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Encumbrance certificate discloses charge on property
The significance of a no encumbrance certificate and how you can obtain it An encumbrance certificate specifies charges created on a property. A property may be mortgaged as a security for a debt or obligation. In any transaction of sale or purchase of property, a no encumbrance certificate is a very important document. It is [...]
Continue reading...Rights of a mortgagor
12. March 2010
The Transfer of Property Act gives certain rights to the mortgagor Amortgagor is one who mortgages his property to the mortgagee as a security for the repayment of loan and interest thereon. The Transfer of Property Act confers certain rights to the mortgagor. The mortgagor has certain rights after payment of the mortgage money to [...]
Continue reading...Service tax on commercial property
6. March 2010
While a service tax on commercial property seeks to introduce greater transparency in the transactions involved, the immediate downside is also quite apparent Budget 2010 intends to bring all lease agreements pertaining to commercial property, including offices, business centers, shop and malls, cold storage facilities and warehouses as well as all other premises used for business [...]
Continue reading...20 yrs on, woman makes builder pay
20. February 2010
Mumbai: Twenty years of running from pillar to post has finally brought some good news for 56-year-old Air India employee Jaya Shetty, who had booked a flat in 1990 but was never granted possession. The Maharashtra State Consumer Dispute Redressal Commission recently ordered the builder to pay back the principal amount of Rs 1.72 lakh, [...]
Continue reading...Time for a realty regulator?
20. February 2010
End users have for long demanded a real estate regulator to safeguard their investment, saying that it is the single largest investment a person makes in his lifetime. But, many developers are against it, arguing that they may be targeted, and that the regulator would only add to red tape Are you a victim of [...]
Continue reading...Look at some legal formalities you will have to complete before moving into your home
20. February 2010
Here’s a look at some legal formalities you will have to complete before moving into your home After having got the home loan sanctioned from the bank, it’s time you look at documents you will be required to submit before moving into the apartment you’ve decided to purchase. We list some of them here. Stamp duty is a [...]
Continue reading...NGO fined Rs 40 lakh
14. January 2010
FRIVOLOUS PETITION BMC, plot owners, developers prove construction was legit, HC raps NGO The Bombay High Court on Wednesday dismissed as frivolous a PIL filed by citybased NGO, Bhrashtachar Nirmoolan Sangathan, and ordered it to pay a cost of Rs 40 lakh. Observing that such PILs waste the court’s time as well as public money, Justice J [...]
Continue reading...Firm to pay for not issuing sale deed
8. January 2010
The written statement of the company is a bundle of lies to justify their inaction in issuing a sale deed to the complainant CONSUMER DISPUTES REDRESSAL FORUM Consumer Disputes Redressal Forum has held Shalimar Estates Pvt. Ltd., Chandigarh, guilty for not issuing the sale deed of a residential plot to the complainant despite payment of all [...]
Continue reading...Model Real Estate Regulation Act- A Boon for Buyers
4. January 2010
Urban India has seen a boom in the realty market with the prices skyrocketing, largely due to limited spaces and high demand. However, the realty sector in India has been majorly unregulated, leaving customers harassed at the hands of builders and real estate agents in cases of project delays, misrepresentation and fraud by the builders. [...]
Continue reading...Taxing questions : Home buyers will benefit if real estate comes within the ambit of GST
2. January 2010
Real estate in India is subject to a multitude of taxes at both Central and state levels. This includes the Central service tax (levied on construction) and state value added tax (on works contract for construction and the building material used). At the state level, buying a home means paying a hefty stamp duty and registration [...]
Continue reading...Wanted: Big Brother to keep eye on builders
25. December 2009
It was in 2007 that the state government had promised it would set up a regulatory body on housing to keep a check on builders. More than two years later, the body is yet to be constituted. Last week, the high court upheld the Brihanmumbai Municipal Corporation’s order to demolish 17 illegal floors of the 24-storey Gaurav [...]
Continue reading...Buying a builder’s flat? Take these precautions
24. December 2009
It is everyone’s dream to buy one’s dream house. However, buying your dream house is not always as easy as it seems. For, you can’t be sure about the quality of your flat, particularly if you are buying a house from a builder. “Unlike cars that are standard and built in factories for years, every building [...]
Continue reading...GIC Housing moves High Court on RTI obligation
20. December 2009
GIC Housing Finance (GICHFL) has moved the Bombay HC against an order of the Central Information Commission (CIC), which held that the housing finance company is obliged to respond to information sought under the Right to Information (RTI) Act as it is a “public authority”. A “public authority” means an institution or body established under the Constitution [...]
Continue reading...restrictions on alienation of property
19. December 2009
Although property is freely transferable, there are certain conditions and circumstances when this may not be so. There are certain restrictions on alienation of property, which have been provided by law.The relevant provisions in this regard are contained under Sections 10, 11 and 12 of The Transfer of Property Act. The important principle is that [...]
Continue reading...Reverse mortgage: A concept with potential
11. December 2009
he 2007 Union Budget gave the green signal for the launch of reverse mortgage – a widely-used instrument in the developed world by the elderly to derive cash flows from the houses they own. Namrata Kohli examines whether the concept is catching on here Reverse mortgage, as the name suggests, operates in a manner opposite [...]
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- Encumbrance certificate discloses charge on property
- Rights of a mortgagor
- Bangalore : Reduction in Stamp Duty to benefit buyers
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12. March 2010
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