Updated: Jan 23, 2017, 11.57 AM IST By Jehangir B Gail, consumer activist  Executing an order is sometimes more difficult than winning the case. Here is a case where the Supreme Court has come to the rescue of an aggrieved consumer.  Case Study: Kamlesh Aggarwal had filed a complaint before the Ghaziabad District Forum against Navchetna Sahkari Awas Samiti. Her grievance was about the Society having cancelled her membership and having failed to allot and register a plot at Khoda Village for alleged default in payment. By its order of October 17, 2003, the forum allowed her complaint and directed the Society to allot the plot and register it in her name within three months.  On failure to comply with this order, Kamlesh initiated execution proceedings. At this stage, a third party named Gulab Singh claimed that the same plot was allotted to him and was in his possession pursuant to a civil suit filed by him. The district forum concluded that its original order in ...

One of the oldest property disputes which dragged three generations of a family to court has reached finality after nearly five decades, with a Delhi court asking the litigants to arrive at a mutual agreement on the partitioning of the three buildings. The litigation which was initiated in 1968 between five parties, including four family members and DDA, has ended up with 58 litigants. The suit was filed between four brothers, all residents of central Delhi, seeking partition of three properties of their father after his death. During pendency of the matter, the original parties had died and the case was pursued by their children, who were the legal heirs, many of whom also died, and grand children. Additional District Judge Kamini Lau held in the verdict that the suit properties can be partitioned and granted six months to the parties to arrive at a mutual settlement regarding partition of the premises in terms of their share declared in the preliminary decree passed in November 1975...

Let's look at e-registration of land in terms of ownership, broker roles and its various benefits. Here are the details The most frequent disagreement in Indian real estate is land dispute. Cases range from of illicit land grabbing and illegal land sales, to instances of purchase of land where no actual purchase has taken place. The real estate market has historically been plagued by such issues. The current government’s initiative of facilitating e-registration to streamline the registration of immovable properties, is an extremely progressive move. This has been universally welcomed for its transparency and ease of use. E-registration has simplified the process for providing evidence of titles and facilitating transactions, and will go a long way in preventing the unlawful disposal of land. This system effectively brought to the forefront, the various underlying problems and loopholes in the traditional land registration process. The Land Registration Act of 1925 typica...

नई दिल्ली काले धन के लिए सुरक्षित स्थान कहे जाने वाले प्रॉपर्टी मार्केट में नोटबंदी के बाद से ही ग्राहकों का टोटा है। डिवेलपर्स के मुताबिक बीते तीन महीनों में ग्राहक करीब 50 पर्सेंट तक कम हो गए हैं। अब रीयलटी सेक्टर के लोगों की उम्मीद आने वाले दिनों में 'वाइट मनी' वाले निवेशकों पर ही टिकी हैं। घरों के बाजार में निवेश करने वाले लोग फिलहाल पैसा निकालने से बच रहे हैं। इन लोगों का मानना है कि आने वाले दिनों में ब्याज दरें और कम होंगी। इसके अलावा नोटबंदी के असर से प्रॉपर्टी मार्केट में भी कीमतें गिरेंगी। इंडस्ट्री डेटा के मुताबिक काले धन को खपाने के लिए सबसे सुरक्षित माने जाने वाले रीसेल और सेकंडरी मार्केट में सबसे कम कस्टमर्स आ रहे हैं। यही नहीं प्रॉपर्टी के रजिस्ट्रेशन में भी तेज गिरावट आई है। प्रॉपर्टी कंसल्टेंट नाइट फ्रैंक इंडिया के मुताबिक, 'नोटबंदी के बाद से अब तक डिवेलपर्स को 22,600 करोड़ रुपये के नुकसान का अनुमान है। इसके अलावा राज्य सरकारों को स्टांप ड्यूटी के तौर पर 1,200 करोड़ रुपये के नुकसान का अनुमान है।' चेन्नै, कोलकाता, हैदराबाद, पुणे और मुंबई से लेकर एन...

New Delhi, Jan 3:  After the major financial scam caused by the collapse of a Ponzi scheme run by Saradha Group, it was the turn of Rose Valley chit fund scam in West Bengal. The Rose valley scam is similar to Saradha scam as it has many TMC links. Trinamool Congress MP and Tollywood actor Tapas Pal is one of brand ambassadors of the company who has been arrested by the CBI. The Rose Valley scam is seven times bigger than the similar, Rs 2,460-crore  Saradha scam . The Rose Valley group was into real estate, films, media, jewellery, hotels and resorts and its firms operated unlicenced financial schemes that escaped regulators’ scrutiny. As per reports, the group allegedly robbed millions of investors in at least 10 states by promising exaggerated returns. These investors were majorly from from the low-income group. What is the Rose Valley chit fund scam? The Rose Valley chit fund scam could have raised nearly Rs 38,000 crore in West Bengal, Tripura, Jharkhand, Orissa, As...

वहम है कि नोट-बंदी से प्रॉपर्टी सस्ती हो जायेगी. प्रॉपर्टी में हूँ सालों से. कुछ नहीं होगा. लोग रेट कम कर ही नहीं रहे. कौन अपनी करोड़ों रुपये की जायदाद रातों-रात आधी कीमत पर बेचने को राज़ी होगा? जिसकी कोई ज़बरदस्त ज़रूरत हो तो बेच भी जाए, लेकिन  ऐसे लोग तो पहले भी औने -पौने में बेच जाते थे. बावज़ूद उसके बगल वाली प्रॉपर्टी उससे सवाये रेट पर बिकती थी. बगल वाली क्या उसी  प्रॉपर्टी को खरीदने वाला सवाई ढेड़ गुणा कीमत पर बेच जाता था. सो अभी लोग इंतज़ार करेंगे. कौन जाने अढाई साल बाद सरकार बदल जाए. नई पालिसी आ जाए.  और खरीदने वाले को भी कैसे कुछ सस्ता मिलेगा? वो अगर एक करोड़ रुपये की प्रॉपर्टी को तीस लाख रुपये में दिखाता था तो आज उसे अगर वही प्रॉपर्टी सत्तर लाख रुपये में मिल भी जाए तो जो चालीस लाख रुपये वो पहले से ज़्यादा वाइट में दिखा रहा है उस पर टैक्स नहीं भरेगा क्या?  कोई खास फर्क नहीं है खरीदने वाले को. वो पहले सारा धन बेचने वाले को देता था, अब अगर बेचने वाले को थोड़ा कम दिया भी तो जितना कम देगा, उससे कहीं ज़्यादा सरकार को टैक्स देना होगा. सो नतीजा निल-बटा-सन्नाटा.

MUMBAI: Residential property sales in Mumbai Metropolitan Region have declined 26% during the second half of 2016 as the demonetisation disrupted the market sentiment in fourth quarter of the year, said a Knight Frank report. New residential launches during the period also slipped 53% from a year ago. In the quarter ending December, sales plunged by 50% to 8,617 units and launches by 77% to 2,617 units. New launches and sales in the premium segment declined 69% and 16% from a year ago, respectively during the second half of 2016. Premium markets of South Mumbai and Central Mumbai were the worst hit with sales declining 54% and 41% respectively between July-December. Thane and Peripheral Central Suburbs at 37% and 28% decline were relatively better off, the report said. Unsold inventory levels have come down steadily from a peak of 213,742 units in first half of 2014 to 154,699 units in the second half of 2016. "H1 (January-June 2016) raised hopes for the MMR residential m...

The Supreme Court on Monday issued notice to the Delhi government on the plea of the central government in connection with the circle rate issue in the national capital. The Central government has challenged the Delhi High Court order on circle rate issue in the apex court. The Delhi High Court had in August 2015, refused to stay a Delhi government's notification that tripled circle rates of agricultural land in the national capital. Refusing to pass an interim order to stay the notification, saying it would hear the Delhi government's stand before passing any order, the court had asked the Delhi government to file its response by September 23, 2015 and also apprise it whether the notification could be issued without the Lieutenant Governor'sapproval. The Delhi government had on August 2016 issued a notification in which circle rates of agricultural lands were revised. The Aam Aadmi Party (AAP) government has fixed the new rates in the range of Rs 1 crore to Rs 3.5...

1. A benami transaction is one where a property is held by one person and the amount for it is paid by another. The transaction is done to benefit the person who pays for the property either directly or indirectly. 2. The Prohibition of Benami Property Transactions Act, 1988, is an amendment of the older Benami Transactions (Prohibition) Act, 1988, and has come into force from 1 November 2016. 3. It prohibits illegal benami transactions, and provides imprisonment up to seven years and fine for violation of the Act which may extend to 25% of the fair market value of the benami property. 4. The new law provides for authorities to conduct inquiries on any benami transactions. These are, the Initiating Officer, Approving Authority, Administrator, and Adjudicating Authority. 5. Under the new law, an Appellate Tribunal will hear appeals against orders passed by the Adjudicating Authority. Appeals against orders of the Tribunal, in turn, will be heard by the High Court. (The conten...

NEW DELHI: South corporation on Wednesday started distribution of Unique Property Identification Code (UPIC) cards along with inaugurating the "Link your Record" programme for residents in its jurisdiction. The taxpayers will now directly have access to their digitised records and will be able to upload their documents, which will be vetted by the civic body. UPIC cards have a QR Code, which on being scanned will directly links the user's property record files. The civic body had run a 15-day pilot before inaugurating the scheme, which it claims will benefit four lakh people. South corporation mayor Shyam Sharma said that there are around 16 lakh properties under SDMC from whom tax needs to be collected. "To ensure collection from all property holders and identify the name and details of those who are not depositing tax, it is essential to have a separate unique UPIC Number," he added.

1. In “Sarla Devi vs Budhan” on 28 April, 2011 R.S.A.No. 130/2007 & CM No. 9195/2006, the Hon’ble High Court of Delhi observed, “the Plaintiff had entered into an agreement to sell with the defendant; this was qua 45 sq. yards of property comprising of one room with latrine, bathroom measuring 16 ft. X 25 ft situate in Khasra No. 15 of Village Mandoli; total consideration agreed was Rs. 1,60,000/-; plaintiff had paid the sum of Rs. 50,000/- as an advance/earnest money. In terms of the aforestated agreement, the balance amount of Rs. 1, 10,000/- had to be paid by 25.08.2000, on which date the defendant was required to execute the documents of transfer in favour of the plaintiff before the Sub- Registrar. The plaintiff reached the office of the Sub-Registrar on 25.08.2000 for getting the documents of transfer executed but the defendant did not came there till 1 pm.” Then the Honorable Court held, “It is also relevant to state that the statement of the defendant had been recorde...

NEW DELHI: The Supreme Court on Monday agreed to examine real estate major Supertech Ltd's plea against the Allahabad high court's order directing demolition of two 40-floor towers in Noida and ordered the company not to sell or transfer flats in the buildings. A bench headed by Chief Justice RM Lodha issued notice on a batch of petitions filed by Supertech, Noida, flat owners of the controversial buildings and the petitioner on whose plea the high court had passed the order. It also expressed surprise on how Noida (New Okhla Industrial Development Authority) had permitted the construction of 40-floor buildings and said that if they are to be demolished then the authority will have to face the consequences. If the towers are demolished then money must be paid to flat owners by the authority as it colluded and participated in giving sanction for them, the court said. The bench also raised questions on how the floors was raised from 24th to 40th floor during the construction...

HSBC received alerts from cautious customers about some fraudulent approaches from individuals stating that they should invest in PPP (Private Placement Programs) schemes whereby an exceptional amount of returns are guaranteed within an extremely short tenure. This is in the form of High Yielding Investment Programmes / Financial Instruments, examples of which are as under The Scheme talks about offering 300% returns to HSBC Bank customers over a short period of time through pledging of Fixed Deposit (FDs). The amount will be utilized in high return instruments by the operator. The FDs should be above INR 50 Crores. Funds in excess of INR 50 Crores needs to be transferred to the mentioned account, This will be pledged against, SBLC issued favoring other customers. This scheme assures high returns to investors. Instructions for Customers Kindly record details of individuals, companies & any available documentation of a suspect proposal pertaining to PPP schemes wherein you h...

मुंबई सस्ते लोन की रेस में बैंक ऑफ बड़ौदा पब्लिक सेक्टर के सबसे बड़े बैंक एसबीआई और सभी प्राइवेट बैंकों से आगे निकल गया है। बैंक 8.35 प्रतिशत पर होम लोन दे रहा है, जो इंडस्ट्री में सबसे कम रेट है। दूसरे बैंक अपने पुराने ग्राहकों को रेट में आई कमी का फायदा नहीं दे रहे हैं। बैंक ऑफ बड़ौदा सस्ते रेट से उन्हें लुभाने की कोशिश कर रहा है। बैंक ने पुराने ग्राहकों के लिए बेस रेट वाले लोन को मार्जिनल कॉस्ट लेंडिंग रेट में शिफ्ट करने के लिए स्विचिंग फी भी माफ कर दी है। अभी होम लोन ग्राहकों को बेस रेट से एमसीएलआर में शिफ्ट होने के लिए 5,000 से 10,000 रुपये की फी देनी पड़ रही है। दूसरे बैंकों और हाउजिंग फाइनैंस कंपनियों के ग्राहक अपना लोन बैंक ऑफ बड़ौदा में बिना किसी चार्ज के शिफ्ट कर सकते हैं। बैंक ने एक स्टेटमेंट में बताया, ‘एमसीएलआर में 0.55-0.75 प्रतिशत की कटौती के बाद बैंक ने होम लोन की ब्याज दरों को इस साल 7 जनवरी से 0.70 प्रतिशत कम किया है।’ बैंक सबसे कम रेट पर होम लोन दे रहा है। बैंक ऑफ बड़ौदा ने हाल ही में एक साल का एमसीएलआर रेट घटाकर 8.35 प्रतिशत किया था, जो पहले 9.05 प्रतिशत था। ...

There has been law since independence regarding the properties left behind by the migrants to Pakistan. First the law was passed as the Administration of Evacuee Property Act, 1950 after the war against Pakistan. Another law was passed in continuation of the provision of the Administration of Evacuee Property Act that was named as Enemy Property Act later. Those persons who had migrated to Pakistan and left properties in India were made subject to the provision of the Evacuee Property Act and their properties were taken over by the government of India. A large number of disputes gave way to a prolonged litigation and meanwhile Enemy Property Act into being. The properties left by migrants leaving other members of the family were snatched from the surviving members and their progeny. This phase of litigation made suffer a large number of Indian citizens.After the subsequent enactment the sufferings were multiplied and till now litigations are in the courts.For example the pro...

Three members of a family have been given back over three acres of land in Byrasandra that they had acquired from the family patriarch back in 1941. Legal dispute over acquisition of the land went on all these years. The family members claimed that they were never paid compensation for the land originally notified by the then Government of Mysore to build a central prison. The prison was never built and though the authorities claim that the award/compensation had been paid, they were unable to produce documents "as they were unavailable". The High Court of Karnataka judgment came in favour of Venkatamma, Chandrasekhar and Rathna, the wife and children of Venkatesh. Three acres, 32 guntas of land belonging to Venkatesh's father Appaiah was part of 131 acres of land the government had acquired in 1941. Both Appaiah and Venkatesh are dead now. They contended before the HC that 131 acres of land was acquired in 1941 for constructing a central jail. The jail was not built a...

सैकत दास, मुंबई हाउजिंग फाइनैंस कंपनियों ने रेग्युलेटर नैशनल हाउजिंग बैंक (NHB) के साथ हुई मीटिंग में पिछले महीने की शुरुआत में घोषित किए गए डीमॉनेटाइजेशन के चलते रियल एस्टेट सेक्टर में दबाव को कम करके बताया। लेकिन, उन्हें डर है कि कन्ज्यूमर सेंटीमेंट कीमतों में गिरावट की उम्मीद कर रहा है, जो आने वाले महीनों में होम सेल्स पर असर डालने के साथ ग्रोथ को कमजोर कर सकता है। घटनाक्रम की जानकारी रखने वाले कई सूत्रों ने यह बात इकनॉमिक टाइम्स को बताई है। डीमॉनेटाइजेशन के असर का आकलन करने के लिए पिछले दो हफ्तों में NHB ने दिल्ली, मुंबई और चेन्नै में 81 हाउजिंग फाइनैंस कंपनियों के साथ तीन मीटिंग्स की है। नेशनल हाउजिंग बैंक के सीईओ श्रीराम कल्याणरमन ने इकनॉमिक टाइम्स को बताया, ‘डीमॉनेटाइजेशन के बीच स्थिति का आकलन करने के लिए हमने हाउजिंग फाइनैंस कंपनियों की रीजनल लेवल कॉन्फ्रेंस की है।’ उन्होंने बताया, ‘हमने इस सेक्टर में चुनौतियों, अवसरों के बारे में और हाउजिंग फाइनैंस कंपनियां (HFC) कैसे 2022 तक सभी लोगों के लिए घर के लक्ष्य को पूरा करने की दिशा में काम कर सकती हैं, इस पर विचार-विमर्श किया ग...

कैलाश बाबर/सोबिया खान, मुंबई/बेंगलुरु बीते साल 8 नवंबर को नोटबंदी के ऐलान बाद से तमाम अहम मार्केट्स में रियल एस्टेट सेल्स ठहर सी गई है। कुछ बाजारों में इसमें तकरीबन 20 फीसदी तक की गिरावट हुई है। नोटबंदी और बेनामी प्रॉपर्टीज ऐक्ट की कार्रवाई के डर, दोनों वजहों से निवेशक रियल्टी में पैसा लगाने से बच रहे हैं, जबकि एंड यूजर्स को नोटबंदी के बाद ब्याज दरों में कटौती और प्राइस करेक्शन का डर है। बेनामी संपत्तियों पर सख्त कार्रवाई की संभावना है। हालांकि, अधिकारी आय से ज्यादा संपत्ति के संबंध में मालिकाना हक स्थापित करने के लिए इनकम के स्तर का मिलान करेंगे। प्रॉपर्टी ब्रोकर्स का कहना है कि घर के खरीदारों को केंद्रीय बजट का इंतजार है और उन्हें हाउसिंग लोन रेट में कटौती के अलावा टैक्स बेनेफिट्स का भी इंतजार है। लाइसेज फोराज रियल एस्टेट रेटिंग एंड रिसर्च के एमडी पंकज कपूर ने बताया, 'दिसंबर को खत्म क्वॉर्टर के दौरान राजस्थान, मध्य प्रदेश, गुजरात और कोलकाता समेत नॉर्थ इंडिया के टियर-1 और टियर-2 शहरों के मार्केट्स में प्रॉपर्टी की सेल्स में 15-20 फीसदी की गिरावट का अनुमान है। खास तौर पर नोट...

‘Maintenance’ may be defined as an agreement whereby a stranger promises to help another person by money or otherwise in litigation in which that -third person has himself no legal interest. ‘Champerty’ is an agreement whereby a person agrees to assist another in litigation in exchange promise to hand over a portion of the proceeds of the action. Thus, in both cases financial or professional assistance is provided with a view to assisting another person in litigation but in case of champerty the party helping in litigation also shares in the gains of the litigation in addition to interest on money advanced or fees for professional services. Under the English Law such agreements are absolutely void.’ The Indian Law, however, does not make them absolutely void because of the peculiar position of Indian litigants many of whom are too poor to afford expensive litigation. “The uncertainties of litigation are proverbial; and if the financier must need risk losing his money he may well be ...

Amongst the professional services, the law of inertia has perhaps had its most lasting impression on legal services. The legal services sector – the term itself has its fair share of protestors who prefer the more nobler expression ‘profession’ than ‘legal services’ – has been the most resistant to any kind of change, let alone welcoming reforms. The three main players in the sector are the lawmakers, practitioners (lawyers, judges, law firms and law associations/ bodies) and the consumers or end-users. There is, apparently, also the influence of the invisible hand of foreign law firms, but - if the liberalisation process (or the lack of it) is any indicator - I am not sure how much influence they have actually had in the process so far. As we usher in 2016 with renewed optimism on the Indian economy and its effect globally, I wonder how a vibrant economy can surge ahead without an equally enabling or progressive legal machinery. Legal services are at the very heart of that legal mach...

MUMBAI: Many Indian businessmen discover the travails of joint ventures with foreign partners when they find themselves in international courts of law, writing out fat cheques to men in black and Queen's Counsels in wigs. Such expenses can burn a hole in balance sheets, and more and more Indian companies will have to shell it out as cross-border litigations surge. But a breed of specialised financiers is sensing this as a new business opportunity. These are the litigation funds, which bet on the outcome of high-stakes court battles. Organised like private equity houses, they don't invest in stocks that traditional asset managers do, but instead fund the litigation costs of a company in return for a share of the proceeds. If a client loses, the fund receives nothing - like a bet that has gone sour. Leading litigation funds like Burford, Harbour and Fulbrook are exploring the possibility of doing business with Indian companies and some have discussed the subject with local...

CHENNAI: A sub-registrar, who had registered a site using the left hand thumb impression of an ill and unconscious man, is in trouble, with the Madras high court issuing oral directions for his arrest within 48 hours.  Justice R Mahadevan, who ordered the arrest of M G Dhamu, sub-registrar of Neelankarai, said police will face consequences if they fail to arrest him. Dhamu has filed an anticipatory bail petition before another judge of the court, and it is likely to be taken up for hearing in a couple of days.  It began with the arrest of Sakthikumar of Thiruvanmiyur in a case registered and probed by the CCB on the court's orders.  After Sakthikumar filed a petition to quash the case, the prosecution told the court that the property was registered by the mother and brother of the de facto complainant, alleging that they had registered the property when her father was unconscious. http://tinyurl.com/zzqqddl

Third party legal financing, whether of arbitration or of litigation, has taken on increasingly large proportions in recent years. The practice of funding someone else’s litigation, perhaps in return for a share of the proceeds, has been increasing for some time now. India has a strict policy against contingency fees, and has stayed away from such practices in the past. However, courts have also held that the strict rules of champerty (an agreement whereby a person with no interest in a lawsuit finances it hoping to take a share in the case of a successful settlement), and maintenance (agreement whereby a person with no interest in a litigation agrees to help with the funding of the litigation, without any hope of remuneration)[1] do not apply in India[2]. So, there is nothing to prohibit third party funding under the law in India as it currently stands. Large funds (akin to private equity firms) are increasingly beginning to finance such actions for a share of the awards. Though ...