Pagdi system - rights as a tenant to sell the property
Points to be pondered before real question:
1. I am residing in this building since 1983. Taken on a pagadi basis 50k (receipt available). All the documents are in place. Right from the tenant society agreement to the rent receipts till date.
2. Electricity bill is in my name. Every other expenses related to the house is taken care by us as the tenants.
3. My daughters got married and shifted there base from the city. Even I want to shift to my base in Ratnagiri.
4. However, the honourary builder ( power of attorney issued by the owner to him), has asked us to vacate the house if we are interested.
5. The property value is approximately 20 Lacs. However, he is insisting on selling the flat (310 sqft) and he will give up around 2 Lacs or so.
6. Is it feasible to take whatever we are getting right now and hand over the flat to him or shall we keep paying rent, maintenance, taxes etc and keep it.
Thanks in advance
Asked 8 years ago in Property Law
Religion: Hindu
Also the building might go into redevelopment by government. So can we expect a better deal out of it? Or shall we negotiate with the builder and settle the deal for 3 lacs. Need your expert advice. Ps. The property is 30 plus years old. In a prime location.
Asked 8 years ago