class="MsoNormal" style="text-align: justify;">The Government of Maharashtra on November 06, 2023, issued the Maharashtra Municipal Corporations (Transfer of Immovable Property by Lease and Renewal of Lease) Rules, 2023 in supersession of the Maharashtra Municipal Corporations (Renewal of Lease or Transfer of Immovable Property) Rules, 2019.
These rules shall be applicable for the transfer of immovable property of the Municipal Corporation by lease, renewal of lease, or sub-lease thereof to the third party, with the approval of the Corporation.
The following provisions have been stated:
• Procedure for Lease of Corporation Property:
(1) Transfer of Corporation property shall be by, —
a) lease or renewal of lease;
b) lease on a Built, Operate, and Transfer (BOT) basis.
(2) Transfer of property on a Built, Operate, and Transfer (BOT) basis – The Corporation property shall be transferred on a Built, Operate, and Transfer (BOT) basis in the following ways:
a) The commercial complexes or shops constructed by the Lease Holder on the land owned by the Corporation by charging a premium equivalent to the current market value as specified in the Annual Statement of Rates published under the provisions of the Maharashtra Stamp (Determination of True Market Value of Property) Rules, 1995 and taking into account the valuation guidelines therewith;
b) The commercial complexes or shops constructed by the Lease Holder on the land owned by the Corporation which are given on further lease on annual lease rent but without charging of premium.
• Duration of Lease:
The duration of the lease or renewal of the lease shall be decided mutually by the Corporation and Leaseholder. The lease period shall be up to 10 years at the first instance. The total period of the lease shall not be more than 30 years.
This notification will come into force from November 06, 2023.
For more information, kindly refer to the document attached.
[Notification No NAMPA-1221/C.R.166/UD-26]
