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Advocates for (TDR) In Pune

What is Transfer of Development Right (TDR)?

TDR is a virtual space that is given by the government to a land owner when his/her plot is reserved for public use, such as road, school, playground, hospital, etc. In exchange for giving up that land, the land owner gets virtual space (TDR) that is equivalent to the reserved area. TDR is tradable, and can be sold to builders, who can use it to add more floors on their projects.

The Proposal and its Impact

According to the proposed TDR usage laws, developers will not be allowed to use TDR in projects that are next to a road narrower than 9 meters.

Currently, the developers are allowed to use one TDR irrespective of the width of the roads; however, the government’s draft circular related to new rules said “Now, higher the width of the road, more the TDR to be used by the developers along with the available floor space index (FSI) of 1 for his project. If the road width is between 12m to 18m, then 0.75 TDR will be used. For the road width between 18m to 24m, one TDR will be uploaded. For road width between 24m-to-30m, 1.25 TDR can be uploaded. If the road width is more than 30m, the developer can use 1.50 TDR.”

Benefits of TDR program

The TDR program allows the landowners to separate the right of ownership of the land from the right of its development. Landowners benefit by being compensated for placing land use restrictions on their land, keeping farmland prices affordable for agricultural uses, and removing land uses that impede farming.

Local Governments can use TDR to direct development in specific zones. They can use this tool to preserve farming areas, forested areas, heritage areas etc. by allowing its owners to give up their rights to develop these spaces commercially in lieu of TDR. The public stands to gain, as private sector funds are used to purchase the development rights, thus avoiding large public expenditures. Farmland and environmentally sensitive areas are protected, and development occurs in suitable areas, resulting in more efficient public services.

Development Rights Certificate

A Development Rights Certificate (DRC) is a certificate issued by the Municipal Commissioner to individuals who are granted TDR. The certificate states that the FSI credit in square meter of the built-up area to which the owner or lessee of the reserved plot is entitled, the place and user zone in which the development rights are earned, and the areas in which they may be utilized. The property owner may use DRC for himself or transfer it to any other person.

How TDR can be a positive initiative?

Compensation to land owners to give their developmental rights should be market price based and not based on archaic and imaginary government registration prices.
The program must be equitable to all parts of a City, to ensure that uneven development does not happen.

TDR programs must be implemented synchronously with sound urban planning and zoning regulations, with streamlined land title registration, with right pricing for TDR, with an efficient trading mechanism for TDR and good communication.

The local Government cannot arbitrarily decide on TDR pricing based on end use. The process of TDR issuance and purchases should not be bureaucratic.

There ought to a well-planned communication to make people understand and buy into TDR programs. Private Banks and exchanges must be involved to drive the TDR program.

The fundamental principle of TDR is that the owner continues to own the land. But what Bangalore city did was misuse of this tool to take away the fundamental right of a citizen to hold on to his property. This must be stopped. TDR is not the only tool that is being used this way. Other acquisition tools such as ‘eminent use’ principles are also employed as legal instruments to rob people of their fundamental rights. This must be stopped.

According to the current law, properties can be acquired for road-widening only under TDR and TDR can be enforced only if the owner is willing. If he isn’t willing, the only option open to local government is to acquire the property under the state’s Land Acquisition Act. The TDR program allows landowners to separate the right of ownership of the land from the right of its development. TDR is granted only for prospective development and not for past developments. It is designed to steer growth, not to limit or stop development.

By |August 28th, 2017|Advocates for TDR in Pune|Comments Off on Advocates for (TDR) In Pune
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Lawyers for Gift Deed In Pune

WHAT IS GIFT DEED?

Ved Legal comprises of a dedicated team of experts. We offer a multitude of services in the areas of Co-operative and Property law, but we are best known for our expertise in the Co-operative field i.e. Society Formation/Registration as well as Deemed Conveyance, Conveyance thereof. We have vast experience in representing our clients in matters of Society Formation, Deemed Conveyance, and Recovery. We also undertake different types of property matters including Conveyances, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc..

=There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.

Transfer of property by GIFT DEED

There are a number of ways through which the property can be transferred from the owner of that property to the donee. It can be done by sale, will or gift but the method commonly used to transfer the property to the family members is by executing the gift deed in favor of that person.

Though no monetary transaction is involved in the gift deed then also it is mandatory to get the gift deed registered.

Section 122 of the Transfer of Property Act, 1882 defines gift.

WHAT ALL CAN BE GIFTED?.

Things which can be gifted should have such properties to be called as a gift –

1. It should be movable or immovable property.
2. It should be tangible property.
3. It must be transferable.
4. It should be in present time and not to be a future property.

GIFTING PROCESS

With the help of the lawyer, gift deed is drafted. It is basically a contract between the donor and the donee which defines the simultaneous act of giving and taking. To make gift valid, it must be made by the person voluntarily and not by force.

After the legal work is done it is necessary by the donee to accept the gift from the donor in order to make the gift deed valid. Acceptance of the gift must be done during the lifetime of the donor. In case donee fails to accept the gift, whatever may be the reasons, it is rendered invalid.

A gift of immovable property cannot pass any title unless it is registered under Section 123 of the transfer of property act. Attestation by two witnesses is mandatory during registration as well as post registration then only title transfer is possible.

REGISTRATION CHARGES

Stamp duty must be paid on the gift deed and the same must be registered. The registration charges payable on a gift deed differs from state to state. In certain states, it is a percentage with a cap, and in other states it is an amount with no cap. It would be advisable for you to check with a local lawyer as to what the registration fee would be on the gift deed in your state.

GIFT DEED IN CASE OF MINOR

Any person who owns the property can make the gift deed in favor of anyone but there is an exception to this rule.
In the cases in which either a donee or donor is a minor, minors are not eligible to contract so, they cannot transfer property as a gift.

• If the donor is a minor then the gift deed becomes invalid.
• In case, if the donee is a minor, a natural guardian can accept the gift on behalf of the minor.

Guardian acts as a manager of the property gifted to the minor and if the gift is burdensome, the responsibility of the gift cannot be enforced on the minor until he/she is minor. Once the donee becomes major he may either accept the gift or return the gift back to the donor.

TAX IMPLICATIONS IN A GIFT DEED
The biggest benefit is that there is no tax implication if you are gifting property to certain relatives.

CERTAIN THINGS WHICH SHOULD BE REMEMBERED WHILE MAKING GIFT DEED

While executing the gift deed one thing should be remembered that, after executing the gift deed in favor of the donee, the donor does not have the right to revoke the gift deed until there is a special clause mentioning to revoke the gift, which has been made in the favor of donee.

Note that:- Though a gift deed cannot be revoked, it can be challenged in court, coercion and fraud being the most common grounds. So, if you have been tricked into gifting property, you can take the matter to court and have the transfer reversed. It can also be challenged on the grounds that the donor was not of sound mind or was a minor. You can never have a challenge-free gift deed, but consult a lawyer while drafting it so that the chances of it being challenged are minimum.

By |August 28th, 2017|Lawyers for Gift Deed In Pune|Comments Off on Lawyers for Gift Deed In Pune
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Advocates for Gift Deed In Pune

WHAT IS GIFT DEED?

Ved Legal comprises of a dedicated team of experts. We offer a multitude of services in the areas of Co-operative and Property law, but we are best known for our expertise in the Co-operative field i.e. Society Formation/Registration as well as Deemed Conveyance, Conveyance thereof. We have vast experience in representing our clients in matters of Society Formation, Deemed Conveyance, and Recovery. We also undertake different types of property matters including Conveyances, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc..

=There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.

Transfer of property by GIFT DEED

There are a number of ways through which the property can be transferred from the owner of that property to the donee. It can be done by sale, will or gift but the method commonly used to transfer the property to the family members is by executing the gift deed in favor of that person.

Though no monetary transaction is involved in the gift deed then also it is mandatory to get the gift deed registered.

Section 122 of the Transfer of Property Act, 1882 defines gift.

WHAT ALL CAN BE GIFTED?

Things which can be gifted should have such properties to be called as a gift –

1. It should be movable or immovable property.
2. It should be tangible property.
3. It must be transferable.
4. It should be in present time and not to be a future property.

GIFTING PROCESS

With the help of the lawyer, gift deed is drafted. It is basically a contract between the donor and the donee which defines the simultaneous act of giving and taking. To make gift valid, it must be made by the person voluntarily and not by force.

After the legal work is done it is necessary by the donee to accept the gift from the donor in order to make the gift deed valid. Acceptance of the gift must be done during the lifetime of the donor. In case donee fails to accept the gift, whatever may be the reasons, it is rendered invalid.

A gift of immovable property cannot pass any title unless it is registered under Section 123 of the transfer of property act. Attestation by two witnesses is mandatory during registration as well as post registration then only title transfer is possible.

REGISTRATION CHARGES

Stamp duty must be paid on the gift deed and the same must be registered. The registration charges payable on a gift deed differs from state to state. In certain states, it is a percentage with a cap, and in other states it is an amount with no cap. It would be advisable for you to check with a local lawyer as to what the registration fee would be on the gift deed in your state.

GIFT DEED IN CASE OF MINOR

Any person who owns the property can make the gift deed in favor of anyone but there is an exception to this rule.
In the cases in which either a donee or donor is a minor, minors are not eligible to contract so, they cannot transfer property as a gift.

• If the donor is a minor then the gift deed becomes invalid.
• In case, if the donee is a minor, a natural guardian can accept the gift on behalf of the minor.

Guardian acts as a manager of the property gifted to the minor and if the gift is burdensome, the responsibility of the gift cannot be enforced on the minor until he/she is minor. Once the donee becomes major he may either accept the gift or return the gift back to the donor.

TAX IMPLICATIONS IN A GIFT DEED
The biggest benefit is that there is no tax implication if you are gifting property to certain relatives.

CERTAIN THINGS WHICH SHOULD BE REMEMBERED WHILE MAKING GIFT DEED

While executing the gift deed one thing should be remembered that, after executing the gift deed in favor of the donee, the donor does not have the right to revoke the gift deed until there is a special clause mentioning to revoke the gift, which has been made in the favor of donee.

Note that:- Though a gift deed cannot be revoked, it can be challenged in court, coercion and fraud being the most common grounds. So, if you have been tricked into gifting property, you can take the matter to court and have the transfer reversed. It can also be challenged on the grounds that the donor was not of sound mind or was a minor. You can never have a challenge-free gift deed, but consult a lawyer while drafting it so that the chances of it being challenged are minimum.

By |August 28th, 2017|Advocates for Gift Deed, Advocates for Gift Deed In Pune|Comments Off on Advocates for Gift Deed In Pune
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Lawyers for Redevelopment

WHAT IS REDEVELOPMENT AND WHY IS IT NEEDED?

With limited availability of open land parcels in Mumbai, major developers are now looking at venturing into the redevelopment space.
Dilapidated buildings on the verge of collapse are a grim reality for thousands of housing societies across Mumbai. Developers, as an incentive to owners of older buildings, offer additional area, money, and the promise of a new flat with better amenities.
But owners should keep a few things in mind before opting for redevelopment.

What is redevelopment and why is it needed?

Housing redevelopment refers to the process of reconstruction of a residential premise by demolition of the existing structure and construction of a new one as per approvals from the Municipal Corporation of Greater Mumbai (MCGM). It ideally works best when a society is in dire need of extensive repairs but is starved of the necessary funds for it.

Developers, on their part, are also on the lookout for properties with unused development rights where they can build a new and higher structure where the additional storeys can be sold for a tidy profit.

As per the terms of the agreement between the developer and the society in question, existing members of the society receive new flats in the reconstructed building of an area equal to or more than the area of their existing flats. But redevelopment can only take place if 75 percent of the members tender their consent.

Over 20,000 housing societies, 17,000 cessed buildings and over 3,000 Mhada (Maharashtra Housing and Area Development Authority) structures are waiting for redevelopment proposals.
The advantages of redevelopment over repair

With redevelopment, the members get a new building, more space and monetary benefits without spending any money from their own pockets. Shah says the developer can offer extra amenities like a gymnasium, a generous car park, and high-end security systems, among other things.

Disadvantages

However, while redevelopment may be the latest buzz, citizens argue that developers often tear down old colonial mansions to build luxury towers for the rich. And more often than not, it is often haphazard and done without the consent of society members.

Any building that is over 25 years old can go for redevelopment once it is declared dilapidated by an Architect. Under the provisions of Development Control Rules, it has become easy for developers to get buildings declared dilapidated even when they are not really so. Given the strong politician-builder nexus in the city, it is not difficult to get a building declared dilapidated by a government architect.

The redevelopment process also causes inconvenience to the residents as they will have to look for alternative places to stay in while the builder demolishes the old building and constructs a new one. It usually takes the builder at least 18 to 24 months to complete a project with an extended grace period of six months in case of any adverse eventuality.

Follow the ground rules

1. Redevelopment is usually burdened with bitterness and complaints of high-handedness and corruption against the Managing Committee of the society, which is why society members should always appoint a lawyer before signing a contract with the builder.”Builder should be transparent, reliable and trustworthy. The most recommended way to choose a builder is to go by the tendering system,” said Shah.
The society should prepare a comparative chart and, after checking the merit, reputation, technical capability, experience, financial status, quality of construction and successful completion of projects, it should select the builder.

2. The contract should clearly mention the obligations of the builder and the society members and the penalty or consequences of any breach of the contract by either of the parties. Once the agreement is accepted in terms of area and corpus fund, it cannot be revised.
“If the carpet area, as documented in the agreement, is not given by the builder, the owner can claim appropriate compensation through a consumer court by filing a complaint against the builder under the counts of Breach of Trust, Cheating, Unfair Trade Practice and Deficiency in Service,” Shah said.

3. The housing society should insist on a bank guarantee, which would take care of monetary compensation to ensure the project is not delayed or stopped midway. “The successful bidder has to give a bank guarantee equivalent to 20 percent of the total project cost,” according to redevelopmumbai.com.
The agreement should mention the time of completion of the project, the size of the new houses, the mode and nature of monetary compensation, if it’s a one-time payment, reimbursement of rent, or a mix of both.The developer also has to offers a monthly compensation in advance along with the brokerage and transportation charge that the tenant has to incur while securing an alternate accommodation, said Shah.

4. The monthly compensation should suitably be agreed upon, which is equivalent to the prevalent rate of rentals in the same vicinity. The developer usually pays post-dated cheques. In case this advance rental is dishonoured, the society has the right to prevent the builder from either selling or allowing any new flat purchaser to occupy their respective flats.

5. At the time of vacating the premises, all the members have to give consent and vacate as per the resolution passed in the general body meeting. In case, a member refuses to do so the society or the builder may move the competent court.
WHEN CAN A PROPERTY BE REDEVELOPED?

Redevelopment can take place only if 75 per cent of the flat owners in a society agree to it. Redevelopment is feasible in case a society is in dire need of repairs but doesn’t have enough funds for it.

Documents required
A society needs to have a society registration certificate, an original building plan, a sale deed, a copy of resolution, an agreement and a title certificate. The society would also need a property card and an NA (non-agricultural) order. Hiring a project management consultant (PMC) could ensure a smooth redevelopment process and avoid last-minute hitches.

Procedure
The society needs a special committee to draw an outline of the redevelopment of the building and present it to other society members. This committee would also take various decisions, including that on selecting a PMC.

Role & appointment of a PMC
An architect can be appointed as a PMC. “A PMC should have the expertise to extract the best deal from a builder. He should support the occupants from the beginning of the project to its end. After a PMC is appointed, he should file a report that has the suggestions and recommendations of society members. Some PMCs charge a fee – either a flat fee or stage-wise payments. The PMC has to ensure documents such as the society’s maintenance bills, property tax papers, agreements, municipal papers, etc, are in place. After this, he can invite tenders from reputed builders.

Selecting a developer
Tenders from builders should be opened in the presence of the PMC and members of the committee. At least five bids have to be shortlisted. “A developer should be selected, based on his credentials, merits, reputation, experience and the added benefits he offers. An authorized officer and a registrar, along with at least 75% of the members, should be present to finalize a developer.

Essentials of a good agreement
The society would also need an advocate to draft the agreement carefully. Since the occupants are betting their asset (the current structure would be demolished), it is important the builder compensates them well, abides by the law, and fulfils the demands stated in the agreement. Therefore, the agreement should be comprehensive to ensure the occupants don’t suffer financial losses in case the builder fails to complete the project.

Security deposit
“The developer should give a security deposit to the members; this should be equal to the construction cost of rebuilding the society, according to the new design.

Bank guarantee
As a precautionary step, the developer is expected to give a bank guarantee of at least 20% of the project cost. The money would be used in case the developer fails to complete the project on time.

Transfer of development rights (TDR):
The society has to ensure the developer purchases the additional TDR and loads it on the society. “Members should ensure this before vacating their house because if the TDR rules change after vacating, the builder might not be able to give the extra flat area he had promised.

Corpus fund
Society members should opt for the corpus fund, as this money is usually used to pay municipal taxes after the property is redeveloped. This is because, taxes would increase after the property is redeveloped, and investing funds from this corpus can be a good idea.

Alternative accommodation
Society members should be given an alternate accommodation, preferably in the same area. Or, the developer should agree to pay the person’s monthly rent. Builders should provide advance payments for a year to members for rents (in the new accommodation). Whereas, for the next year, they should provide post-dated cheques.

Cost of shifting
Society members are entitled to seek the cost of shifting from the builder. The cost would include the amount members have to pay to shift to an alternative accommodation and back to the redeveloped society.

Facilities promised
These would include all the facilities and amenities the developer has promised to society members. The carpet or useable area the developer has agreed to provide after the redevelopment should be clearly mentioned in the agreement.

When to vacate the flat

Society members should agree to vacate their homes only after the builder has secured the necessary legal approvals and permits (city-specific or eg: approvals from Brihanmumbai Municipal Corporation) to redevelop that space. It is important that the rights of an original occupant remain unchanged after the new building comes up.

“Don’t vacate the house until the agreement is registered and it says exactly what the members had demanded.

Members shouldn’t vacate the flat unless the developer issues an intimation of disapproval with the sanctioned plans and loads the TDR on the society. Also, ensure the security deposit and the bank guarantee are paid.

What if the project is delayed?
Ideally, redevelopment should be completed within two years; in exceptional cases, it could stretch to three years. If there is a delay, the developer has to pay extra rent, owing to the inconvenience caused to members of the society. If the developer turns out to be a fraud, the society agreement would come of use. Also, the PMC and the appointed lawyer would help approach court. However, these processes are time-taking.

By |August 28th, 2017|Lawyers for Redevelopment|Comments Off on Lawyers for Redevelopment
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Advocates for Redevelopment

WHAT IS REDEVELOPMENT AND WHY IS IT NEEDED?

With limited availability of open land parcels in Mumbai, major developers are now looking at venturing into the redevelopment space.
Dilapidated buildings on the verge of collapse are a grim reality for thousands of housing societies across Mumbai. Developers, as an incentive to owners of older buildings, offer additional area, money, and the promise of a new flat with better amenities.
But owners should keep a few things in mind before opting for redevelopment.

What is redevelopment and why is it needed?

Housing redevelopment refers to the process of reconstruction of a residential premise by demolition of the existing structure and construction of a new one as per approvals from the Municipal Corporation of Greater Mumbai (MCGM). It ideally works best when a society is in dire need of extensive repairs but is starved of the necessary funds for it.

Developers, on their part, are also on the lookout for properties with unused development rights where they can build a new and higher structure where the additional storeys can be sold for a tidy profit.

As per the terms of the agreement between the developer and the society in question, existing members of the society receive new flats in the reconstructed building of an area equal to or more than the area of their existing flats. But redevelopment can only take place if 75 percent of the members tender their consent.

Over 20,000 housing societies, 17,000 cessed buildings and over 3,000 Mhada (Maharashtra Housing and Area Development Authority) structures are waiting for redevelopment proposals.
The advantages of redevelopment over repair

With redevelopment, the members get a new building, more space and monetary benefits without spending any money from their own pockets. Shah says the developer can offer extra amenities like a gymnasium, a generous car park, and high-end security systems, among other things.

Disadvantages

However, while redevelopment may be the latest buzz, citizens argue that developers often tear down old colonial mansions to build luxury towers for the rich. And more often than not, it is often haphazard and done without the consent of society members.

Any building that is over 25 years old can go for redevelopment once it is declared dilapidated by an Architect. Under the provisions of Development Control Rules, it has become easy for developers to get buildings declared dilapidated even when they are not really so. Given the strong politician-builder nexus in the city, it is not difficult to get a building declared dilapidated by a government architect.

The redevelopment process also causes inconvenience to the residents as they will have to look for alternative places to stay in while the builder demolishes the old building and constructs a new one. It usually takes the builder at least 18 to 24 months to complete a project with an extended grace period of six months in case of any adverse eventuality.

Follow the ground rules
1. Redevelopment is usually burdened with bitterness and complaints of high-handedness and corruption against the Managing Committee of the society, which is why society members should always appoint a lawyer before signing a contract with the builder.”Builder should be transparent, reliable and trustworthy. The most recommended way to choose a builder is to go by the tendering system,” said Shah.
The society should prepare a comparative chart and, after checking the merit, reputation, technical capability, experience, financial status, quality of construction and successful completion of projects, it should select the builder.

2. The contract should clearly mention the obligations of the builder and the society members and the penalty or consequences of any breach of the contract by either of the parties. Once the agreement is accepted in terms of area and corpus fund, it cannot be revised.
“If the carpet area, as documented in the agreement, is not given by the builder, the owner can claim appropriate compensation through a consumer court by filing a complaint against the builder under the counts of Breach of Trust, Cheating, Unfair Trade Practice and Deficiency in Service,” Shah said.

3. The housing society should insist on a bank guarantee, which would take care of monetary compensation to ensure the project is not delayed or stopped midway. “The successful bidder has to give a bank guarantee equivalent to 20 percent of the total project cost,” according to redevelopmumbai.com.
The agreement should mention the time of completion of the project, the size of the new houses, the mode and nature of monetary compensation, if it’s a one-time payment, reimbursement of rent, or a mix of both.The developer also has to offers a monthly compensation in advance along with the brokerage and transportation charge that the tenant has to incur while securing an alternate accommodation, said Shah.

4. The monthly compensation should suitably be agreed upon, which is equivalent to the prevalent rate of rentals in the same vicinity. The developer usually pays post-dated cheques. In case this advance rental is dishonoured, the society has the right to prevent the builder from either selling or allowing any new flat purchaser to occupy their respective flats.

5. At the time of vacating the premises, all the members have to give consent and vacate as per the resolution passed in the general body meeting. In case, a member refuses to do so the society or the builder may move the competent court.

WHEN CAN A PROPERTY BE REDEVELOPED?

Redevelopment can take place only if 75 per cent of the flat owners in a society agree to it. Redevelopment is feasible in case a society is in dire need of repairs but doesn’t have enough funds for it.

Documents required
A society needs to have a society registration certificate, an original building plan, a sale deed, a copy of resolution, an agreement and a title certificate. The society would also need a property card and an NA (non-agricultural) order. Hiring a project management consultant (PMC) could ensure a smooth redevelopment process and avoid last-minute hitches.

Procedure
The society needs a special committee to draw an outline of the redevelopment of the building and present it to other society members. This committee would also take various decisions, including that on selecting a PMC.

Role & appointment of a PMC
An architect can be appointed as a PMC. “A PMC should have the expertise to extract the best deal from a builder. He should support the occupants from the beginning of the project to its end. After a PMC is appointed, he should file a report that has the suggestions and recommendations of society members. Some PMCs charge a fee – either a flat fee or stage-wise payments. The PMC has to ensure documents such as the society’s maintenance bills, property tax papers, agreements, municipal papers, etc, are in place. After this, he can invite tenders from reputed builders.

Selecting a developer
Tenders from builders should be opened in the presence of the PMC and members of the committee. At least five bids have to be shortlisted. “A developer should be selected, based on his credentials, merits, reputation, experience and the added benefits he offers. An authorized officer and a registrar, along with at least 75% of the members, should be present to finalize a developer.

Essentials of a good agreement
The society would also need an advocate to draft the agreement carefully. Since the occupants are betting their asset (the current structure would be demolished), it is important the builder compensates them well, abides by the law, and fulfils the demands stated in the agreement. Therefore, the agreement should be comprehensive to ensure the occupants don’t suffer financial losses in case the builder fails to complete the project.

Security deposit
“The developer should give a security deposit to the members; this should be equal to the construction cost of rebuilding the society, according to the new design.

Bank guarantee
As a precautionary step, the developer is expected to give a bank guarantee of at least 20% of the project cost. The money would be used in case the developer fails to complete the project on time.

Transfer of development rights (TDR):
The society has to ensure the developer purchases the additional TDR and loads it on the society. “Members should ensure this before vacating their house because if the TDR rules change after vacating, the builder might not be able to give the extra flat area he had promised.

Corpus fund
Society members should opt for the corpus fund, as this money is usually used to pay municipal taxes after the property is redeveloped. This is because, taxes would increase after the property is redeveloped, and investing funds from this corpus can be a good idea.

Alternative accommodation
Society members should be given an alternate accommodation, preferably in the same area. Or, the developer should agree to pay the person’s monthly rent. Builders should provide advance payments for a year to members for rents (in the new accommodation). Whereas, for the next year, they should provide post-dated cheques.

Cost of shifting
Society members are entitled to seek the cost of shifting from the builder. The cost would include the amount members have to pay to shift to an alternative accommodation and back to the redeveloped society.

Facilities promised
These would include all the facilities and amenities the developer has promised to society members. The carpet or useable area the developer has agreed to provide after the redevelopment should be clearly mentioned in the agreement.

When to vacate the flat

Society members should agree to vacate their homes only after the builder has secured the necessary legal approvals and permits (city-specific or eg: approvals from Brihanmumbai Municipal Corporation) to redevelop that space. It is important that the rights of an original occupant remain unchanged after the new building comes up.

“Don’t vacate the house until the agreement is registered and it says exactly what the members had demanded.

Members shouldn’t vacate the flat unless the developer issues an intimation of disapproval with the sanctioned plans and loads the TDR on the society. Also, ensure the security deposit and the bank guarantee are paid.

What if the project is delayed?
Ideally, redevelopment should be completed within two years; in exceptional cases, it could stretch to three years. If there is a delay, the developer has to pay extra rent, owing to the inconvenience caused to members of the society. If the developer turns out to be a fraud, the society agreement would come of use. Also, the PMC and the appointed lawyer would help approach court. However, these processes are time-taking.

By |August 28th, 2017|Advocates for Redevelopment|Comments Off on Advocates for Redevelopment
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Lawyers for flat agreements in pune

CO-OPERATIVE LAWYERS IN PUNE

*Ved Legal deals with property transfer cases such as SALE DEED, GIFT DEED, ASSINGMENT DEED, MORTGAGE DEED, and AGREEMENTS etc….since 2007. Ved Legal offers a multitude of services in the areas of Property, Co-operative and Matrimonial law and it is best known for its expertise in these fields. We have vast experience in representing our clients before concern authorities for the matters. We therefore undertake different types of property matters as mentioned above various transfers, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc.

We have enough experience in co-operative laws and property laws as well as we are specifically expertise in execution and registration process of various DEED & AGREEMENTS as well as in Registration process of Co-operative Housing/Commercial/Industrial Societies, Federations and execution of Conveyance or Deemed Conveyance thereof.

*AMENDMENTS IN THE TRANSFER OF PROPERTY ACT 1882.

Execution and registration of sale deed for an immoveable property transfers and conveys absolute title of the property in favour of the buyer. However, in certain cases, when a sale deed for an immoveable property is being executed, the concerned parties incorporate certain conditions in the document that impose restrictions or constraints on the right of the buyer to sell or transfer the property.
The Transfer of Property Act, 1882 deals with such restrictions or constraints. Any condition or limitation restraining the buyer from parting with or disposing of his interest in the property is void according to the act. Two exceptions to this rule are:

■ In the case of a lease where such restriction or condition is imposed for the benefit of the lessor, and
■ Where a property is transferred to or for the benefit of a woman who is not a Hindu, Muslim or Buddhist, with a condition that she shall not have power during her marriage to transfer or create any encumbrance in the sale of property transferred to her

The above mentioned rule has been incorporated into the Act to encourage sale and purchase of property without restriction on future transfer. It is based on the basic principle that transferring a property cannot be separated from giving the beneficial ownership of the property to the transferee/buyer. Therefore, the condition by which an absolute restraint is imposed against the transfer of that property is considered to be void. Selling or transferring the property is an inherent right of every owner and restrictive conditions cannot be imposed on him or her.
One of the examples of absolute restraint can be where A ( owner of a property) agrees to sell it to B (the buyer)for 1 lakh. While executing of the sale deed, A puts a condition in the sale deed that if B ever intends to part with or sell or transfer the house in the future, B must sell the house to A or heirs of A and to no one else. Such a condition would fall in the category of absolute restraint as it affects the beneficial enjoyment of the house by B. Beneficial enjoyment of the house by B includes his right to sell it or dispose it in any other way.

The consistent view of the courts has been that an absolute restraint is void but a partial restraint is not.
For applicability of this rule, two essential conditions are required: ■ There must be a transfer of property and ■ There must be a condition which absolutely restrains the transferee/buyer from alienation/transfer of such property This rule applies to only those conditions which impose an absolute condition on the alienation/ transfer of property. However, there may be certain conditions, which partially restrain the right of the owner of the property to alienate/transfer the property. Such specific conditions which partially restrain the owner from alienating/ transferring the property have been held to be valid by various courts on various occasions.

*PAPERS/DOCUMENTS REQUIRED FOR PROPERTY REGISTRATION IN PUNE
The following papers and documents are required for the registration of property.

ADJUDICATION
Adjudication is a process which evaluates a market value of a property and hence ascertains the stamp duty by collector of stamps. It is better to get the document adjudicated in case the building is very old and proper depreciation is not given by the sub-registrar.

NO OBJECTION CERTIFICATE
A No Objection Certificate (NOC) is required under the Urban Land Ceiling Act, if the land transferred exceeds 500 mtrs in the Pune City, If the land belongs to a Government Body or Semi-Government body or Charitable Trust then the NOC of the body is also required.

PROPERTY CARD OF THE LAND
A Property Card of the land on which the property is being registered is situated is necessary. This requirement is irrespective of whether land is sold or the building is being sold or any other part of the building is being sold and also irrespective of whether the seller of the property is recorded as the owner on the property card or not. In other words, even the flat owners are expected to produce this paper at the time of registration.

PROOF OF OLD CONSTRUCTION
If you are going to purchase and old property then you may claim the benefit of depreciation during the adjudication procedure. For that, the documents required are
–Municipal Assessment Bill Of The Building,
–Building Completion Certificate
— Original registered agreement between the builder and original purchaser of that flat or of any other flat in that building

REGISTRATION FEES
As per the valuation the registration fee is to be paid in cash to the sub-registrar at the time of registration. The fees are prescribed in the Registration Act, 1908 which is 1% of the market value or up to Rs. 30,000/- which is accepted by a Challan.

PROOF OF IDENTITY
Any proof of identity such as voter id card, PAN card, driving license, passport etc are required during the registration procedure.
Original Stamp Duty Payment Receipt
Photocopy of the Deed and Butter Paper

*TRANSFER OF PROPERTY LAWS….
Land is a subject falling within the powers of the State Governments under the Constitution of India 1 and hence, property laws in India may differ from State to State. Besides the local laws, several laws enacted by the Central Government also govern acquisition and ownership of property (including an interest in property) through purchase/sale, transfer, mortgage, inheritance or gift.

When a person acquires or owns an immovable property, the law also give him/her the right to use, lease, sell, rent or transfer/gift of the land. The owner also has a right to mortgage his immovable property as a security for loans. However, there are some laws which restrict the type of use a land can be put to, e.g., a land may be used only for residential or commercial purposes to prevent haphazard/unorganized growth of cities and towns. Laws in some of the States prevent/restrict outsiders from acquiring property within the State. Restrictions are also placed on non-agriculturists from acquiring agricultural land. There are also other laws which prescribe rules and regulations for protection of environment or which provide for approval of building plans/designs so as to protect people from natural or manmade hazards. Some laws like the Registration Act, 1908, also lay down provisions governing registration of property transactions so as to keep proper records of ownership of property in the public domain.

The Transfer of Property between any two parties is governed by the Transfer of Property Act, 1882. Both these parties need to be alive for transfer under the Act. In case of transfer of a property of a deceased person, Succession Laws as per the religion of the deceased will be applicable.

*PROPERTY LAW CASES / PROPERTY TRANSFER INCLUDES ALL MOVEABLE OR IMMOVABLE PROPERTY CLAIMS/SUITS.
The Indian Constitution does not recognize property right as a fundamental right. In the year 1977, the 44th amendment eliminated the right to acquire, hold and dispose of property as a fundamental right. However, in another part of the Constitution, Article 300 (A) was inserted to affirm that no person shall be deprived of his property save by authority of law. The result is that the right to property as a fundamental right is now substituted as a statutory right. The amendment expanded the power of the state to appropriate property for social welfare purposes. In other words, the amendment bestowed upon the Indian socialist state a license to indulge in what Fredric Bastiat termed legal plunder. This is one of the classic examples when the law has been perverted in order to make plunder look just and sacred to many consciences.

Indian experiences and conception of property and wealth have a very different historical basis when compared to western countries. The fact the present system of property as we know arises out of the peculiar developments in Europe in the 17th to 18thcentury and therefore its experiences were universally not applicable. A still more economic area in which the answer is both difficult and important is the definition of property rights. The notion of property as it has developed over centuries and it has embodied in our legal codes, has become so much a part of us that we tend to take it for granted, and fail to recognize the extent to which just what constitutes property and what rights the ownership of property confers are complex social creations rather than self-evident propositions.

Transfer of Property
If you want to transfer registered land or property, you must use the correct form depending on whether you are transferring the whole or part of the actual land or property. You will need to send us a completed form TR1 if you wish to transfer: the whole of the land/property a share of the property/land by adding someone to the ownership, for example, on marriage or civil partnership when the current owner(s) is transferring to themselves and their new partner a share of the property by removing someone from ownership, for example, when a relationship breaks down and one or more of the current owner(s) are transferring to the remaining owner(s) a share in the property/land by adding additional owners, for example when E and F want to add G and H to the ownership, so E and F transfer to E,F G and H, a share in a property, for example, when I J and K own the property/land and I no longer wants to be an owner so I, J and K transfer to J and K.

Having an authorized property without any legal issues is very important for a new property investor. With an increasing number of frauds in a land sale, it is quite difficult to sense the trouble at the initial stages. In such cases, one of the most important legal security towards the ownership of the property will be the sale deed. It is mandatory that every investor is aware of the importance and the basis of a sale deed. This will protect him from being cheated by any developers and owners.

While preparing property agreements you bear in mind some basic points. This not only helps you in ensuring the validity of an agreement but also saves time and avoids unwanted delays from the seller. Here are some tips that help you to ensure the validity of your property.

1. Terms for Payment
The buyer and seller have to agree to the terms of the price and other expenses with regard to the transfer of property. The document must contain the terms and method of payment agreed by both buyer and seller, the time required for payment of the last installment of property. The lawyers of both the buyer and seller must go through the documentation and sign them.

2. Transfer Title of Property
The title of the property is an important document for the sanction of mortgage or loan from the bank. The title of property should be transferred to the buyer’s name once the seller receives the amount agreed with the buyer. Transfer of title of the property is the last step in the transaction before transferring the property. Seller has to register the property in the buyer’s name in local registrar office or under whichever jurisdiction the property belongs to.

3. Stamp Duty
Stamp duty rates are fixed for properties by the authorities. The rate may vary from state to state. The buyer has to ensure that seller has registered the property in buyers name on the rate levied for the property transferring.

4. Sales deed
Sales deed is an agreement between the buyer and seller. One needs to go through all the requisite documents in detail with professional help If any property has multiple owners, then each owner has to sign on the documents.

(B) To Issue search title Reports
A title search is a process that is performed primarily to determine the answer to three important questions: Does the seller have a saleable interest in the property? What kind of restrictions or allowances pertains to the use of the land (real covenants, easements, or other servitudes)?
Do any liens exist on the property which needs to be paid off at closing (mortgages, back taxes, mechanic’s liens, or other assessments)?
Anyone may do a title search. Documents concerning conveyances of land are a matter of public record. These documents are maintained in hard copy format or sometimes scanned into image files but the information contained within the documents is typically not available in a data format as the records are descriptions of legal events which contain terms, conditions, and languages in excess. It is often the case
that people choose to contact a title company or attorney to conduct an exhaustive title search. The process of performing a title search involves accessing the official land records for the subject property. Each record is a document evidencing an event which occurred in the history of the property. A deed records an event of property transfer, mortgage documents the collateral interest of a home loan, and a lien documents a claim against the property in favor of another. In each recorded event, the document indicates parties of grantor and grantee. The grantor is the party transferring away property rights, and the grantee is receiving property right. In the case of a deed, the grantor would typically be the property seller, and the grantee the buyer. A mortgage grantor is the borrower of the loan since they are giving away property rights to the lender, or grantee.

(C) Property Claims/Suits
Property rights are rights over things enforceable against all other persons. By contrast, contractual rights are rights enforceable against particular persons. Property rights may, however, arise from a contract; the two systems of rights overlap. In relation to the sale of land, for example, two sets of legal relationships exist alongside one another: the contractual right to sue for damages, and the property right exercisable over the land. A minor property rights may be created by contract, as in the case of easements, covenants, and equitable servitudes. A separate distinction is evident where the rights granted are insufficiently substantial to confer on the non-owner a definable interest or right in the thing. The clearest example of these rights is the license. In general, even if licenses are created by a binding contract, they do not give rise to property interests.

*SALE OF IMMOVABLE PROPERTY
Ved Legal comprises of a dedicated team of experts. We offer a multitude of services in the areas of Co-operative and Property law, but we are best known for our expertise in the Co-operative field i.e. Society Formation/Registration as well as Deemed Conveyance, Conveyance thereof. We have vast experience in representing our clients in matters of Society Formation, Deemed Conveyance, and Recovery. We also undertake different types of property matters including Conveyances, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc..

There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.

1) At time of Sale of Immovable Property, we come across the market value of the property. What exactly is the meaning of market value of property?
It means the price which such property would have fetched if sold in open market on the date of execution of such Document or the consideration stated in the document whichever is higher. However the Stamp office uses Ready Reckoner for referring to prevalent value of the property.
Stamp Duty is Paid on the Market Value of the property and not on the amount of consideration stated in the Document.

2) Why Stamp duty is required to be paid?
It is kind of Tax like Sales Tax or Income Tax . And it must be paid in full and on time to the government. When there is a delay in payment, penalties are imposed. If it is properly paid as per the approved rate and after ascertainment of market value of the property, then the instrument / document/ agreement is treated as duly stamped document which can be admitted as evidence in any lawful transaction or in the court. if they are not properly stamped, Court or the Competent Authority may impound the same or will not be accepted as evidence.

*TRANSFER OF PROPERTY ACT IN INDIA
The Transfer of Property Act governs the transfer of property by any means in India. Property can be transferred by sale, mortgage, exchange, lease or gift. All such property transactions are governed by the Transfer of Property Act.
As per the Act, a sale is transfer of ownership of property in exchange for a price paid or promised to be paid. Any sale of property must be made only by a written and registered instrument like sale deed. On execution of a property transfer document, delivery of the immovable property takes place when the seller places the buyer, in possession of the property to complete the property sale transaction.
It is important to note that an agreement for sale of property does not amount to sale of property, as it does not, of itself, create any interest in or charge on the property.

Mortgage of Property
Mortgage is the transfer of an interest in an immovable property for the purpose of securing a loan or the performance of an engagement. Hence, though mortgage does not transfer the property to a third-party, it creates an interest in the immovable property. More about property mortgage laws in India.

Lease of Property
Lease of property is a transfer of right to enjoy the property, for a certain period of time or in perpetuity, for consideration paid or promised by the transferee. In a lease transaction, the owner of the property is the transferor and the tenant is the transferee. In the absence of a lease agreement, the lease of agricultural or manufacturing property is deemed to be a lease from year to year, terminable by either party with a six months notice. Lease of immovable property for any other purpose is deemed to be a lease from month to month, terminable by either party with fifteen days notice. Lease of property for any term exceeding one year or reserving a yearly rent must be made as a registered lease agreement. All lease agreements must be executed by both the lessor and the lessee.

Exchange of Property
When two persons agree transfer the ownership of a property for the ownership of another property, neither thing nor both things being money only, then the transaction is called an “exchange” of property. A transfer of property in completion of an exchange can be made only in a way provided for the transfer of such property by sale.

Gift of Property
Gift of property is when a transfer or property happens voluntarily and without consideration. In a gift of property, the person giving the property is called the donor and the person accepting the property is called the donee. All gift of property must be made by way of registered instrument signed by or on behalf of the donor and attested by at least two witnesses. The acceptance of a gift of property must be made during the lifetime of the donor and while he is still capable of giving.

By |August 28th, 2017|Lawyers for Flat Agreements in Pune|Comments Off on Lawyers for flat agreements in pune
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Advocates for property law

CO-OPERATIVE LAWYERS IN PUNE

*Ved Legal deals with property transfer cases such as SALE DEED, GIFT DEED, ASSINGMENT DEED, MORTGAGE DEED, and AGREEMENTS etc….since 2007. Ved Legal offers a multitude of services in the areas of Property, Co-operative and Matrimonial law and it is best known for its expertise in these fields. We have vast experience in representing our clients before concern authorities for the matters. We therefore undertake different types of property matters as mentioned above various transfers, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc.

We have enough experience in co-operative laws and property laws as well as we are specifically expertise in execution and registration process of various DEED & AGREEMENTS as well as in Registration process of Co-operative Housing/Commercial/Industrial Societies, Federations and execution of Conveyance or Deemed Conveyance thereof.

*AMENDMENTS IN THE TRANSFER OF PROPERTY ACT 1882.

Execution and registration of sale deed for an immoveable property transfers and conveys absolute title of the property in favour of the buyer. However, in certain cases, when a sale deed for an immoveable property is being executed, the concerned parties incorporate certain conditions in the document that impose restrictions or constraints on the right of the buyer to sell or transfer the property.
The Transfer of Property Act, 1882 deals with such restrictions or constraints. Any condition or limitation restraining the buyer from parting with or disposing of his interest in the property is void according to the act. Two exceptions to this rule are:

■ In the case of a lease where such restriction or condition is imposed for the benefit of the lessor, and
■ Where a property is transferred to or for the benefit of a woman who is not a Hindu, Muslim or Buddhist, with a condition that she shall not have power during her marriage to transfer or create any encumbrance in the sale of property transferred to her

The above mentioned rule has been incorporated into the Act to encourage sale and purchase of property without restriction on future transfer. It is based on the basic principle that transferring a property cannot be separated from giving the beneficial ownership of the property to the transferee/buyer. Therefore, the condition by which an absolute restraint is imposed against the transfer of that property is considered to be void. Selling or transferring the property is an inherent right of every owner and restrictive conditions cannot be imposed on him or her.
One of the examples of absolute restraint can be where A ( owner of a property) agrees to sell it to B (the buyer)for 1 lakh. While executing of the sale deed, A puts a condition in the sale deed that if B ever intends to part with or sell or transfer the house in the future, B must sell the house to A or heirs of A and to no one else. Such a condition would fall in the category of absolute restraint as it affects the beneficial enjoyment of the house by B. Beneficial enjoyment of the house by B includes his right to sell it or dispose it in any other way.
The consistent view of the courts has been that an absolute restraint is void but a partial restraint is not.

For applicability of this rule, two essential conditions are required: ■ There must be a transfer of property and ■ There must be a condition which absolutely restrains the transferee/buyer from alienation/transfer of such property This rule applies to only those conditions which impose an absolute condition on the alienation/ transfer of property. However, there may be certain conditions, which partially restrain the right of the owner of the property to alienate/transfer the property. Such specific conditions which partially restrain the owner from alienating/ transferring the property have been held to be valid by various courts on various occasions.

*PAPERS/DOCUMENTS REQUIRED FOR PROPERTY REGISTRATION IN PUNE

The following papers and documents are required for the registration of property.

ADJUDICATION
Adjudication is a process which evaluates a market value of a property and hence ascertains the stamp duty by collector of stamps. It is better to get the document adjudicated in case the building is very old and proper depreciation is not given by the sub-registrar.

NO OBJECTION CERTIFICATE
A No Objection Certificate (NOC) is required under the Urban Land Ceiling Act, if the land transferred exceeds 500 mtrs in the Pune City, If the land belongs to a Government Body or Semi-Government body or Charitable Trust then the NOC of the body is also required.

PROPERTY CARD OF THE LAND
A Property Card of the land on which the property is being registered is situated is necessary. This requirement is irrespective of whether land is sold or the building is being sold or any other part of the building is being sold and also irrespective of whether the seller of the property is recorded as the owner on the property card or not. In other words, even the flat owners are expected to produce this paper at the time of registration.

PROOF OF OLD CONSTRUCTION
If you are going to purchase and old property then you may claim the benefit of depreciation during the adjudication procedure. For that, the documents required are
–Municipal Assessment Bill Of The Building,
–Building Completion Certificate
— Original registered agreement between the builder and original purchaser of that flat or of any other flat in that building

REGISTRATION FEES
As per the valuation the registration fee is to be paid in cash to the sub-registrar at the time of registration. The fees are prescribed in the Registration Act, 1908 which is 1% of the market value or up to Rs. 30,000/- which is accepted by a Challan.

PROOF OF IDENTITY
Any proof of identity such as voter id card, PAN card, driving license, passport etc are required during the registration procedure.
Original Stamp Duty Payment Receipt
Photocopy of the Deed and Butter Paper

*TRANSFER OF PROPERTY LAWS….
Land is a subject falling within the powers of the State Governments under the Constitution of India 1 and hence, property laws in India may differ from State to State. Besides the local laws, several laws enacted by the Central Government also govern acquisition and ownership of property (including an interest in property) through purchase/sale, transfer, mortgage, inheritance or gift.

When a person acquires or owns an immovable property, the law also give him/her the right to use, lease, sell, rent or transfer/gift of the land. The owner also has a right to mortgage his immovable property as a security for loans. However, there are some laws which restrict the type of use a land can be put to, e.g., a land may be used only for residential or commercial purposes to prevent haphazard/unorganized growth of cities and towns. Laws in some of the States prevent/restrict outsiders from acquiring property within the State. Restrictions are also placed on non-agriculturists from acquiring agricultural land. There are also other laws which prescribe rules and regulations for protection of environment or which provide for approval of building plans/designs so as to protect people from natural or manmade hazards. Some laws like the Registration Act, 1908, also lay down provisions governing registration of property transactions so as to keep proper records of ownership of property in the public domain.

The Transfer of Property between any two parties is governed by the Transfer of Property Act, 1882. Both these parties need to be alive for transfer under the Act. In case of transfer of a property of a deceased person, Succession Laws as per the religion of the deceased will be applicable.

*PROPERTY LAW CASES / PROPERTY TRANSFER INCLUDES ALL MOVEABLE OR IMMOVABLE PROPERTY CLAIMS/SUITS.

The Indian Constitution does not recognize property right as a fundamental right. In the year 1977, the 44th amendment eliminated the right to acquire, hold and dispose of property as a fundamental right. However, in another part of the Constitution, Article 300 (A) was inserted to affirm that no person shall be deprived of his property save by authority of law. The result is that the right to property as a fundamental right is now substituted as a statutory right. The amendment expanded the power of the state to appropriate property for social welfare purposes. In other words, the amendment bestowed upon the Indian socialist state a license to indulge in what Fredric Bastiat termed legal plunder. This is one of the classic examples when the law has been perverted in order to make plunder look just and sacred to many consciences.

Indian experiences and conception of property and wealth have a very different historical basis when compared to western countries. The fact the present system of property as we know arises out of the peculiar developments in Europe in the 17th to 18thcentury and therefore its experiences were universally not applicable. A still more economic area in which the answer is both difficult and important is the definition of property rights. The notion of property as it has developed over centuries and it has embodied in our legal codes, has become so much a part of us that we tend to take it for granted, and fail to recognize the extent to which just what constitutes property and what rights the ownership of property confers are complex social creations rather than self-evident propositions.

Transfer of Property
If you want to transfer registered land or property, you must use the correct form depending on whether you are transferring the whole or part of the actual land or property. You will need to send us a completed form TR1 if you wish to transfer: the whole of the land/property a share of the property/land by adding someone to the ownership, for example, on marriage or civil partnership when the current owner(s) is transferring to themselves and their new partner a share of the property by removing someone from ownership, for example, when a relationship breaks down and one or more of the current owner(s) are transferring to the remaining owner(s) a share in the property/land by adding additional owners, for example when E and F want to add G and H to the ownership, so E and F transfer to E,F G and H, a share in a property, for example, when I J and K own the property/land and I no longer wants to be an owner so I, J and K transfer to J and K.

Having an authorized property without any legal issues is very important for a new property investor. With an increasing number of frauds in a land sale, it is quite difficult to sense the trouble at the initial stages. In such cases, one of the most important legal security towards the ownership of the property will be the sale deed. It is mandatory that every investor is aware of the importance and the basis of a sale deed. This will protect him from being cheated by any developers and owners.

While preparing property agreements you bear in mind some basic points. This not only helps you in ensuring the validity of an agreement but also saves time and avoids unwanted delays from the seller. Here are some tips that help you to ensure the validity of your property.

1. Terms for Payment
The buyer and seller have to agree to the terms of the price and other expenses with regard to the transfer of property. The document must contain the terms and method of payment agreed by both buyer and seller, the time required for payment of the last installment of property. The lawyers of both the buyer and seller must go through the documentation and sign them.

2. Transfer Title of Property
The title of the property is an important document for the sanction of mortgage or loan from the bank. The title of property should be transferred to the buyer’s name once the seller receives the amount agreed with the buyer. Transfer of title of the property is the last step in the transaction before transferring the property. Seller has to register the property in the buyer’s name in local registrar office or under whichever jurisdiction the property belongs to.

3. Stamp Duty
Stamp duty rates are fixed for properties by the authorities. The rate may vary from state to state. The buyer has to ensure that seller has registered the property in buyers name on the rate levied for the property transferring.
4. Sales deed
Sales deed is an agreement between the buyer and seller. One needs to go through all the requisite documents in detail with professional help If any property has multiple owners, then each owner has to sign on the documents.

(B) To Issue search title Reports
A title search is a process that is performed primarily to determine the answer to three important questions: Does the seller have a saleable interest in the property? What kind of restrictions or allowances pertains to the use of the land (real covenants, easements, or other servitudes)?
Do any liens exist on the property which needs to be paid off at closing (mortgages, back taxes, mechanic’s liens, or other assessments)?
Anyone may do a title search. Documents concerning conveyances of land are a matter of public record. These documents are maintained in hard copy format or sometimes scanned into image files but the information contained within the documents is typically not available in a data format as the records are descriptions of legal events which contain terms, conditions, and languages in excess. It is often the case

that people choose to contact a title company or attorney to conduct an exhaustive title search. The process of performing a title search involves accessing the official land records for the subject property. Each record is a document evidencing an event which occurred in the history of the property. A deed records an event of property transfer, mortgage documents the collateral interest of a home loan, and a lien documents a claim against the property in favor of another. In each recorded event, the document indicates parties of grantor and grantee. The grantor is the party transferring away property rights, and the grantee is receiving property right. In the case of a deed, the grantor would typically be the property seller, and the grantee the buyer. A mortgage grantor is the borrower of the loan since they are giving away property rights to the lender, or grantee.

(C) Property Claims/Suits
Property rights are rights over things enforceable against all other persons. By contrast, contractual rights are rights enforceable against particular persons. Property rights may, however, arise from a contract; the two systems of rights overlap. In relation to the sale of land, for example, two sets of legal relationships exist alongside one another: the contractual right to sue for damages, and the property right exercisable over the land. A minor property rights may be created by contract, as in the case of easements, covenants, and equitable servitudes. A separate distinction is evident where the rights granted are insufficiently substantial to confer on the non-owner a definable interest or right in the thing. The clearest example of these rights is the license. In general, even if licenses are created by a binding contract, they do not give rise to property interests.

*SALE OF IMMOVABLE PROPERTY
Ved Legal comprises of a dedicated team of experts. We offer a multitude of services in the areas of Co-operative and Property law, but we are best known for our expertise in the Co-operative field i.e. Society Formation/Registration as well as Deemed Conveyance, Conveyance thereof. We have vast experience in representing our clients in matters of Society Formation, Deemed Conveyance, and Recovery. We also undertake different types of property matters including Conveyances, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc..

There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.

1) At time of Sale of Immovable Property, we come across the market value of the property. What exactly is the meaning of market value of property?
It means the price which such property would have fetched if sold in open market on the date of execution of such Document or the consideration stated in the document whichever is higher. However the Stamp office uses Ready Reckoner for referring to prevalent value of the property.
Stamp Duty is Paid on the Market Value of the property and not on the amount of consideration stated in the Document.

2) Why Stamp duty is required to be paid?
It is kind of Tax like Sales Tax or Income Tax . And it must be paid in full and on time to the government. When there is a delay in payment, penalties are imposed. If it is properly paid as per the approved rate and after ascertainment of market value of the property, then the instrument / document/ agreement is treated as duly stamped document which can be admitted as evidence in any lawful transaction or in the court. if they are not properly stamped, Court or the Competent Authority may impound the same or will not be accepted as evidence.

*TRANSFER OF PROPERTY ACT IN INDIA
The Transfer of Property Act governs the transfer of property by any means in India. Property can be transferred by sale, mortgage, exchange, lease or gift. All such property transactions are governed by the Transfer of Property Act.
As per the Act, a sale is transfer of ownership of property in exchange for a price paid or promised to be paid. Any sale of property must be made only by a written and registered instrument like sale deed. On execution of a property transfer document, delivery of the immovable property takes place when the seller places the buyer, in possession of the property to complete the property sale transaction.
It is important to note that an agreement for sale of property does not amount to sale of property, as it does not, of itself, create any interest in or charge on the property.

Mortgage of Property
Mortgage is the transfer of an interest in an immovable property for the purpose of securing a loan or the performance of an engagement. Hence, though mortgage does not transfer the property to a third-party, it creates an interest in the immovable property. More about property mortgage laws in India.

Lease of Property
Lease of property is a transfer of right to enjoy the property, for a certain period of time or in perpetuity, for consideration paid or promised by the transferee. In a lease transaction, the owner of the property is the transferor and the tenant is the transferee. In the absence of a lease agreement, the lease of agricultural or manufacturing property is deemed to be a lease from year to year, terminable by either party with a six months notice. Lease of immovable property for any other purpose is deemed to be a lease from month to month, terminable by either party with fifteen days notice. Lease of property for any term exceeding one year or reserving a yearly rent must be made as a registered lease agreement. All lease agreements must be executed by both the lessor and the lessee.

Exchange of Property
When two persons agree transfer the ownership of a property for the ownership of another property, neither thing nor both things being money only, then the transaction is called an “exchange” of property. A transfer of property in completion of an exchange can be made only in a way provided for the transfer of such property by sale.

Gift of Property
Gift of property is when a transfer or property happens voluntarily and without consideration. In a gift of property, the person giving the property is called the donor and the person accepting the property is called the donee. All gift of property must be made by way of registered instrument signed by or on behalf of the donor and attested by at least two witnesses. The acceptance of a gift of property must be made during the lifetime of the donor and while he is still capable of giving.

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Advocates for property transfer in pune

TRANSFER OF PROPERTY ACT IN INDIA

The Transfer of Property Act governs the transfer of property by any means in India. Property can be transferred by sale, mortgage, exchange, lease or gift. All such property transactions are governed by the Transfer of Property Act.
As per the Act, a sale is transfer of ownership of property in exchange for a price paid or promised to be paid. Any sale of property must be made only by a written and registered instrument like sale deed. On execution of a property transfer document, delivery of the immovable property takes place when the seller places the buyer, in possession of the property to complete the property sale transaction.
It is important to note that an agreement for sale of property does not amount to sale of property, as it does not, of itself, create any interest in or charge on the property.

Mortgage of Property
Mortgage is the transfer of an interest in an immovable property for the purpose of securing a loan or the performance of an engagement. Hence, though mortgage does not transfer the property to a third-party, it creates an interest in the immovable property. More about property mortgage laws in India.

Lease of Property
Lease of property is a transfer of right to enjoy the property, for a certain period of time or in perpetuity, for consideration paid or promised by the transferee. In a lease transaction, the owner of the property is the transferor and the tenant is the transferee. In the absence of a lease agreement, the lease of agricultural or manufacturing property is deemed to be a lease from year to year, terminable by either party with a six months notice. Lease of immovable property for any other purpose is deemed to be a lease from month to month, terminable by either party with fifteen days notice. Lease of property for any term exceeding one year or reserving a yearly rent must be made as a registered lease agreement. All lease agreements must be executed by both the lessor and the lessee.

Exchange of Property
When two persons agree transfer the ownership of a property for the ownership of another property, neither thing nor both things being money only, then the transaction is called an “exchange” of property. A transfer of property in completion of an exchange can be made only in a way provided for the transfer of such property by sale.

Gift of Property
Gift of property is when a transfer or property happens voluntarily and without consideration. In a gift of property, the person giving the property is called the donor and the person accepting the property is called the donee. All gift of property must be made by way of registered instrument signed by or on behalf of the donor and attested by at least two witnesses. The acceptance of a gift of property must be made during the lifetime of the donor and while he is still capable of giving.

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Advocates for property transfer in pune

TRANSFER OF PROPERTY LAWS….

Land is a subject falling within the powers of the State Governments under the Constitution of India 1 and hence, property laws in India may differ from State to State. Besides the local laws, several laws enacted by the Central Government also govern acquisition and ownership of property (including an interest in property) through purchase/sale, transfer, mortgage, inheritance or gift.

When a person acquires or owns an immovable property, the law also give him/her the right to use, lease, sell, rent or transfer/gift of the land. The owner also has a right to mortgage his immovable property as a security for loans. However, there are some laws which restrict the type of use a land can be put to, e.g., a land may be used only for residential or commercial purposes to prevent haphazard/unorganized growth of cities and towns. Laws in some of the States prevent/restrict outsiders from acquiring property within the State. Restrictions are also placed on non-agriculturists from acquiring agricultural land. There are also other laws which prescribe rules and regulations for protection of environment or which provide for approval of building plans/designs so as to protect people from natural or manmade hazards. Some laws like the Registration Act, 1908, also lay down provisions governing registration of property transactions so as to keep proper records of ownership of property in the public domain.

The Transfer of Property between any two parties is governed by the Transfer of Property Act, 1882. Both these parties need to be alive for transfer under the Act. In case of transfer of a property of a deceased person, Succession Laws as per the religion of the deceased will be applicable.

*PROPERTY LAW CASES / PROPERTY TRANSFER INCLUDES ALL MOVEABLE OR IMMOVABLE PROPERTY CLAIMS/SUITS.

The Indian Constitution does not recognize property right as a fundamental right. In the year 1977, the 44th amendment eliminated the right to acquire, hold and dispose of property as a fundamental right. However, in another part of the Constitution, Article 300 (A) was inserted to affirm that no person shall be deprived of his property save by authority of law. The result is that the right to property as a fundamental right is now substituted as a statutory right. The amendment expanded the power of the state to appropriate property for social welfare purposes. In other words, the amendment bestowed upon the Indian socialist state a license to indulge in what Fredric Bastiat termed legal plunder. This is one of the classic examples when the law has been perverted in order to make plunder look just and sacred to many consciences.

Indian experiences and conception of property and wealth have a very different historical basis when compared to western countries. The fact the present system of property as we know arises out of the peculiar developments in Europe in the 17th to 18thcentury and therefore its experiences were universally not applicable. A still more economic area in which the answer is both difficult and important is the definition of property rights. The notion of property as it has developed over centuries and it has embodied in our legal codes, has become so much a part of us that we tend to take it for granted, and fail to recognize the extent to which just what constitutes property and what rights the ownership of property confers are complex social creations rather than self-evident propositions.

Transfer of Property

If you want to transfer registered land or property, you must use the correct form depending on whether you are transferring the whole or part of the actual land or property. You will need to send us a completed form TR1 if you wish to transfer: the whole of the land/property a share of the property/land by adding someone to the ownership, for example, on marriage or civil partnership when the current owner(s) is transferring to themselves and their new partner a share of the property by removing someone from ownership, for example, when a relationship breaks down and one or more of the current owner(s) are transferring to the remaining owner(s) a share in the property/land by adding additional owners, for example when E and F want to add G and H to the ownership, so E and F transfer to E,F G and H, a share in a property, for example, when I J and K own the property/land and I no longer wants to be an owner so I, J and K transfer to J and K.

Having an authorized property without any legal issues is very important for a new property investor. With an increasing number of frauds in a land sale, it is quite difficult to sense the trouble at the initial stages. In such cases, one of the most important legal security towards the ownership of the property will be the sale deed. It is mandatory that every investor is aware of the importance and the basis of a sale deed. This will protect him from being cheated by any developers and owners.

While preparing property agreements you bear in mind some basic points. This not only helps you in ensuring the validity of an agreement but also saves time and avoids unwanted delays from the seller. Here are some tips that help you to ensure the validity of your property.

1. Terms for Payment
The buyer and seller have to agree to the terms of the price and other expenses with regard to the transfer of property. The document must contain the terms and method of payment agreed by both buyer and seller, the time required for payment of the last installment of property. The lawyers of both the buyer and seller must go through the documentation and sign them.
2. Transfer Title of Property
The title of the property is an important document for the sanction of mortgage or loan from the bank. The title of property should be transferred to the buyer’s name once the seller receives the amount agreed with the buyer. Transfer of title of the property is the last step in the transaction before transferring the property. Seller has to register the property in the buyer’s name in local registrar office or under whichever jurisdiction the property belongs to.
3. Stamp Duty
Stamp duty rates are fixed for properties by the authorities. The rate may vary from state to state. The buyer has to ensure that seller has registered the property in buyers name on the rate levied for the property transferring.
4. Sales deed
Sales deed is an agreement between the buyer and seller. One needs to go through all the requisite documents in detail with professional help If any property has multiple owners, then each owner has to sign on the documents.

(B) To Issue search title Reports

A title search is a process that is performed primarily to determine the answer to three important questions: Does the seller have a saleable interest in the property? What kind of restrictions or allowances pertains to the use of the land (real covenants, easements, or other servitudes)?
Do any liens exist on the property which needs to be paid off at closing (mortgages, back taxes, mechanic’s liens, or other assessments)?
Anyone may do a title search. Documents concerning conveyances of land are a matter of public record. These documents are maintained in hard copy format or sometimes scanned into image files but the information contained within the documents is typically not available in a data format as the records are descriptions of legal events which contain terms, conditions, and languages in excess. It is often the case
that people choose to contact a title company or attorney to conduct an exhaustive title search. The process of performing a title search involves accessing the official land records for the subject property. Each record is a document evidencing an event which occurred in the history of the property. A deed records an event of property transfer, mortgage documents the collateral interest of a home loan, and a lien documents a claim against the property in favor of another. In each recorded event, the document indicates parties of grantor and grantee. The grantor is the party transferring away property rights, and the grantee is receiving property right. In the case of a deed, the grantor would typically be the property seller, and the grantee the buyer. A mortgage grantor is the borrower of the loan since they are giving away property rights to the lender, or grantee.

(C) Property Claims/Suits
Property rights are rights over things enforceable against all other persons. By contrast, contractual rights are rights enforceable against particular persons. Property rights may, however, arise from a contract; the two systems of rights overlap. In relation to the sale of land, for example, two sets of legal relationships exist alongside one another: the contractual right to sue for damages, and the property right exercisable over the land. A minor property rights may be created by contract, as in the case of easements, covenants, and equitable servitudes. A separate distinction is evident where the rights granted are insufficiently substantial to confer on the non-owner a definable interest or right in the thing. The clearest example of these rights is the license. In general, even if licenses are created by a binding contract, they do not give rise to property interests.

*SALE OF IMMOVABLE PROPERTY

Ved Legal comprises of a dedicated team of experts. We offer a multitude of services in the areas of Co-operative and Property law, but we are best known for our expertise in the Co-operative field i.e. Society Formation/Registration as well as Deemed Conveyance, Conveyance thereof. We have vast experience in representing our clients in matters of Society Formation, Deemed Conveyance, and Recovery. We also undertake different types of property matters including Conveyances, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc..

There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.

1) At time of Sale of Immovable Property, we come across the market value of the property. What exactly is the meaning of market value of property?
It means the price which such property would have fetched if sold in open market on the date of execution of such Document or the consideration stated in the document whichever is higher. However the Stamp office uses Ready Reckoner for referring to prevalent value of the property.
Stamp Duty is Paid on the Market Value of the property and not on the amount of consideration stated in the Document.

2) Why Stamp duty is required to be paid?
It is kind of Tax like Sales Tax or Income Tax . And it must be paid in full and on time to the government. When there is a delay in payment, penalties are imposed. If it is properly paid as per the approved rate and after ascertainment of market value of the property, then the instrument / document/ agreement is treated as duly stamped document which can be admitted as evidence in any lawful transaction or in the court. if they are not properly stamped, Court or the Competent Authority may impound the same or will not be accepted as evidence.

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Lawyers for flat agreements in pune

CO-OPERATIVE LAWYERS IN PUNE

*Ved Legal deals with property transfer cases such as SALE DEED, GIFT DEED, ASSINGMENT DEED, MORTGAGE DEED, and AGREEMENTS etc….since 2007. Ved Legal offers a multitude of services in the areas of Property, Co-operative and Matrimonial law and it is best known for its expertise in these fields. We have vast experience in representing our clients before concern authorities for the matters. We therefore undertake different types of property matters as mentioned above various transfers, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc.
We have enough experience in co-operative laws and property laws as well as we are specifically expertise in execution and registration process of various DEED & AGREEMENTS as well as in Registration process of Co-operative Housing/Commercial/Industrial Societies, Federations and execution of Conveyance or Deemed Conveyance thereof.

*AMENDMENTS IN THE TRANSFER OF PROPERTY ACT 1882.

Execution and registration of sale deed for an immoveable property transfers and conveys absolute title of the property in favour of the buyer. However, in certain cases, when a sale deed for an immoveable property is being executed, the concerned parties incorporate certain conditions in the document that impose restrictions or constraints on the right of the buyer to sell or transfer the property.
The Transfer of Property Act, 1882 deals with such restrictions or constraints. Any condition or limitation restraining the buyer from parting with or disposing of his interest in the property is void according to the act. Two exceptions to this rule are:

■ In the case of a lease where such restriction or condition is imposed for the benefit of the lessor, and
■ Where a property is transferred to or for the benefit of a woman who is not a Hindu, Muslim or Buddhist, with a condition that she shall not have power during her marriage to transfer or create any encumbrance in the sale of property transferred to her

The above mentioned rule has been incorporated into the Act to encourage sale and purchase of property without restriction on future transfer. It is based on the basic principle that transferring a property cannot be separated from giving the beneficial ownership of the property to the transferee/buyer. Therefore, the condition by which an absolute restraint is imposed against the transfer of that property is considered to be void. Selling or transferring the property is an inherent right of every owner and restrictive conditions cannot be imposed on him or her.
One of the examples of absolute restraint can be where A ( owner of a property) agrees to sell it to B (the buyer)for 1 lakh. While executing of the sale deed, A puts a condition in the sale deed that if B ever intends to part with or sell or transfer the house in the future, B must sell the house to A or heirs of A and to no one else. Such a condition would fall in the category of absolute restraint as it affects the beneficial enjoyment of the house by B. Beneficial enjoyment of the house by B includes his right to sell it or dispose it in any other way.
The consistent view of the courts has been that an absolute restraint is void but a partial restraint is not.

For applicability of this rule, two essential conditions are required: ■ There must be a transfer of property and ■ There must be a condition which absolutely restrains the transferee/buyer from alienation/transfer of such property This rule applies to only those conditions which impose an absolute condition on the alienation/ transfer of property. However, there may be certain conditions, which partially restrain the right of the owner of the property to alienate/transfer the property. Such specific conditions which partially restrain the owner from alienating/ transferring the property have been held to be valid by various courts on various occasions.

*PAPERS/DOCUMENTS REQUIRED FOR PROPERTY REGISTRATION IN PUNE

The following papers and documents are required for the registration of property.

ADJUDICATION
Adjudication is a process which evaluates a market value of a property and hence ascertains the stamp duty by collector of stamps. It is better to get the document adjudicated in case the building is very old and proper depreciation is not given by the sub-registrar.

NO OBJECTION CERTIFICATE
A No Objection Certificate (NOC) is required under the Urban Land Ceiling Act, if the land transferred exceeds 500 mtrs in the Pune City, If the land belongs to a Government Body or Semi-Government body or Charitable Trust then the NOC of the body is also required.

PROPERTY CARD OF THE LAND
A Property Card of the land on which the property is being registered is situated is necessary. This requirement is irrespective of whether land is sold or the building is being sold or any other part of the building is being sold and also irrespective of whether the seller of the property is recorded as the owner on the property card or not. In other words, even the flat owners are expected to produce this paper at the time of registration.

PROOF OF OLD CONSTRUCTION
If you are going to purchase and old property then you may claim the benefit of depreciation during the adjudication procedure. For that, the documents required are
–Municipal Assessment Bill Of The Building,
–Building Completion Certificate
— Original registered agreement between the builder and original purchaser of that flat or of any other flat in that building

REGISTRATION FEES
As per the valuation the registration fee is to be paid in cash to the sub-registrar at the time of registration. The fees are prescribed in the Registration Act, 1908 which is 1% of the market value or up to Rs. 30,000/- which is accepted by a Challan.

PROOF OF IDENTITY
Any proof of identity such as voter id card, PAN card, driving license, passport etc are required during the registration procedure.
Original Stamp Duty Payment Receipt
Photocopy of the Deed and Butter Paper

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