGDI HOLDER
Q1. What is Pagdi system in Mumbai?
Ans. The Pagdi system is a pre-independence rental law that gives the tenant certain ownership rights over the rented property, including the right to sub-let the property or even sells it while giving a share to the original owner.
Q2. Is the Pagdi system legal in India now
Ans. While there are efforts to modernize or abolish the archaic Pagdi system altogether, the system was made legal as per the Maharashtra Rent Control Act of 1999 and came into effect in the year 2000.
Q3. What happens if my owner wants to sell the Pagdi property I’m renting?
Ans. If the original owners choose to sell the building with its land to a new real estate developer, you as a tenant will be given a substantial percentage of the current sale amount to vacate the premises.
Q4. Can I save on taxes on the sale of a Pagdi property I am renting?
Ans. The amount received from the sale of the Pagdi property is a capital asset and you can save tax on such long-term capital gains by reinvesting in a new home.
Q5. Can I get a home loan on a Pagdi property?
Ans. Getting a home loan on a property under the Pagdi System can be difficult, as many ownership issues remain prevalent with old properties. If you want the property rights transferred to your name, you need to establish your ownership rights for the banks to approve your loan application.
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A.Dear Client
Under the pagdi system, the transfer of name can happen if you obtain the NOC from all the legal heirs. Since your grandfather and father have passed away, you can get the name changed on rent receipts to your mother's and uncle only if all the heirs of the pagdi property agree to it.
Please be aware that the landlord cannot demand it. As he is doing, you can reach out to the court and submit the succession certificate, NOC and rent receipts of regular rent payment.
I would advise you to approach your known lawyer and get better clarity on the same and proceed with further steps.
Hope this helps.
Under the pagdi system, the transfer of name can happen if you obtain the NOC from all the legal heirs. Since your grandfather and father have passed away, you can get the name changed on rent receipts to your mother's and uncle only if all the heirs of the pagdi property agree to it.
Please be aware that the landlord cannot demand it. As he is doing, you can reach out to the court and submit the succession certificate, NOC and rent receipts of regular rent payment.
I would advise you to approach your known lawyer and get better clarity on the same and proceed with further steps.
Hope this helps.
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