Tenants pay a large sum of money as a one-time deposit known as a Pagdi. This deposit could be double or more than the monthly rent. The Pagdi System is a long-term rental agreement system in which the tenants have the right to rent out rooms or sell the property for a certain term. The conditions required the renter to get the owners' consent in advance and stated that, in the case of a sale, the tenants would split 33 percent or another agreed-upon percentage of the retail price. Mumbai's Pagdi system rule states that renters must pay a minimum of Rs. 500 for a house, even if market rates might reach Rs. 60,000 or higher. Moreover, the Maharashtra Rent Control Act of 1999, which was enacted on March 31, 2000, gave this framework legality.
Take the NoBroker legal assistance service to know more about the Pagdi system. Read More -What are the Rules for Transfer of Ownership in the Pagdi System?
Can I get a home loan on the Pagdi property transferred to ownership of self?
What is the Pagdi system?
Manish
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2023-05-17T09:08:11+00:00 2023-05-25T09:12:20+00:00Comment
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