Renewal lease of Mhada after 30 years
5 months ago
Does mhada demand to pay lease premium again if plot is due for lease renewal after 39 years
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. 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.
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. 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
The Maharashtra Housing and Area Development Authority (MHADA) has its own policies and rules regarding the renewal of lease for plots. Generally, when a lease period is due for renewal after a certain number of years, the landowner may be required to pay a lease premium to renew the lease. However, whether MHADA demands to pay the lease premium again after 39 years can depend on specific terms and conditions outlined in the original lease agreement, MHADA's policies, and any subsequent amendments or regulations.
The Maharashtra Housing and Area Development Authority (MHADA) has its own policies and rules regarding the renewal of lease for plots. Generally, when a lease period is due for renewal after a certain number of years, the landowner may be required to pay a lease premium to renew the lease. However, whether MHADA demands to pay the lease premium again after 39 years can depend on specific terms and conditions outlined in the original lease agreement, MHADA's policies, and any subsequent amendments or regulations.
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