However, if a buyer intends to purchase an estate property, he or she should confirm whether the seller has received a transfer memorandum from the local development authority. With smaller lease periods, project owners could face challenges in purchasing construction funds. 1. By a deed of lease of ________ No_ _____ of Book No. 1, registered in the office of the sub-register in ___ the owner has transferred to the seller the land and premises in ____ and has described it in particular in the list below; which is written for a period of 999 years, from the day of ____ to the annual rent of Rs. ______ and the covenants, conditions and conditions mentioned therein. . and considered null and void in accordance with Article 55(2)(a)(ii). Prior to the AO, it was stated that the lease of the land was acquired in 1954. The lease in question was for a period of 999 years. Therefore, if 12 years have elapsed since the execution of the deed of transfer, it is considered that the housing authority has accepted this deed of transfer as valid and binding When purchasing a property of inheritance law, the buyer must confirm that the seller has a transfer memorandum from the local development authority.

The deed of transfer must be revoked and a newly registered sublease agreement can be concluded. There are cases where rent and leasing tend to be used synonymously, but the two terms differ with respect to the rights and obligations of the landlord of the tenant or lessor. . . .