Dear Sir, My query involves a sale of tenanted building in North Kolkata. Unable to sale the same due to high price of registration due to the escalation of the valuation of the building in Kolkata. The building has 25 tenants and would sell the tenants each portion they occupy under 99 years lease agreement.Can the same be done and is registration required for each portion. Kindly advise on the legal course of action.
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Sir that won't be sale it will be lease and yes it possible vide a registered lease deed for the period of 99 years.
Yes the registration is required further stamp duty is also to be paid as per section 17 registration act when any right in immovable property is created same need to be registered compulsorly.
You can execute lease deed for 99 years in favour of tenants fir portion occupied by them
2) registration of lease deed is mandatory requirement
1. Lease for a fixed period beyond one year requires mandatory registration.
2 Assignment of lease beyond 25 years is treated as sale and hence the stamp duty would same as sale deed only.
3. However sale of tenanted premises attracts rebate of around 10% in the calculation of market value.
4. So take action keeping these factors in mind.
Firslty, Sir, registration depends upon the number of different dwelling units at one place.
Secondly, if all 25 tenants are on different numbers then you may have to register each of them separately.
Thirdly, and it would be good plus advisable to get the registration of each separately to avoid any future problem.
1. lease is a kind of transfer, hence registration is compulsory
2. even if you lease the individual tenements to your tenants for 99 years, full stamp duty will have to be paid on each portion
Dear Client,
Lease Agreement will be cheaper, registration fees shall be acc. 2 % of yearly rent. It can be done in single lease deed as with regard to single property but become hotchpoch, as details of 25 tenants and details of portion etc.
Same fees will be leviable, so execute 2 3 deeds of 8 8 tenants.
1. Lease deed is required to be registered.
2. The stamp duty for the registration and also the registration fee will be borne by the leasee/tenant and not by you.
This is a leasehold property hence the land cannot be sold.
The sub-leased portions can be let out by a registration deed, and they may have to be registered as individual unit only.
The tenant will bear the expenses.
