Benefit to a leaseholder of a 999 year lease plot in mumbai
The plot of land already has a 70 year old Co-op society building on it. If the co-op society decides to opt for re-construction of a new residential building, will the leaseholder be entitled to any monetary benefit from a developer of the new building? Co-op society is not the owner of the lease. The plot is about 7,000 sq ft in size.
Asked in Property Law from Mumbai, Maharashtra
In order to build a building, the co-op society has to get a permission/sub-lease from the recorded lease holder; such permission/sub-lease does have a monetary consideration.