Monthly Archives: December 2015

2015 in review

The WordPress.com stats helper monkeys prepared a 2015 annual report for this blog.

Here’s an excerpt:

The concert hall at the Sydney Opera House holds 2,700 people. This blog was viewed about 11,000 times in 2015. If it were a concert at Sydney Opera House, it would take about 4 sold-out performances for that many people to see it.

Click here to see the complete report.

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Real Estate (Regulation & Development) Bill, 2015

The Union Cabinet has approved the Real Estate (Regulation & Development) Bill, 2015. The Bill will now be taken up for consideration and passing by the Parliament. In a statement the government said the Bill will provide uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. “It will boost domestic and foreign investment in the real estate sector and help achieve the objective of Government of India to provide ‘Housing for All’ by enhanced private participation.” The Bill, the government says, aims at restoring the confidence of consumers in the sector by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets.

The salient features of the Bill are as under:

  1. Applicable both for commercial and residential real estate projects.
  2. Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.
  3. Registration of Real Estate Projects (projects on at least 500 sq metres of area or with eight flats will have to be registered with the proposed regulatory authority) and real estate agents with the Authority.
  4. Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.
  5. Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project. (deposit at least 70% of the sale proceeds, including land cost, in an escrow account to meet construction cost)
  6. Builders will be liable for structural defects for Five years.
  7. Formation of Residents Association is compulsory within 3 months of the allotment of a majority of units in a project.
  8. Establishment of Fast Track Dispute Resolution Mechanisms for settlement of disputes through Adjudicating Officers and Appellate Tribunal.
  9. Civil Courts Jurisdiction Prohibited from taking up matters defined in Bill, however, Consumer Court at District Level allowed to hear Real Estate Matters.
  10. Promoters barred from changing plans and design without consent of consumers.
  11. Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.

Legal Documents to be checked before buying Flat of Resale

Source: Legal Documents to be checked before buying Flat of Resale

Legal Documents to be checked before buying Flat of Resale

As we know there are number of Property Brokers who deals in property. Resale flat means flat is being sold by the original buyer of the said flat. In short Flat which is purchased by a First buyer from Builder who sold it to other person its called Resale of Flat.

Now we discuss about the Legal procedure and documentation which is to be checked before buying such flats. Following are the documents which is essential and need to be checked before buying such resale flats:

  1. The property card or title documents of the Land.
  2. The title deed i.e. previous Deed of Conveyance.
  3. The tax paid receipts till date.
  4. The Master Plan of the property or the blue print/sturcture
  5. The society membership documents or Share Certificate.
  6. Previous loan related documents or statement
  7. Commencement letter issued to the builder
  8. Completion certificate issued to the builder
  9. Occupation Certificate
  10. Possession receipt
  11. Electricity bills
  12. Maintenance of the Society paid till date
Normally Title Investigation is most effective tool for getting exact marketable title of the property. Therefore, before buying any property purchaser must go for Title Investigation of Property for getting all information related with property. The said Title Investigation Report Prepared and Issued by an Advocate.
Registration of Deed of Conveyance/Agreement for sale of Flat is essential under Section 17 of The Registration Act, 1908. Therefore check whether the Deed is registered or not.
In short Resale Flat must hold Clear and Market able title without any dispute and litigation. Its responsibility of the seller to sell the resale flat with the above qualities. But as we know the Principle of Cavet Emptor which state that “Let the Buyer Beware”  on that basis buyer must aware about all given facts before buying any resale flat.