1) As the property is booked on joint ownership. You can make a WILL, if tomorrow anything goes or happen any wrong with you all your fifty percent share will transfer on your parents name.
Mhada property power of attorney
Dear Sir, I got mhada property in Mhada lottery at virar, Mhada giving allotment of this property to me and my wife, since last some year my marriage life is not going well, but i want to buy this property and want to give authority to my parents, I want to built security for my parents if any chance something wrong happen my parents can claim on that property. please advice
Asked 7 years ago in Property Law
Religion: Hindu
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10 Answers
See since the property is allotted to both you and your wife technically both will have equal share in same or the wife if agrees can relinquish her right in your favour. So you can offer her amount and can ask her to relinquish her right over the property.
Further for your share you can make a will in favour of parents in case anything goes wrong.
You can't transfer the property of mhada initially. Still you can gift the same if you want later. You can pay for the same. You can also bequeath the same in your will
1. You can file request application for MHADA to delete name of wife in the allotment letter.
2. A Stamp Duty (500/-) paid Registered Power of Attorney (POA), can be given to parents for handling any & all matters related to the MHADA flat. However POA does not give any property rights to the parents. For this you may execute a proper Gift Deed for the purposes.
Keep Smiling .... Hemant Agarwal
Dear Client,
You an gift your share in property to your parents. Who is contributing in purchase ? if only you than get the ownership declare in your soul name than gift the property to your parents to made them absolute owner. or can purchase in their name.
You can execute will bequeathing your 50 per cent share in property to your parents
2) will should be attested by 2 witnesses
3) registration of will is optional
It is more Better execute a registered will.
Incase in future if you want to sell the said property you can sell without any dispute .
If the mhada rules permit you to buy this proeprty on your name alone, then you can do it
For Resale Mhada had the condition that once A gets flat from Mhada through Lottery then he can sell the Flat only after 5 years.
For buying the property through your GPA, i.e., mother or close relative on your behalf, you may consult the authorities for any local rule or restrictions on it.
if you are allotted property under a MHADA scheme, then you are required to hold it for stipulated period and in that period you cannot transfer or create any interest over this allotted property
however you can give a power of attorney to your parents to manage the property on your behalf
please be informed that even if above POA has a power to sell clause, that will be of no use if the property is sought to be sold within the stipulated period
This is my response to you:
1. You can make a Will in favour of your parents;
2. You can also execute a POA but that cost will be large while registering it;
3. Consult a local lawyer, state full facts and take steps.
