Results for #exchange
Legal
#owners#single#ownership#exchange#process
I have 2 flats, both with different owners. One is a single ownership and the other one is a joint ownership. We want to exchange the ownership, is it possible? What is the process?
I have 2 flats, both with different owners. One is a single ownership and the other one is a joint ownership. We want to exchange the ownership, is it possible? What is the process?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can exchange the ownership to the Flats by executing an Exchange Deed and all parties holding the two properties would have to be agreeable to such exchange. If the properties are of equal value, then no other consideration would have to be paid in connection for such exchange, however if one property is valuable than the other, then the exchange deed should record that additional considera...
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Legal
#pio#immovable#property#rbi#permission
A PIO acquired immovable property in 1983 under FERA section 31 with RBI approval. RBI issued a notification (FERA 152/93-RB 26.05.1993) granting general permission with certain conditions. Over a period, foreign exchange regulations changed. Also, section 31 is no longer in existence. Therefore, can a PIO dispose by way of sale of a residential flat(acquired in 83) to a resident Indian without obtaining special approval of RBI as required by Section 31?
A PIO acquired immovable property in 1983 under FERA section 31 with RBI approval. RBI issued a notification (FERA 152/93-RB 26.05.1993) granting general permission with certain conditions. Over a period, foreign exchange regulations changed. Also, section 31 is no longer in existence. Therefore, can a PIO dispose by way of sale of a residential flat(acquired in 83) to a resident Indian without obtaining special approval of RBI as required by Section 31?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Yes, the PIO can sell the property acquired by him to a resident Indian. However, the repatriation of funds received from such sale to any place out of India would depend on the relevant rules and regulations in connection therewith.
Legal
#car#park#exchange#deal#parking
I have two apartments, one came with an uncovered car park and one came with a covered car park. Now I want to exchange the car parkings for these flats. How can I go about with this? Both the flats were purchased as a deal with the parking space. Will I have to bare an extra cost for this?
I have two apartments, one came with an uncovered car park and one came with a covered car park. Now I want to exchange the car parkings for these flats. How can I go about with this? Both the flats were purchased as a deal with the parking space. Will I have to bare an extra cost for this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the latest judgments of the Hon'ble Supreme Court, Open car parking spaces cannot be sold and forms part of the common area of the property. As such, you will not be able to transfer the parking spaces between your two flats without the consent of the society and/or organisation of flat purchaser.
Redevelopment
#flat#property#builder#promised#exchange
We own a flat in Chunabhatti which is under the paghdi system. The property is now going for redevelopment and the builder has promised me a free flat in exchange for my participation. What can I do to ensure that this promise is honoured, as I am not the owner of this flat?
We own a flat in Chunabhatti which is under the paghdi system. The property is now going for redevelopment and the builder has promised me a free flat in exchange for my participation. What can I do to ensure that this promise is honoured, as I am not the owner of this flat?
Answered on November 08, 2017
If the builder has promised free flat, you have to ensure that builder has onbtained development rights of the properrty from the owner and executed agreement for the permanent alternate accommodation in your favour. You have to ensure before vacating existing place that plans are sanctioned by the planning authority for the proposed redevelopment.
