Quote:
Originally Posted by pcpune
Well, I have had a lease of 99 years for one of my uncles. Very old property - given on lease TO govt, the lease rent is same for 100 years, and you have to give back your property. In this case, after 99 years, MIDC will want the land back, and hence your grandsons will NOT enjoy the legacy left behind by your sons.
I WILL NEVER PURCHASE A PROPERTY ON A LEASED LAND - ITS THAT SIMPLE,
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pcpune, I have read lease agreement between Megapolis and MIDC. At the end of 99 years, lease will be renewed. This is the same clause for all companies in MIDC. Only problem I see with this arrangement - when you sell your flat, there will be some NOC and charges to be paid to MIDC.