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,

When you are buying a apt, you are also buying the FSI/land along with it, and the socities re-build themselves in 20-30 years time, so basically your sons and grand-sons will enjoy if you buy a normal property now (Conveyance has to be transferred in your name by the builder)...

So,megapolis - you are just paying a rent to the builder+MIDC for stay here for 99 years, for me, --- its much more economical to put it in a -- FD/MIP and just pay the rent with it.....Its like ---

"You are paying for a Wife - But you are only getting is a Girl -Friend "

Here " You are paying for FSI + construction/right to occupy for 99 - But you are only getting construction+right to occupy 99"..

I wouldnt buy it even at 1500, even if I consider the land costs at 1000 Rs per sq feet !

kedarp

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.

mahesh pune

MIDC msut have taken this land from farmers at cheaper rates for IT part and now they are giving it for builders at cheaper rates under leaseagreement. This is part of buider lobby operating to use government land at cheaper rates by paying few penny as rent. (Lavasa fraud is in same line but different way.)

kedarp

This is quite possible. But it is also possible that MIDC normally earmarks some part for residential purpose. In this case, this was given to Kumar for development. This may be at cheaper rate, but not penny rate. That is the reason, Kumar has to be rope in Avinash Bhosale. Lease cost is in three digit crores.

pcpune

According to MIDC rules, the land cannot be leased or transferred for more than 30 years. HEnce,this new agreement for 99 years is NULL and VOID?

kedarp

Not sure. Where did you read this?

Also what is not clear that if legal agreeement between two parties becomes null and void with retrospective effect if the rules are changed later on.

aditi sharma

Here are MIDC industrial land rate for Pune IT region. Rates are per sq meter. you can check them at
http://www.midcindia.org/Pages/FilterLandRates.aspx?IndusArea=All&Region=Pune%20I T



Rates are per sq meter.
Kharadi Knowledge Park 1,000.00
Rajiv Gandhi Infotech Park, Phase I - Hinjawadi 2,000.00
Rajiv Gandhi Infotech Park, Phase II - Hinjawadi 2,000.00
Rajiv Gandhi Infotech Park,Phase-III-Hinjawadi 2,000.00

Talawade Park700.00

kedarp

Probably this rates are for actual industries. What I seen is actual agreement between MIDC and Pegasus Properties.

pcpune

I dont remember, but I sure I read somewhere that MIDC has leased Phase 3 Hinjewadi for 30 years only. Now, the builder is smart enough to NOT attach this agreement along with his original agreement.

However, builder can payoff some amount to MIDC and ask it to lease for 99 years instead of 30 years, and could make the deal "legal".

I dont think the builder is any mood to do so, it will left to the buyers after 30 years -- to get this renewed from MIDC.

For me, WHY BUY A LAND/FLAT where you DONT have ownership rights ?

mahesh pune

Kumar must have rope in Avinash bhosale to get land as he is NCP member and close to saheb. He is expert in all such land deals.