Are any apartments in Chennai inside a SEZ based on a long term (99 year) leased land basis.
Its a conecpt in Maharashtra.(pune, Mumbai, Nagpur..)
Any inputs for Chennai ot TamilNad...
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  • S, Ramanujam IT city next to Tidal park was of this concept. Exclusive invitation to select people to own an apartment mostly 3BHK, 4BHK with 99 years lease was told which i didt understand and he too told me this concept is very familiar in Mumbai and Pune- any idea how it works- meaning can we sell them in between what will happen after 99 years ??
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  • Lease hold properties are there in Chennai.

    If they are leased by Govt entity then it is not an issue. You just renew the lease after it ends. It costs very small amount of money and usually that amount is fixed.

    But if you buy them, it might be a hassle to sell, as buyers might not be aware of this.
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  • Originally Posted by snt2011
    S, Ramanujam IT city next to Tidal park was of this concept. Exclusive invitation to select people to own an apartment mostly 3BHK, 4BHK with 99 years lease was told which i didt understand and he too told me this concept is very familiar in Mumbai and Pune- any idea how it works- meaning can we sell them in between what will happen after 99 years ??


    Actually I am looking into one of Mahindra Lifespaces property in Nagpur Mihan IT SEZ. This SEZ has some 500 acres assigned for resindential townships inside SEZ..
    4 realty majors namely Mahindra lifespaces, Moraj group( Mumbai), Disha Direct-Firstcity(Mumbai) and HCL residential( realty arm of HCL tech) have launched projects there..All of them come with 99 year leased land from the SEZ owning government company( MADC-Maharashtra Airport development authority Corp)..
    and yes one can resell properties to new buyers etc
    Actually some schemes in Andheri (mumbai) and other suburns are based out of leased land from MHADA(Maharashtra housing dev. authority )..
    I was wondering if such concept exists in chennai based OMR/GST IT parks..
    I was just curious to know
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  • Originally Posted by Gootelal
    Actually I am looking into one of Mahindra Lifespaces property in Nagpur Mihan IT SEZ. This SEZ has some 500 acres assigned for resindential townships inside SEZ..
    4 realty majors namely Mahindra lifespaces, Moraj group( Mumbai), Disha Direct-Firstcity(Mumbai) and HCL residential( realty arm of HCL tech) have launched projects there..All of them come with 99 year leased land from the SEZ owning government company( MADC-Maharashtra Airport development authority Corp)..
    and yes one can resell properties to new buyers etc
    Actually some schemes in Andheri (mumbai) and other suburns are based out of leased land from MHADA(Maharashtra housing dev. authority )..
    I was wondering if such concept exists in chennai based OMR/GST IT parks..
    I was just curious to know


    I heard Marg SEZ and Mahindra world city offer apartments on lease due to SEZ law requirement.
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  • Actually leasehold is the only option to buy properties in many CBDs outside India. I remember Mahindra World city were selling with 99 years lease. You'll find most of leasehold properties on Zone 1-3 in London (25 -999 years), to renew you need to pay market price i.e. to renew flat after 75 years lease one need to pay market rates (whatever million £ it is).

    But not familiar with Indian RE lease clauses. If they say market rate then will be similar to global practice I believe.
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  • Originally Posted by Clairvoyant
    Actually leasehold is the only option to buy properties in many CBDs outside India. I remember Mahindra World city were selling with 99 years lease. You'll find most of leasehold properties on Zone 1-3 in London (25 -999 years), to renew you need to pay market price i.e. to renew flat after 75 years lease one need to pay market rates (whatever million £ it is).

    But not familiar with Indian RE lease clauses. If they say market rate then will be similar to global practice I believe.

    Looks like Mahindra lifespaces has been doing land lease construction at all locations.: chennai Mah. world city, Jaipur world city (Rajasthan SEZ)and Nagpur SEZ.
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