A person interested in the purchase of a flat or an apartment or any property needs to satisfy himself about the title of such property. In Maharashtra, a Promoter has to make full and true disclosure of the nature of his title, duly certified by an Advocate of not less than three years standing, and has to attach a copy of his Certificate with the Agreement for Sale as per the provisions of Sections 3 and 4 of the Maharashtra Ownership Flats ( Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963, hereinafter referred to as the MOFA.
The title of such Property may either be freehold or leasehold. In case of a leasehold property, it is in the interest of such person to satisfy himself that the terms and conditions of the Lease Deed have been complied with, so as to avoid the possibility of invoking the right of re-entry or the cancellation of the lease by the Lessor.
In exercise of the Powers under Sub-Section (1) and (3- A) of Section 113 of the Maharashtra Regional And Town Planning Act, 1966, the State Government has set up the City And Industrial Development Corporation of Maharashtra Ltd., popularly known as CIDCO, as the New Town Development Authority for the area designated as a site for the new Town of New Bombay and in pursuant to Section 113 (A) of the said Act, the State Government has been acquiring land and vesting such lands in CIDCO for development and disposal. The CIDCO lease out the developed plots for a term of 60 years by inviting tenders or by way of allotment to the various categories of the Allottees as per the rules and the guidelines framed from time to time. In this Article, the lease conditions pertaining to the Properties on Tender Plots have been discussed.
Credits: Legal Aspects of Property Transactions in Maharashtra (Book)
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