Minesh Vakharia Director at Rachanaa Group
He has extensive experience of over 25 years in the industry, and is the Legal backbone of the group and very well versed with the various rules and acts associated with the real estate industry to draft the plethora of agreements required in the realm of the business
Answers
Legal
#transfer#flat
I am looking to transfer the ownership of my flat to my mother, any ideas or suggestions on how to go about the process?
I am looking to transfer the ownership of my flat to my mother, any ideas or suggestions on how to go about the process?
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Answered on November 14, 2017
You can execute a gift deed of the property by paying appropriate Stamp Duty and register it in favour of your mother.
List of necessary Documents :-
1. The present title deed
2. Share Certificate
3. Electricity Bill
4. Maintenance bill
5. Occupation certificate
The time frame depends on the lawyer to draft a gift deed. Once your papers are in order shouldn’t take much time. After document ...
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Answered on November 14, 2017
The following taxes apply on a reslate flat:
1) 5% Stamp Duty (Consideration Amount or Market Value of the flat, whichever is higher)
2) Registration (1% of consideration or 30000/- whichever is lower)
3) Capital Gains Tax -
(a) Short Term - If you sell the flat within 3 years of possession, a 35% short term capital gain tax is applicable on the gain. Gain is calculated as the profit earned...
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Legal
#nri#buy#property
I am an NRI and want to know if it's possible to nominate someone to sign the registration documents while buying a property, as I am not physically present in Mumbai, where the property is located.
I am an NRI and want to know if it's possible to nominate someone to sign the registration documents while buying a property, as I am not physically present in Mumbai, where the property is located.
Answered on November 14, 2017
The right to admit execution of a document before the registration authorities can be granted to someone by way of a Power of Attorney. An NRI can execute such Power of Attorney before the Indian embassy at the place where such NRI resides and forward such Power of Attorney to India for adjudication and payment of stamp duty and thereafter, such Power of Attorney can be used to admit execution ...
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Taxes & Duties
#tax#loan#property
Can I get tax deduction benefit on loan repayments on more than one property?
Can I get tax deduction benefit on loan repayments on more than one property?
Answered on November 14, 2017
Deductions on interest are limited, if your payment towards interest is more than the stipulated limited permitted under the IT rules, then that much amount will be disallowed whilst computing your income and further, you will be charged notional rent as income from the second flat (on and from receipt of possession of the second flat), even if the same is not rented out then.
Legal
#documents#mumbai#propertycard
I want search for online documents like Property card or 7x12. Is there a web portal to search for documents of properties in Mumbai?
I want search for online documents like Property card or 7x12. Is there a web portal to search for documents of properties in Mumbai?
Answered on November 14, 2017
Property Card can be obtained here - http://prcmumbai.nic.in/jsp/propertyNew.jsp
The 7/12 extract can also be accessed from the Maharashtra Government’s website but it can be used only for informational purpose and not for any legal purpose. To view the 7/12 extract:
Go to the website of the Maharashtra Government by using the following URL: www.mahabhulekh.maharashtra.gov.in
(a) A district map ...
RERA
#agent#delay
I am a real estate agent. If I connect a client towards one project, the deal is done via me. If the project is not delivered on time or project is closed or delayed by some reason, I get into obligation & problem. Can my client sue me for the same, according to RERA?
I am a real estate agent. If I connect a client towards one project, the deal is done via me. If the project is not delivered on time or project is closed or delayed by some reason, I get into obligation & problem. Can my client sue me for the same, according to RERA?
Answered on November 08, 2017
According to RERA, every real estate agent registered under section 9 shall—
- not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the Authority; Obligation of Authority consequent upon lapse of or on revocation of registration. Registratio...
Architecture & Interiors
#dark#grey#denim#color#bring
Hello! We just bought a couch that is dark grey, however in certain light it almost looks like a dark blue/denim color. I am trying to figure out what color accent pillows/artwork etc would bring the grey out and hopefully subdue the denim color.
Hello! We just bought a couch that is dark grey, however in certain light it almost looks like a dark blue/denim color. I am trying to figure out what color accent pillows/artwork etc would bring the grey out and hopefully subdue the denim color.
Answered on November 08, 2017
We suggest using shades of yellow, turquoise, light greens for pillows. These will go very well with the grey couch.
Architecture & Interiors
#interiors#height
Hello, we have recently started with the interiors. What should be the ideal height at which switch boards should be mounted?
Hello, we have recently started with the interiors. What should be the ideal height at which switch boards should be mounted?
Answered on November 08, 2017
Typically, light fixture wall switches in standard applications are set so that a standard 4-inch wall box is somewhere between 48 and 52 inches from the floor. There are a couple of advantages to this. First, this puts the switch at a comfortable height for most people in a standing position. Second, it makes for easy installation of wallboard during home construction. Standard sheets of 4-ft....
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Architecture & Interiors
#suggestions
I would like to change paint colour in my living room and accessories to make it feel brighter and more modern. Any suggestions would be greatly appreciated.
I would like to change paint colour in my living room and accessories to make it feel brighter and more modern. Any suggestions would be greatly appreciated.
Answered on November 08, 2017
White colour is generally preferred for walls. It makes the room more spacious. You may add colour to the room by having different coloured pillows / curtains / upholstery. This will make the room feel more brighter and modern.
Others
Where is the luxury high-end residential real estate market headed? These buildings are concentrated mainly in metros. Will the trend continue or there will be a slowdown in this specific area of the real estate sector?
Where is the luxury high-end residential real estate market headed? These buildings are concentrated mainly in metros. Will the trend continue or there will be a slowdown in this specific area of the real estate sector?
Answered on November 08, 2017
In the recent years, Indian real estate market has had several ultra-luxury projects. India’s ultra-high-net-worth individuals have shown a keen interest for expensive and luxurious housing. A house in a coveted locality is not enough. The house should have the perfect balance of high standard of living and premium quality of amenities.
There is over a 100% rise in ultra-luxury projects. Duri...
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Society Matters
#housingsocieties#waste#msw#wastesegregation#mumbai
Is it mandatory for all societies to segregate and process waste in-house?
Is it mandatory for all societies to segregate and process waste in-house?
Answered on November 08, 2017
It is not mandatory for all societies yet.
As per the latest circular issued by MCGM (dated 18th July, 2017), societies that produce on an average of 100 kg of waste daily need to segregate and process waste at source.
It is always preferred that all societies segregate and process waste inhouse to lessen the burden on dumping sites.
You can get more details about this directive of the civic bo...
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Purchase & Sales
#standalone#complex
What are the pros and cons of buying in a residential complex vs a standalone building
What are the pros and cons of buying in a residential complex vs a standalone building
Answered on November 08, 2017
We would suggest you to check the detailed blog post about the same. Please visit this link
Answered on November 08, 2017
Personal Loan for Home Improvement. Home improvement loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated. These loans are given for a maximum term of 15 years and interest charged on these loans lies in the range of 9.5% to 10.5% per year.
Following are the documents required to avail a home improvement loan
Proof of bot...
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Answered on November 08, 2017
It should be noted that home loan EMIs will not go up since service tax is not levied on them and hence they will not be taxable under GST. However, loan processing fee and prepayment charges, etc., where service tax was levied will go up nominally, on virtue of GST
Answered on November 08, 2017
Personal Loan for Home Improvement. Home improvement loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated. These loans are given for a maximum term of 15 years and interest charged on these loans lies in the range of 9.5% to 10.5% per year.
Following are the documents required to avail a home improvement loan
Proof of bot...
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RERA
#balcony#terrace#carpetarea
According to RERA, if all the flats are sold purely on carpet area basis, how will balcony or pocket terrace be calculated and added to the area of the flat?
According to RERA, if all the flats are sold purely on carpet area basis, how will balcony or pocket terrace be calculated and added to the area of the flat?
Answered on November 08, 2017
As per definition, builder cannot add balcony area or pocket terrace area as a part of the carpet area. However, it can be separately mentioned in the agreement as a disclosure to a prospective purchaser. They may be included in the lumpsum price of the apartment.
Answered on November 08, 2017
As per the current rules, any project flat having Occupation certificate is not liable to pay GST, for sale of flats.
Answered on November 08, 2017
In accordance with notifications issued by Urban Development Department of Government of Maharashtra, MR & TP Act is applicable to all the districts of Maharashtra. Hence, all areas of Maharashtra are included in Planning Area as defined in Section 2(zh) of the Act
RERA
I have purchased a 1BHK Flat in Kandivali West in September 2016. I was recently informed that the agreement for same has to be remade as per RERA. Is this true?
I have purchased a 1BHK Flat in Kandivali West in September 2016. I was recently informed that the agreement for same has to be remade as per RERA. Is this true?
Answered on November 08, 2017
Agreements executed prior to May 1st, 2017 don't need to be remade again.
Society Matters
#gst#taxes#maintenance#society
How is the introduction of GST going to affect my maintenance charges?
How is the introduction of GST going to affect my maintenance charges?
Answered on November 08, 2017
We would suggest you to check this detailed post here: How will GST affect Homeowners and Housing Societies?
Answered on November 08, 2017
This is very variable and can range anywhere from 3-6 months rent.
RERA
For update on rera do we a okay need to submit all documents related to architect engineer and CA certificates all just we have to update and feel the retail
For update on rera do we a okay need to submit all documents related to architect engineer and CA certificates all just we have to update and feel the retail
Answered on November 08, 2017
A similar question has been answered in the forum. Please check this link
RERA
For update on rerado we again required certificate from c.a, architect , engineering ....... Or we just have to fill details
For update on rerado we again required certificate from c.a, architect , engineering ....... Or we just have to fill details
Answered on November 08, 2017
Certificates are required only when we want to withdraw money from the designated accounts. It is not required for just updating details of the product.
Please find excerpt from Act, to give you more details on the same.
The promoter shall, upon receiving his Login Id and password under clause (a) of sub-section (1) or under sub-section (2) of section 5, as the case may be, create his web pa...
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Legal
#pre-launch#bookingcancellation
Booking cancellation - is it allowed to cancel a booking made during the pre-launch (2013) of the project, where the project has now revised its possession date by 5 year vs what was indicated during the pre-launch booking (initially indicated possession date 2017, now revised to 2021) ?
Booking cancellation - is it allowed to cancel a booking made during the pre-launch (2013) of the project, where the project has now revised its possession date by 5 year vs what was indicated during the pre-launch booking (initially indicated possession date 2017, now revised to 2021) ?
Answered on November 08, 2017
You can cancel the booking if the promised date of possession is revised.
Answered on November 08, 2017
RERA registration is required in case a project needs to be marketed. If no flat has been sold in the current project and builder does not intend to sell any unit till OC is received, he is not required to register under RERA.
Purchase & Sales
#bookingcancellation#pre-launch
"Booked" an apartment in a pre-launch project in 2013. The expected completion date informed was 2017 but the project had severe delays. And now is estimated to be completed by 2021. Requested cancellation of the bookings several times since last 2 years but the developer claims that if I cancel then 50% of the down payment will be deducted as cancellation charges. I want to receive my full refund and even better with nominal interest, what can I do ?
"Booked" an apartment in a pre-launch project in 2013. The expected completion date informed was 2017 but the project had severe delays. And now is estimated to be completed by 2021. Requested cancellation of the bookings several times since last 2 years but the developer claims that if I cancel then 50% of the down payment will be deducted as cancellation charges. I want to receive my full refund and even better with nominal interest, what can I do ?
Answered on November 08, 2017
Are the grounds for delay due to force majeure conditions, beyond the control of the developer?
If not, can you please elaborate the terms in your agreement? Is there a termination clause in the agreement? What is the possession date specifically mentioned in the agreement?
On grounds of inordinate delay, you can approach the developer to amicably settle the matter. However, if that does not wo...
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Redevelopment
#builder#bank
Is there any way to ensure that the builder has offered adequate bank guarantee?
Is there any way to ensure that the builder has offered adequate bank guarantee?
Answered on November 08, 2017
Your bank guarantee should be sufficient to cover the construction cost of the area of the existing owners/members in the proposed building. If it meets this value, then you may consider it as sufficient/adequate.
Redevelopment
#mumbai#sell
I own a plot in Mumbai and I wish to erect a three-storeyed building with 2 flats on each floor and sell these flats. How do I go about doing this?
I own a plot in Mumbai and I wish to erect a three-storeyed building with 2 flats on each floor and sell these flats. How do I go about doing this?
Answered on November 08, 2017
Please contact Practising Architect in your area. We can try and find names if we get exact details for the area in which you operate
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.
Redevelopment
#flat#feet#size
We have a flat in a bldg in parel which has flats of various sizes ranging rom 100 to 200 square feet. Our flat is 300 square feet. If the building undergoes redevelopment, how is the size of the flat that everyone is supposed to get decided?
We have a flat in a bldg in parel which has flats of various sizes ranging rom 100 to 200 square feet. Our flat is 300 square feet. If the building undergoes redevelopment, how is the size of the flat that everyone is supposed to get decided?
Answered on November 08, 2017
If the building is in dilapidated condition and cessed property declared by mhada then minimum size of the tenament in case of residential flat should be 300 sq feet carpet area and same carpet area as the existing in case of the commercial premises.
In other cases, each flat is given an incentive area in terms of percentage of the existing carpet area of each tenant. If your flat is larger, yo...
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Redevelopment
#redevelop#society#landowner#consent
We are planning to redevelop our society, but it is built on a leasehold plot. In this situation, would we require the consent of the landowner to undertake redevelopment?
We are planning to redevelop our society, but it is built on a leasehold plot. In this situation, would we require the consent of the landowner to undertake redevelopment?
Answered on November 08, 2017
You have to check the lease document, whether any such conditions are mentioned requiring consent of the owner in case of the redevelopment. sometimes the lease is executed in favour of the society for 99 or 999 years with complete right of the redevelopment.
Answered on November 08, 2017
Yes, if the plot on which the building is situated is falling under CRZ then the development can take place with the floor space index (FSI) of the plot as TDR and fugible compensatory FSI are not permitted to be utilised in CRZ.
Redevelopment
#builder#refuses#fsi#owners#vacate
If a builder refuses to load the entire FSI on the redevelopment project before the existing owners vacate, can this be detrimental to owners' interests? Is this a common practice for such projects?
If a builder refuses to load the entire FSI on the redevelopment project before the existing owners vacate, can this be detrimental to owners' interests? Is this a common practice for such projects?
Answered on November 08, 2017
Normally builders do not load entire FSI initially. It requires huge cash flow depending upon the location of the redevelopment property as premium charges payable to the MCGM are in direct proportion to the Ready Reckoner rates of the zone in which property is located & TDR rates are influenced by demand and supply. so by loading entire FSI finance cost of the project is going to increase and ...
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Answered on November 08, 2017
It is pre-requisite to obtain NOC's from the department of Chief Fire Officer (CFO) and Traffic and coordination department of the Municipal corporation of greter mumbai ( assuming area falls in the jurisdiction of MCGM), this usually takes about 30 days. Post issue of NOC's plans are submitted for the concession approvals from the Municipal Commissioner and subsequently it is submitted to the ...
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Redevelopment
#parking#builder
If someone who has illegally encroached unsold parking areas, basements or terraces and demands to be compensated through a free space during a redevelopment, how does a builder tackle this situation?
If someone who has illegally encroached unsold parking areas, basements or terraces and demands to be compensated through a free space during a redevelopment, how does a builder tackle this situation?
Answered on November 08, 2017
As this is illegal, we do not entertain such encroachers. However, if they are adamant and they try disrupt the redevelopment, a developer may offer them some area or other consideration on account of the society. It is advisable to tackle this situation internally before going for redevelopment.
Redevelopment
#vacate
How does one determine when it is safe to vacate one's premises, in a redevelopment scheme?
How does one determine when it is safe to vacate one's premises, in a redevelopment scheme?
Answered on November 08, 2017
It is safe to vacate to shift only after plans are sanctioned for the buildings. At this point, the IOD must be issued by the planning authority. IOD which stands for Intimation of Disapproval, is the first permit considered for construction.
Redevelopment
#brokerage#builder#liable#charges#tenants
Is the builder liable to pay for the shifting and broker charges each time if the existing tenants have to shift more than once during the period of redevelopment?
Is the builder liable to pay for the shifting and broker charges each time if the existing tenants have to shift more than once during the period of redevelopment?
Answered on November 08, 2017
It is not mandatory to give shifting charges but normal practice is to give one time brokerage and shifting charge.
Answered on November 08, 2017
A PMC refers to a Project Management Consultant and is generally associated with architects, engineers and quantity surveyors. Project management involves integrating the entire project team including the developer and the society, and creating synergies that lead to achievement of the project objectives which revolves around four elements: performance, cost, time and scope.
Keep in mind the fo...
Redevelopment
#redevelop#property
If we want to redevelop our building and there are some illegal encroachments on our property, what do we do about it?
If we want to redevelop our building and there are some illegal encroachments on our property, what do we do about it?
Answered on November 08, 2017
Its always better to remove such encroachment for a better planning and to fetch better value of the property. However, if it is difficult, then that area should be earmarked and deducted from the plot area but it should be done in consultation with the Architect.
Redevelopment
#process#consent
Is there a need for a consent from all the members to undertake the redevelopment process? Is there an alternate way if some members are delaying the consent?
Is there a need for a consent from all the members to undertake the redevelopment process? Is there an alternate way if some members are delaying the consent?
Answered on November 08, 2017
It is always preferable to have unanimous decision on redevelopment otherwise atleast 70% member should give consent for the redevelopment. It is necessary for the society to follow directive laid out by the State Goverment under section 79(A) of Maharashtra Co-operative Societies Act, 1960. After following a due process of redevelopment as per the directive one can take a legal route to resolv...
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Redevelopment
#builder#terrace#flat
Can I demand an incentive area from the builder if I have a terrace attached to my flat? If yes, how much?
Can I demand an incentive area from the builder if I have a terrace attached to my flat? If yes, how much?
Answered on November 08, 2017
Normally on a top floor or on the first floor of the building a terrace is formed out of compulsion and its used by the adjoining flat owner. As such its not counted in the built up area of the building. Its a point of negotiation between the developer and a owner of such terrace to settle it.
Redevelopment
#property#society
If a part of the property area is encroached, can a society member ask for an incentive area for the same?
If a part of the property area is encroached, can a society member ask for an incentive area for the same?
Answered on November 08, 2017
It depends upon the size and shape of the land & also the encroached area. One should always try to remove encroachment for the better planning however If it's not possible to remove it then encroached area is deducted from the plot area. in that case TDR and fungible compensatory FSI of encroach area will not be available for the construction.
Redevelopment
#permitted#redevelop#society#oc
Are we permitted to redevelop a society without a proper OC?
Are we permitted to redevelop a society without a proper OC?
Answered on November 08, 2017
There is nothing like proper OC (Occupation certificate), building is either with OC or without it. If the building is without OC then fungible Compensatory FSI available on rehabilitation component shall not be granted without charging premium.
Redevelopment
#construction
How long does it conventionally take to complete the construction of a 12-storey building?
How long does it conventionally take to complete the construction of a 12-storey building?
Answered on November 08, 2017
Without knowing the size of the proposed building, its difficult to assess completion time for the building. It all depends on the size of the plot, plan whether there is a basement or a podium or both or none. However, If all the permissions are in place and plans are sanctioned then a standalone building with basement or car parking floor/podium should take around 30/36 months for the complet...
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Redevelopment
#mandatory#builder#society#extra
Is there a mandatory amount of square footage that a builder must give to the society? Also, what is the quantum of extra area that the builder gets ?
Is there a mandatory amount of square footage that a builder must give to the society? Also, what is the quantum of extra area that the builder gets ?
Answered on November 08, 2017
It's not mandatory to offer extra area to Society, however as per the provisions of prevailing D. C. regulation, fungible compensatory floor Space Index (FSI) of the existing building shall not be used for free sale, depending upon the feasibility of the project extra area is offered. In suburbs builder get admissible FSI of the plot, TDR ( depending upon the road on which the plot of the socie...
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Redevelopment
#rent#tenants#society
Is there any way to estimate the rent that will be provided to the existing tenants of a society under redevelopment for the period of redevelopment? Does there need to be a minimum corpus?
Is there any way to estimate the rent that will be provided to the existing tenants of a society under redevelopment for the period of redevelopment? Does there need to be a minimum corpus?
Answered on November 08, 2017
One has to inquire with real estate brokers in his area to know prevailing rent and can also be ascertained by visiting few flats avavilable on rent in the near by area. Amount of the corpus will depend upon feasibility of the project and it is usually created to cover cost of maintenance of the new premises offered to the existing member.
Purchase & Sales
#flat#mhada#loan#paid#payment
Our flat in MHADA is in my brother's name. We took out a loan together for this flat but I paid all the EMIs and the down payment. Now I wish to transfer the flat in my name. What is the procedure?
Our flat in MHADA is in my brother's name. We took out a loan together for this flat but I paid all the EMIs and the down payment. Now I wish to transfer the flat in my name. What is the procedure?
Answered on November 08, 2017
This can be done only if your brother agrees to transfer the same in your name. If he does, he can gift you the same using gift deed.
Purchase & Sales
#agreements#documents#ownership
Is registeration of Sale agreements/ documents of ownership flats a compulsion? If yes, why?
Is registeration of Sale agreements/ documents of ownership flats a compulsion? If yes, why?
Answered on November 08, 2017
It is absolutely required to prove title to a property, also acts as a proof of ownership in a property in court of law and is used by banks while giving out home loans
Purchase & Sales
#mumbai#flat#buying#property
I live in Mumbai in a flat which is owned by my mother, who lives in Assam. How do I go about buying this property from her and transferring it in my name?
I live in Mumbai in a flat which is owned by my mother, who lives in Assam. How do I go about buying this property from her and transferring it in my name?
Answered on November 08, 2017
An agreement for sale can be prepared between you and your mother. However, for this your mother shall need to come to Mumbai for the registration process. In case, someone holds a registered power of attorney for your mother, he/ she can sign on your mothers behalf. In case no monetary transaction needs to be performed, a gift deed can simply be executed between the two of you by paying the ap...
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Purchase & Sales
#buying#flat#legal#transaction
When buying a flat, what are the legal aspects to be considered? Should I hire a lawyer to help me with this transaction? If so, what should be the scope of services?
When buying a flat, what are the legal aspects to be considered? Should I hire a lawyer to help me with this transaction? If so, what should be the scope of services?
Answered on November 08, 2017
It is always recommended to hire a lawyer for the same. Proper title search of the property for the last 30 years should be done to ensure the right owners. Also, check whether lien exists on the property by contacting the respective governing body of the building. You should obtain the chain of documents from the seller, once the full price has been paid. You should also check whether there ar...
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Purchase & Sales
#residential#property#mumbai#view#purchase
I wish to buy a residential property in Mumbai purely from an investment point of view. Is this the right time to make such a purchase or is the market expected to plummet soon?
I wish to buy a residential property in Mumbai purely from an investment point of view. Is this the right time to make such a purchase or is the market expected to plummet soon?
Answered on November 08, 2017
Mumbai real estate prices historically have increased at the rate of 15-18% annually over the last 50 odd years. Reasons for the same have already been answered in another question in the same category.
Purchase & Sales
#property#sell
My wife owns a 300 sq. yard property which she wishes to sell. She owns this property from the time before we got married. Do i also need to sign as a seller, now that we are married?
My wife owns a 300 sq. yard property which she wishes to sell. She owns this property from the time before we got married. Do i also need to sign as a seller, now that we are married?
Answered on November 08, 2017
Only the owner of the property needs to sign as a seller, independent of the marital status of the seller
Purchase & Sales
#residential#mumbai#separate#property
In a situation where a residential project in Mumbai is APF approved by a well-known financial instittution, does one need to conduct a separate property search through a lawyer, or does the financial institution's search report suffice?
In a situation where a residential project in Mumbai is APF approved by a well-known financial instittution, does one need to conduct a separate property search through a lawyer, or does the financial institution's search report suffice?
Answered on November 08, 2017
It is always advisable to conduct own due diligence prior to buying any property. However, as of now when RERA is applicable for all new or ongoing projects it will be easier for you to browse through RERA website to understand nature of title of the property.
Purchase & Sales
#construction#buying#flat#certificate#property
How do I verify that the construction of a building is as per the approved plan? I am considering buying a flat in a building where the original plan had one unit per floor, which is also reflected in the completion certificate. But in reality it has two units per floor. Should I risk buying a property in such a building?
How do I verify that the construction of a building is as per the approved plan? I am considering buying a flat in a building where the original plan had one unit per floor, which is also reflected in the completion certificate. But in reality it has two units per floor. Should I risk buying a property in such a building?
Answered on November 08, 2017
One should buy a flat/unit which is reflecting in the plans, approved by the authority.
Purchase & Sales
#flat#mumbai#view#price#tenants
I wish to invest in a 1 BHK flat in Mumbai. Which areas are good to invest in from the points of view of price apreciation and ease of finding tenants? I have a 5-year horizon.
I wish to invest in a 1 BHK flat in Mumbai. Which areas are good to invest in from the points of view of price apreciation and ease of finding tenants? I have a 5-year horizon.
Answered on November 08, 2017
Areas such as borivali,kandivali, malad, mulund, dahisar, where the property prices are still low compared to other places south, are good places to invest. Being smaller apartments, chances of them going on a lease are also very high.
Purchase & Sales
#token#buyer#cheque#transaction#money
I recieved a token of INR 20,000 from a potential buyer in the form of a cheque, the receipt of which I have acknowledged. Now, he isn't willing to complete the transaction and wants his money back, but I don't wish to return it. What can I do about this situation legally?
I recieved a token of INR 20,000 from a potential buyer in the form of a cheque, the receipt of which I have acknowledged. Now, he isn't willing to complete the transaction and wants his money back, but I don't wish to return it. What can I do about this situation legally?
Answered on November 08, 2017
It will all depend on the terms and conditions mentioned in the letter of allotment and/or agreement
Purchase & Sales
#flat#co-owner#loan#paid#registration
I purchased a flat with my brother as a co-owner, to strengthen my chances of getting the loan approved. I paid a fee for the registration. Will I have to pay the registration fee again if I get the flat transfered on my sole name? If yes, what would be the amount?
I purchased a flat with my brother as a co-owner, to strengthen my chances of getting the loan approved. I paid a fee for the registration. Will I have to pay the registration fee again if I get the flat transfered on my sole name? If yes, what would be the amount?
Answered on November 08, 2017
Registration charges of 1% of agreement value shall need to be paid again, plus in case of a gift from one brother to another, it will be treated as a gift deed and 3% stamp duty of agreement value shall also need to be paid
Purchase & Sales
#flat#cost
I wish to buy a flat in Bhandup that is going to cost me approximately 45 lakhs. According to the market situation, is this the right time to buy?
I wish to buy a flat in Bhandup that is going to cost me approximately 45 lakhs. According to the market situation, is this the right time to buy?
Answered on November 08, 2017
It depends on the size of the flat. We need more details in terms of locality, amentiy, flat carpet area to determine the right price. Is this in a building with or without OC?
Purchase & Sales
#paid#token#lakh#builder#cheque
I paid a token amount of 1 lakh rupees to a builder via cheque. But I could not go ahead and register the flat as the sale of my existing flat didnt go as planned. Now, the builder refuses to return my money. What can I do in terms of legal action?
I paid a token amount of 1 lakh rupees to a builder via cheque. But I could not go ahead and register the flat as the sale of my existing flat didnt go as planned. Now, the builder refuses to return my money. What can I do in terms of legal action?
Answered on November 08, 2017
It will all depend on the terms and conditions mentioned in the letter of allotment and/or agreement
Purchase & Sales
#flat#mumbai
What can I do if the original papers of an SRA flat that I bought are lost? This flat is in Mumbai?
What can I do if the original papers of an SRA flat that I bought are lost? This flat is in Mumbai?
Answered on November 08, 2017
You need to file a police complaint, inform your housing society, issue news paper notice and make application for duplicate copy of your registered document before the registration office citing your document registration number
Purchase & Sales
#entered#property#buying#agreement#sell
I have entered into a property buying agreement. I want to know if the seller can sell it to some other buyer if I can't make the payment on time?
I have entered into a property buying agreement. I want to know if the seller can sell it to some other buyer if I can't make the payment on time?
Answered on November 08, 2017
This depends on the conditions in the agreeement. If the payment is not made in time, and there is a termination clause which states that agreement can be terminated due to delayed payment, seller can return your payment and sell it to some other buyer. However, it is very subjective and shall largely depend on the conditions in the agreement
Purchase & Sales
#buying#flat#under-construction
Is there a check list of precautions and documentation to be considered for buying a flat, be it an under-construction one or a ready one?
Is there a check list of precautions and documentation to be considered for buying a flat, be it an under-construction one or a ready one?
Answered on November 08, 2017
After introduction of Maharashtra Real Estate regulation Act, 2016, it is mandatory for the developer to register new and ongoing project withReal Estate regulatory Authority (RERA) after obtaining approvals from the local authority. All details such as nature of the proposed building, title of the property, completion time of the project, draft of Agreement for sale etc. are uploaded on RERA w...
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Purchase & Sales
#costs#buying#under-construction#flat
What is the difference between the the total costs in buying an under-construction flat versus buying a ready flat?
What is the difference between the the total costs in buying an under-construction flat versus buying a ready flat?
Answered on November 08, 2017
Buying a flat In under construction building will attract payment of GST whereas it is not applicale for a completed building having Occupation/Completion Certificate issued by approval authority
Purchase & Sales
#options#buying#flat#owners#agreement
What are the options of buying a flat on a co-ownership basis? I wish to buy a flat in a breakdown of 70%, 20% and10% among three different owners. Is it possible to do this in the sale agreement itself? If not, then what would be an alternate option?
What are the options of buying a flat on a co-ownership basis? I wish to buy a flat in a breakdown of 70%, 20% and10% among three different owners. Is it possible to do this in the sale agreement itself? If not, then what would be an alternate option?
Answered on November 08, 2017
It is possible to define the proportion in the sale agreement
Purchase & Sales
#flat#possession#property
If you buy a flat on EMIs in Year X and get possession of the flat after 5 to 6 years, which is the year in which the property is considered to be bought?
If you buy a flat on EMIs in Year X and get possession of the flat after 5 to 6 years, which is the year in which the property is considered to be bought?
Answered on November 08, 2017
Date of purchase is the date of agreement for sale but for the capital gain tax purpose it is the date of possession of the flat.
Purchase & Sales
#flat#dilapidated
Does it make economic sense to buy a flat in a dilapidated building?
Does it make economic sense to buy a flat in a dilapidated building?
Answered on November 08, 2017
One should not purchase a flat merely because it is cheaply available and that too in a dilapidated building, unlesss he is very sure that the property is going for a redevelopment in a very near future.
Purchase & Sales
#flat#redevelopment
What is the premium one should pay for a flat which is certain to go under redevelopment in a few months?
What is the premium one should pay for a flat which is certain to go under redevelopment in a few months?
Answered on November 08, 2017
Depends on individual, generally, any property under going redevelopement fetches compensation towards rental expenditure for temporary accommodation, corpus fund to take care of maintenance charges for the new apartment, and additional area. Hence, one can calculate and evaluate to offer price to buy an old apartment after checking the on going price for the new apartment offered in that vicin...
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Purchase & Sales
#crz#price
If I am willing to buy a house in a building that falls under CRZ, will I be able to buy at a lower price as compared to the market rate?
If I am willing to buy a house in a building that falls under CRZ, will I be able to buy at a lower price as compared to the market rate?
Answered on November 08, 2017
It depends upon the location and condition of a building. Although one can not utilise TDR on the land falling under CRZ but because of the same reason building may have more open space for the recereation activities and parking facility density of that compared to other buildings.
Purchase & Sales
#implications#involved#flat#crz
Are there any implications involved in the re-sale of a flat in a building that falls under CRZ?
Are there any implications involved in the re-sale of a flat in a building that falls under CRZ?
Answered on November 08, 2017
One can sell flat in the building that falls under CRZ.
Purchase & Sales
#prices
If the builders are reaping benefits from lower prices in steel and cement, why don't they pass on these benefits to the consumers?
If the builders are reaping benefits from lower prices in steel and cement, why don't they pass on these benefits to the consumers?
Answered on November 08, 2017
Price of any commodity depends upon supply and demand. When prices of steel and cement are lower it implies that there is no sustainable demand from the real estate as well as infrastructure. As such combined cost of cement and steel forms a very small percentage of price of a real estate in mumbai so even the substantial decrease in rates of these commodities will not have any measurable impac...
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Purchase & Sales
#property
Do builders usually give guarantees against defects in the property? If so, what would the terms of such a guarantee be?
Do builders usually give guarantees against defects in the property? If so, what would the terms of such a guarantee be?
Answered on November 08, 2017
As per the newly launched RERA, developers shall give a defect guarantee of 5 years to the flat allottes against workmanship defects, provided no changes have been made by the allotees/society/purchaser/occupant for the same.
Purchase & Sales
#buying#crore#mumbai
When buying real estate for investment with a budget of 1.5 crore, which areas in Mumbai give the best ROI?
When buying real estate for investment with a budget of 1.5 crore, which areas in Mumbai give the best ROI?
Answered on November 08, 2017
Areas such as Mulund, Vikhroli on the central side and Dahisar, Borivali on the western sides are good places of investments. The price differentials between these places and their southern counterparts is almost 100%. With connectivity improving with metro and eastern freeway, commute time across the city is improving. This will eventually result in price appreciation in these areas over the n...
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Purchase & Sales
#purchase#flat#cc#developers
I am looking to purchase a flat on the 10th floor and C.C. is upto the 6th floor. Why do developers not obtain the full CC in one go?
I am looking to purchase a flat on the 10th floor and C.C. is upto the 6th floor. Why do developers not obtain the full CC in one go?
Answered on November 08, 2017
It is not always practically possible to obtain full CC at one go. There are huge premiums that need to be paid. If they are paid in one go, developer will incur heavy finance charges on the same, which ultimately will be passed to the consumer.
Purchase & Sales
#rise#fsi#prices#mumbai
Will the rise in FSI result in an increase of real estate prices in Mumbai, or the opposite?
Will the rise in FSI result in an increase of real estate prices in Mumbai, or the opposite?
Answered on November 08, 2017
Mumbai has been the major attraction for immigrants from rest of the country because of its fast overall developement and high employment opportunities. Few reasons influencing no reduction in property prices : a) The constant need of migrators to Mumbai encourages landlords to hold on to high prices. b) There has been constant increase in premiums payable to MCGM ; c) Cost of construction has ...
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Purchase & Sales
#mumbai#prices#smartcity
Will Mumbai real estate prices be affected by the Smart Cities initiative?
Will Mumbai real estate prices be affected by the Smart Cities initiative?
Answered on November 08, 2017
It may, if, a) smart cities offer better quality life in terms of Education, Health, Fairly priced Accommodation and Job/Business opportunities; b) there is a good connectivity with Mumbai city.
Purchase & Sales
#property#prices#expected#mumbai
Is there any reduction in property prices expected in Mumbai?
Is there any reduction in property prices expected in Mumbai?
Answered on November 08, 2017
a) Not till the outskirts of Mumbai city is fully developed like in advanced countries; b) Poor logistics and infrastructure developement is also one of the key reasons for No Reduction in property prices.
Purchase & Sales
#property#prices#mumbai
What are the factors due to which property prices are so high in Mumbai?
What are the factors due to which property prices are so high in Mumbai?
Answered on November 08, 2017
There are a couple of reasons behind this. All MCGM costs, are dependent on a ready reckoner rate, that is reviewed and set by the government annually. Over the last couple of years, there have been exponential increases in the prices of the ready reckoner rates. All MCGM related costs are directly proportional to these rates and hence have gone up many times over the last couple of years. Besi...
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Purchase & Sales
#builder#decide#payment#flat
How does the builder decide the schedule of payment for a flat? Why does most of the payment have to be made before final touches are being made to the building?
How does the builder decide the schedule of payment for a flat? Why does most of the payment have to be made before final touches are being made to the building?
Answered on November 08, 2017
As per RERA, all builders will need to broadly adhere to the payment schedule as mentioned in the RERA sample agreement, which could change from one state to the other as per certain amendments brought about by the individual state.
Purchase & Sales
#buying#flat#furnish#interiors#builder
While buying a new flat, if I prefer to furnish the flat myself versus accepting the standard interiors provided by the builder, can I negotiate a rebate for not using the builder's furnishings?
While buying a new flat, if I prefer to furnish the flat myself versus accepting the standard interiors provided by the builder, can I negotiate a rebate for not using the builder's furnishings?
Answered on November 08, 2017
It is a very subjective call, dependent on the builder. In many cases, builders are ready to offer some rebates for providing a shell flat.
Purchase & Sales
#prices#impact#property
Do ready reckoner prices have an impact on the prices of property? If yes, what is it?
Do ready reckoner prices have an impact on the prices of property? If yes, what is it?
Answered on November 08, 2017
Ready reckoner has the single most important impact on the pricing of any property. Most of the premiums of the statutory authorities are tied to the ready reckoner. Hence an increase in the ready reckoner price has a direct increase on the cost, which shall ultimately affect the price. A classic example of the same can be seen in Mumbai, where ready reckoner prices have increased multi-fold in...
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Purchase & Sales
#view#commercial#mumbai
What is the expert view on the commercial real estate markets in Mumbai?
What is the expert view on the commercial real estate markets in Mumbai?
Answered on November 08, 2017
Commerical market had been at an all time low since the last couple of years. Because of this, commercial supply went down drastically except in select areas such as BKC, Lower Parel. Over time, people have been experiencing a dearth in supply in places in northern suburbs of mumbai and demand for commercial real estate is now on the rise, especially for compact units in the range of 400-1000 s...
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Purchase & Sales
#builder#land#construction
How does one confirm that a builder actually owns the land on which construction is being undertaken? Also, how does one verify that all clearances required for the project have been obtained by the builder?
How does one confirm that a builder actually owns the land on which construction is being undertaken? Also, how does one verify that all clearances required for the project have been obtained by the builder?
Answered on November 08, 2017
Real Estate (Regulation and Development) Act 2016' makes it mandatory for all under construction projects as well as completed but Occupation / Completion certificate is yet to be received to register under the said Act and upload full information about the project whereby anyone can check all approvals, titles etc. online.
Purchase & Sales
#builder#flat#registration
How can I be sure whether the builder has sold the flat to someone else without registration or not?
How can I be sure whether the builder has sold the flat to someone else without registration or not?
Answered on November 08, 2017
One can give public notice in the news paper if it is not registered, although it is not a full proof way to find out. But if the builder has sold the flat which is not registered then it may not stand chance in court of law if the matter goes to the court. Only registered flats can be traced by way of search in the office of the sub registrar or by accessing it's portal online.
Purchase & Sales
#builder#permissions#construction#set#documents
How do I make sure that the builder has the permissions for the construction? Is there a set of documents that I must check before buying a house?
How do I make sure that the builder has the permissions for the construction? Is there a set of documents that I must check before buying a house?
Answered on November 08, 2017
Real Estate (Regulation and Development) Act 2016' makes it mandatory for all under construction projects as well as completed but Occupation / Completion certificate is yet to be received to register under the said Act and upload full information about the project whereby anyone can check all approvals, titles etc. online.
Purchase & Sales
#flat#carpet#builtup
I am looking to buy a flat, are there any tips on how to compare the different flat rates in the same area? Should I differentiate on lumpsum, carpet or builtup?
I am looking to buy a flat, are there any tips on how to compare the different flat rates in the same area? Should I differentiate on lumpsum, carpet or builtup?
Answered on November 08, 2017
Comparison should be on following facts: 1. Type of building (e.g. Complex / stand alone / High or low rise); 2. Amenities and specifiactions; 3. Completion time and 4. On carpet area basis 5. Developer reputation and projects completed by him in the recent past
Purchase & Sales
#buying#flat#mumbai
According to the current market situation, what would be preferable: buying or renting a flat in Mumbai?
According to the current market situation, what would be preferable: buying or renting a flat in Mumbai?
Answered on November 08, 2017
This is a very subjective question. Does the buyer intend to stay in Mumbai and make it his home or is from outside the city for a couple of years. There is room in the city for the prices to escalate even further, especially because we are a developing economy. GDP of the country is still in the growth mode, maximum of the population is in under the age of 25. FSI in mumbai ranges from 0.5-4 d...
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Society Matters
#mumbai
Our co.op.hsg.soc. in Mumbai needs to get a lift replaced. Where should we be using the funds for this purpose? Would it be from the reserve fund or only by making the members contribute towards this? Please advise.
Our co.op.hsg.soc. in Mumbai needs to get a lift replaced. Where should we be using the funds for this purpose? Would it be from the reserve fund or only by making the members contribute towards this? Please advise.
Answered on November 08, 2017
Since it is a major repair fund, sinking fund can be utilized for the same. Deficit, if any can be fulfilled by utilizing reserve funds and/ or asking members to contribute for the same
Society Matters
#banks#maintenance#single#society
Can there be 2 different Bank Accounts in different banks for maintenance of a single housing society?
Can there be 2 different Bank Accounts in different banks for maintenance of a single housing society?
Answered on November 08, 2017
In Maharashtra, as per the bye laws of the co-operative housing society, a banking account shall be opened in the nearest state or district central co-operative bank or its branches
Society Matters
#society#charges#charging#month
Society is asking for building repair charges despite charging of sinking funds every month, is it fair?
Society is asking for building repair charges despite charging of sinking funds every month, is it fair?
Answered on November 08, 2017
Yes, they are separate and can be charged, subject to resoultion passed to that effect in a lawfully conducted general body meeting
Society Matters
#flat#society#charges#maintenance#applicable
My flat is vacant since last one year. Our society charges Tanker charges in the maintenance bill. Pls. let me know whether tanker charges are applicable for vacant flats
My flat is vacant since last one year. Our society charges Tanker charges in the maintenance bill. Pls. let me know whether tanker charges are applicable for vacant flats
Answered on November 08, 2017
Yes, they are applicable even for vacant flats
Society Matters
#shop#society#parking
I have a shop on ground floor and now society has decided to allot fixed parking space in front of my office which would block complete access to my shop and cause inconvenience to our staff and customers. Please Advice
I have a shop on ground floor and now society has decided to allot fixed parking space in front of my office which would block complete access to my shop and cause inconvenience to our staff and customers. Please Advice
Answered on November 08, 2017
You can approach the registrar of societies if resolution by the managing committte is not possible.
Society Matters
#society#maintenance#meeting
We are paying society maintenance of Rs2000, however are not getting services such as our building doesn't have watchman, no CCTV installation no security at all. Water is given for only 20 minutes in the evening. When we call for a meeting, the committee tells us that by law the meeting shall be conducted after 3 months. Please let me know what to do.
We are paying society maintenance of Rs2000, however are not getting services such as our building doesn't have watchman, no CCTV installation no security at all. Water is given for only 20 minutes in the evening. When we call for a meeting, the committee tells us that by law the meeting shall be conducted after 3 months. Please let me know what to do.
Answered on November 08, 2017
Write to the committee to call for a meeting for resolution of the problem. However, if this does not rectify the problem, you can approach the registrar of socieities for the same
Answered on November 08, 2017
It is normally included as a part of the maintainance cost
Answered on November 08, 2017
No, they are not allowed to attend unless prior permission has been obtained
Society Matters
#chs#society
Can a CHS create penalty or fines for all the members who violate the decisions made by the Society?
Can a CHS create penalty or fines for all the members who violate the decisions made by the Society?
Answered on November 08, 2017
Yes, they have the liberty as long as a resoultion has been passed in a lawluffy conducted general body meeting of the society
Society Matters
#society#ceiling#compensation
I am residing on the top floor of a Society in Bandra.Recently i had to repaired the ceiling for leakages and damaged plaster. Can i claim compensation to repairs carried out from the Society?
I am residing on the top floor of a Society in Bandra.Recently i had to repaired the ceiling for leakages and damaged plaster. Can i claim compensation to repairs carried out from the Society?
Answered on November 08, 2017
The Bombay High Court, in a recent decision, has held that a co-operative society is responsible for repairs of a leaking roof.
Society Matters
#chs#flat#purchasing
'A' is the member of the CHS holding a flat subsequently 'B' applies for associate membership claiming that he has contributed for purchasing the flat. Under this circumstance whether CHS can grant associate membership to 'B'?
'A' is the member of the CHS holding a flat subsequently 'B' applies for associate membership claiming that he has contributed for purchasing the flat. Under this circumstance whether CHS can grant associate membership to 'B'?
Answered on November 08, 2017
No, they cannot unless application for associate membership is consented by A
Answered on November 08, 2017
First and foremost, get a resolution passed in the general body meeting to that effect and then follow the steps as mentioned(1) The name of a society may be changed under Section 15 so however that it does not refer to any caste or religious denomination and is not inconsistent with the objects of society.
(2) Every change in the name of a society shall be made by an amendment of its by- l...
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Society Matters
#reside#society#mumbai#liable
I reside on a ground floor in a Coperative Housing Society in Mumbai. Am i liable to pay lift expenses?
I reside on a ground floor in a Coperative Housing Society in Mumbai. Am i liable to pay lift expenses?
Answered on November 08, 2017
Yes, all common expenses have to be borne proportionately between all the members of the society
Society Matters
#co-operative#society#builder#refuses
Can a Co-operative Housing Society be formed if the builder refuses to co-operate ?
Can a Co-operative Housing Society be formed if the builder refuses to co-operate ?
Answered on November 08, 2017
Yes, it is possible to do so incase of non co-operation of the developer, however the requirements for registration are complied with
Society Matters
#society#mumbai
My society building in Mumbai has two wings A & B. We are facing a lot of internal issues and were thinking, if it is possible to make two societies, one for each wing?
My society building in Mumbai has two wings A & B. We are facing a lot of internal issues and were thinking, if it is possible to make two societies, one for each wing?
Answered on November 08, 2017
It is possible to make multiple societies as long as permission is taken from the state government
Answered on November 08, 2017
It is as per the rules of the local governing body. For instance, MCGM assesses tax even on society office, car parking space,gymnasium, club house etc
Answered on November 08, 2017
It is a very exhaustive list that can be obtained by procuring prevailing by laws of the cooperative societies act as per the state
Society Matters
#flat#underconstruction#pune#paid#maintenance
I purchased a flat in an underconstruction project in Pune and have paid the maintenance for a year already. I have been living in this flat for 7 months, I want to know when my maintenance will start as this project is still underconstruction and might take a couple of years to get completed.
I purchased a flat in an underconstruction project in Pune and have paid the maintenance for a year already. I have been living in this flat for 7 months, I want to know when my maintenance will start as this project is still underconstruction and might take a couple of years to get completed.
Answered on November 08, 2017
Maintenance charges are collected to meet expenses required to maintain property of a Society, it starts from the day building receives Occupation Certficate from the authority or possession whichever, is earlier
Society Matters
#flat#society#development#charges#paid
I recently sold my flat and as per the new law passed by our society, the seller of the flat has to pay Rs. 30,000 to the society as the society development charges. But we have already paid Rs.30/sf.ft as the transfer charges and also, the bye laws state that the society is not allowed to take more than Rs.25,000 from the owner in any case. Also, the agreement states that all the transfer charges should be borne by the buyer.
I recently sold my flat and as per the new law passed by our society, the seller of the flat has to pay Rs. 30,000 to the society as the society development charges. But we have already paid Rs.30/sf.ft as the transfer charges and also, the bye laws state that the society is not allowed to take more than Rs.25,000 from the owner in any case. Also, the agreement states that all the transfer charges should be borne by the buyer.
Answered on November 08, 2017
As per bye laws, Co-operative society can not demand more then Rs. 25000/- for a transfer.
Society Matters
#society#address#rented#flat
I have two flats in goregaon that are only a km away from each other. I have moved from one to another recently and want my society paperwork to be sent to my new address, as I have rented out the old flat. But my society chariperson is not doing so. Can I do anything about this?
I have two flats in goregaon that are only a km away from each other. I have moved from one to another recently and want my society paperwork to be sent to my new address, as I have rented out the old flat. But my society chariperson is not doing so. Can I do anything about this?
Answered on November 08, 2017
Unfortunately there is no such provision whereby one can insist society to deliver papers to members outside the premises of society. It would be better if you can make arrangement to get papers collected from the society every weeekly or fortnightly.
Society Matters
#commercial#builder#charging#money#maintenance
I have a commercial office in Andheri (E) since last 20 years. Since so many years, the builder is regularly charging the maintanence but I believe he is not utilising the money towards the maintenance of the office. I wanted to know that can the builder do so? Also, can the builder charge us for repairs or only the society can?
I have a commercial office in Andheri (E) since last 20 years. Since so many years, the builder is regularly charging the maintanence but I believe he is not utilising the money towards the maintenance of the office. I wanted to know that can the builder do so? Also, can the builder charge us for repairs or only the society can?
Answered on November 08, 2017
How old is the society? When is the builder going to hand over operations to the society. Normally, as a practice a builder runs the maintainance for 6 months to a year to ensure everything is smoothly running. Post this, it is normally handed over to the society with proof of where the money has been utilized.
Society Matters
#flat#society#mumbai#registered
My parents co-owned a flat in a co-operative housing society in Dadar East in Mumbai. They both have passed away and have not left any will behind. We are 3 sisters and have the papers of the flat that states co-ownership of our parents. How do we get this flat registered under our names?
My parents co-owned a flat in a co-operative housing society in Dadar East in Mumbai. They both have passed away and have not left any will behind. We are 3 sisters and have the papers of the flat that states co-ownership of our parents. How do we get this flat registered under our names?
Answered on November 08, 2017
Your parents both expired intestated, i. e. without leaving a will then in such a case, ownership of the flat would devolve upon heirs of your parents. If you 3 sisters are the only heirs of your parents the ownership would devolve upon all 3 of you. You could apply to the Society with necessary transfer forms and documents for effective transfer of the flat in your names . However, a successio...
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Society Matters
#flat#registered#procedure
I own a flat which is registered under my name. What is the procedure for adding a second and or third name, for example of my wife or son?
I own a flat which is registered under my name. What is the procedure for adding a second and or third name, for example of my wife or son?
Answered on November 08, 2017
There is no provision to add additional names in the document of the flat already registered. In my opinion to add names of your wife and son, you can gift 1/3rd share to each one of them, it will attract minimum stamp duty of Rs 200 each. Subsequently you can approach Society with necessary forms to add their names in Share certificate.
Answered on November 08, 2017
All such details have been provided in the modern bye laws of a Co-operative Society.
Society Matters
#flat#registered#co-owner
I have flat which is already registered under my name. How do I add my spouse's name as a co-owner of the flat?
I have flat which is already registered under my name. How do I add my spouse's name as a co-owner of the flat?
Answered on November 08, 2017
It is assumed that you want to add your wife's name as an equal owner in the property. If yes, then you can gift undivided share of a flat to your spouse by executing a gift deed to the extent of 50% and make relevant applications to the society for adding her name in the society records
Society Matters
#society#transfer#property#gifted
Does the society need to be informed about the transfer of a property after it has been gifted?
Does the society need to be informed about the transfer of a property after it has been gifted?
Answered on November 08, 2017
Yes, post the gift, society needs to be informed of the same with proof to effect transfer from one owner to the other and apply to the Society with the necessary transfer forms for transfer of flat.
Society Matters
#mumbai#society#maintenance
Can a Mumbai based society take disciplinary action against members who aren't up to date with maintenance payments?
Can a Mumbai based society take disciplinary action against members who aren't up to date with maintenance payments?
Answered on November 08, 2017
Normally, everything related to the society is as per the Maharashtra co-operative societies act and bye-laws prescribed thereunder
Answered on November 08, 2017
Every society incurs bills for common facilities such as electrcity in common areas, security charges, accounting charges, maintainance charges that need to be paid. Normally these charges are divided by the total carpet area of every flat and bills proportionate to the flat owners carpet area are normally sent out every quarter. Apart from that , co-operatives socities acts prescribes to have ...
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NRI
#pio#immovable#property
Can an NRI or a PIO repatriate the proceeds from the sale of an immovable property? If so, what are the terms for the same?
Can an NRI or a PIO repatriate the proceeds from the sale of an immovable property? If so, what are the terms for the same?
Answered on November 08, 2017
1.From the balances of NRO account – subject to declaration
2. Sale proceeds of assets
3. Assets acquired from legacy/ inheritance/ deed of settlement
they can remit up to USD 1 Million in a financial year
NRI
#agreements#poa
If an NRI signs Loan Against Property agreements while being abroad, without the involvement of any notary, embassy or POA, are the agreements legally enforceable in India by any party?
If an NRI signs Loan Against Property agreements while being abroad, without the involvement of any notary, embassy or POA, are the agreements legally enforceable in India by any party?
Answered on November 08, 2017
No, these documents would not be enforceable in the courts of law in case of a dispute
NRI
#purchase#residential#property
Are PIOs and foreigners allowed to purchase residential and commerical property in India?
Are PIOs and foreigners allowed to purchase residential and commerical property in India?
Answered on November 08, 2017
PIO's are allowed to purchase upto 2 flats, without any permission from RBI. Foreigners who are residents in India ( for more than 183 days) can purchase provided they take appropriate permissions from RBI for the same
Bank Finance
#mortgage#property
Is it possible to undertake a mortgage without the delivery of a property?
Is it possible to undertake a mortgage without the delivery of a property?
Answered on November 08, 2017
A housing loan is a classic example of the case, where physical possession has not been handed over, yet a bank mortgage is created on the property
Bank Finance
#mortgage#loan
What is reverse mortgage loan? What is my eligibility and how I will get back the title deeds?
What is reverse mortgage loan? What is my eligibility and how I will get back the title deeds?
Answered on November 08, 2017
The scheme of reverse mortgage has been introduced recently for the benefit of senior citizens owning a house but having inadequate income to meet their needs. Some important features of reverse mortgage are:A homeowner who is above 60 years of age is eligible for reverse mortgage loan. It allows him to turn the equity in his home into one lump sum or periodic payments mutually agreed by the bo...
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Bank Finance
#mortgage#money#paid
If funds are given under a reverse mortgage, how does the lending institution recover the money paid?
If funds are given under a reverse mortgage, how does the lending institution recover the money paid?
Answered on November 08, 2017
Once you vacate the premises permanently, or in the event of your death, the lending institution will give the first option to the legal heirs of the property to settle the loan. If they are unable to settle the loan, the lending institution will sell the property and, from its proceeds take its share-principal, i.e., the total amount disbursed as loan and the interest on it-and give the balanc...
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Answered on November 08, 2017
APF stands for Advanced Processing Facility.Every project of a developer is expected to have a valid APF number or a code. The APF Number is provided by banks or housing finance companies (HFCs). The APF Number denotes that the project has received all necessary approvals, and that homebuyers can invest in the project without any fear about the credibility of the developer.Most developers have ...
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Bank Finance
#banks#offer#loans
Is there a moratorium period banks offer for the repayment of home loans? If yes, what is it?
Is there a moratorium period banks offer for the repayment of home loans? If yes, what is it?
Answered on November 08, 2017
Moratorium could be offered to a borrower, however it is subject to the papers and the relationship the borrower normally shares with the lending institution. There are multiple factors that decide the term of moratorium offered by a bank
Bank Finance
#paid#loan#taxable
Does the interest paid on a home loan get exempted from one's taxable income
Does the interest paid on a home loan get exempted from one's taxable income
Answered on November 08, 2017
Interest paid on a home loan can be taken as a tax deduction
Answered on November 08, 2017
Home loans can be generally availed between 7.5%-9% depending on the amount and the tenure of the loan. It generally varies from bank to bank though. SBI has the lowest interest rates in the country
Bank Finance
#advisable#homeloan
Is it advisable from a financial perspective to prepay a home loan?
Is it advisable from a financial perspective to prepay a home loan?
Answered on November 08, 2017
This is subject to the terms of the agreement with the institution. Certain banks have a prepayment penalty that needs to be paid. However, if the loan period left is considerably high, it may be a good option to pay the balance amount because the interest payment can really pile up over a long period of time. However, you should also consider your individual tax implications/exemptions while d...
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Answered on November 08, 2017
It is all subject to the interest rate offered by any institution. However, some top names are ICICI, HDFC, SBI, Axis bank, Karnataka Bank, LIC Housing finance to name a few
Others
#paid#token#residential#property#city
A week ago, I paid the token on a residential property I was planning to buy. Now due to some reason I have to move to another city. Is it justified for me to expect a 100% refund, since it has only been a week?
A week ago, I paid the token on a residential property I was planning to buy. Now due to some reason I have to move to another city. Is it justified for me to expect a 100% refund, since it has only been a week?
Answered on November 08, 2017
Yes, you can demand the refund unless a written document exists between the two of you that has included a forfeiture clause within the same
Answered on November 08, 2017
PMC is normally hired by a society while undergoing redevelopment. PMC is normally an architect/engineer who is well conversant with the rules of the local authorities and can advise the society on matters such as FSI already consumed, plot potential and general practices in the market. They act as a bridge between the developers and the society to finalize the development agreement, oversee th...
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Others
#residential
What is the difference between living in a stand-alone building versus living in a large residential complex?
What is the difference between living in a stand-alone building versus living in a large residential complex?
Answered on November 08, 2017
It is a matter of personal choice of the buyers. A residential complex could offer more amenities, larger no of families to socialize, a set no of agencies to ensure daily housekeeping on a timely basis and even better security sometimes. On the other hand, a stand alone building has fewer members, hence decisions related to the society can be made faster, amenities are used by far fewer people...
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