Buildings or apartments known as SRA flats are made available to slum residents by Mumbai's Slum Rehabilitation Authority. Generally, there are two types of SRA flats, the first is when a slum resident receives an SRA flat in exchange for giving up his current residence. On the other hand, it is the second one where developers sell the apartments on the free market. And if you own one and are thinking of giving it on rent, you must read this to know can SRA flats be given on rent.Know about property renting and other laws from the experts at NoBroker.Rent out a flat easily at effective pricing by opting for NoBroker landlord plans.
Can I rent flats of SRA?
No, you are not permitted to rent the SRA apartment because it is solely intended for personal use. Any such transactions are prohibited by law since SRA unit owners are not permitted to sell or rent their properties for 10 years. On the other hand, a lot of property owners rent out their apartments. This helps you understand can SRA flats be rented.
What rules of SRA flat on rent?
Poor families who qualify for the SRA programme receive free homes, but they must wait 10 years before they may resell or rent them. An amount equal to stamp duty or Rs. 1 lakh, whichever is larger, is due to the state government for properties sold after the lock-in period. Although 13,000 SRA flat owners in Mumbai violated the lock-in period and resold their homes between 2011 and 2017. These owners will be required to pay a penalty equal to 10% of the current ready reckoner rate to the state government regardless of the new decision to reduce the lock-in time by half. Can I rent flats of SRA projects must be clear to you now.
What are the qualifications for purchasing an SRA apartment?
A domicile certificate is required for the purchase.
Neither the buyer nor any members of their family should have a home within the boundaries of the Brihanmumbai Municipal Corporation (BMC).
The purchaser must be a member of the Middle Income Group (MIG) or the Economically Weaker Section (EWS), respectively (MIG). If required, the sale deed will be prepared in the names of the husband and wife.
Partnership businesses or organisations cannot purchase SRA properties.
An SRA apartment cannot be purchased by the primary recipient.
The SRA rent rules are straightforward. As the owner of an SRA flat, you cannot sell or rent your property for a decade, that is 10 years. If you do such a thing, it will be considered illegal, and you may face severe consequences for it.
Can I rent my SRA flat?
The direct answer is No. You cannot rent your SRA property unless you get an NOC or No Objection Certificate, from the government. This is why you should also go through the terms and conditions of the agreement you signed and agreed to.What happens if SRA property is rented out without permission?If you rent your SRA property without informing the government or local authorities, the tenant will be asked to vacate the property right away and the owner might lose the property if proven guilty. There are many risks involved in renting out an SRA property so you should refrain from carrying out such activities. If you really want to rent your SRA flat, make sure you wait for 10 years before renting your property and fill out theSRA form. I will still suggest you discuss this with a legal expert before renting out your property. Consult with NoBroker’s Expert Advocates for Your SRA Property-Related DoubtsRead More:What is the procedure for transferring SRA flat from mother to son?
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Can SRA flats be given on rent?
Neha
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March 6, 2023
2023-03-06T20:29:52+00:00 2023-03-15T01:35:07+00:00Comment
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