Tips for avoiding fraud dealing in properties of Delhi

The capital city tops in listing of term cases related to fraud in property dealing according to the reports. The cases involves selling loaned property to more than one users or fudged paper are typical methods used while not the people are showing some unique ways to cheat investors now a day. Recently, a real estate Mumbai company with its promotional documents has used other projects that are executed for getting trust of investors. Consumers now are more informed still falls in scams. These scams are running around large scale from the legal frauds to fly by night developers by giving false promises and with unusual advertisements like get something free offers. Here shows some of the scams running around in Indian real estate sector where investors need to be cleverer now:-

§  False promises with advertisements

§  Assured fixed rental income to get from invested properties

§  Duplicating title deeds of any vacant or disputed project which later sold to some innocent buyer

§  Delaying or disappearing from the project by the developers

§  Taking deviation from approved plans in term of some common areas

§  Buyers left empty handed in despair even after getting possession of property due to many reasons like no sanction of house utilities.

Real estate businesses are on soar again now with some key players in investment. This is the perfect time for investing in property in Mumbai upcoming projects. As properties are most profitable possession people owns but on the same time you must be cautions regarding fraud practices in property dealings. It can be very crucial while making a choice of property to buy it and from whom you buy it.

With the increased opportunities in real estate sector, cases of fraud are more. Even there are dishonest builders who perpetrates and cash in the property boom.

Here are some tips to be considered when you are planning to buy a residential property in places like Mumbai, Delhi etc, in that way you protect yourselves from this real estate fraud:-

1.    Research

If you are not completely aware of current real estate market then best to do some extensive research and studies of latest trend in real estate. Try to know what the locality offers in top line advancement and the coming growth opportunities. You can also approach any financial mentor who can help in taking decision based on current market trend and make lucrative investment.

2.            Consulting reputed agent

You can avoid getting into any scam or fraud by consulting a professional or well experienced agent of real estate. The areas where you want to investment, from there have some referrals and suitable guidelines from the one who is very popular in this field of investment. You can ask for feedbacks from the users who already got service from that agent. There is huge benefit in working with most reliable and efficient agent to get your deal at an affordable price.

3.            Personal inspection and appraisal of property

Before you purchase any property, have a personal inspection conscientiously to avoid fraud case anything. And make it sure that this property is out of all legal issues.

4.            Close review of deed and related documents

You must be careful with the property title deed and other documents. Examine all the papers are original before signing down any legal paper regarding your prospective property. It should not contain any kind of liability, claims and encumbrances. After you get fully satisfied with everything that related to property is genuine and completely transparent forward with the deal.

http://technologyend.com/tips-avoiding-fraud-dealing-properties-delhi/

North Delhi civic body proposes to regularise illegal constructions

The North Delhi Municipal Corporation has proposed to regularise all illegal constructions done over properties measuring 50-250 square metres till December 31, 2016. The standing committee, the highest decision-making body of the municipal body, on Friday approved an amnesty scheme for unauthorised constructions on Friday. Standing committee chairman Tilak Raj Kataria said, “95% constructions in north Delhi are unauthorised and are in violation of the building bylaws. The amnesty scheme recommends 100% coverage of ground floor (400 FAR) on plots up to 250 square metres. The proposal, which will have to be ratified by the House of elected councillors, if implemented, will benefit thousands of people.

The North Delhi Municipal Corporation has proposed to regularise all illegal constructions done over properties measuring 50-250 square metres till December 31, 2016. The standing committee, the highest decision-making body of the municipal body, on Friday approved an amnesty scheme for unauthorised constructions on Friday. The proposal, which will have to be ratified by the House of elected councillors, if implemented, will benefit thousands of people. Plot owners will have to pay a penalty amount, fixed on the basis of the circle rate, for the excess construction for getting their property regularised. Standing committee chairman Tilak Raj Kataria said, “95% constructions in north Delhi are unauthorised and are in violation of the building bylaws. They have cropped up over decades and it will not be possible to demolish them now.” “To give relief to thousands of people living in such buildings, we have decided to implement the amnesty scheme , As Reported By Hindustan Times. 

According to the Newspaper,It will also save people from day-to-day harassment by officials,” said Kataria. The building by-laws mandate that residential properties constructed on a plot area between 50-100 square metres can cover up to 90% of ground area or may have a 350 FAR (floor area ratio) while the plots measuring between 100 and 250 square metres may cover 75% of ground area. The amnesty scheme recommends 100% coverage of ground floor (400 FAR) on plots up to 250 square metres. Officials clarified that the scheme will not cover encroachment on government land, height violations (above 17.5 metres) and plot with no structural safety certificate, as required under the Master Plan of Delhi-2021. “The scheme will be applied to properties in planned, plotted, regularised unauthorised areas and urban villages . The property owner must get a certificate from an architect that there is no violation of the height and structural safety rules,” said Kataria. A standing committee member said since the proposal will require amendment to building by-laws under the Master Plan 2021, a copy will be sent to the Union ministry of housing and urban affairs for approval. “Once the Centre approves it, the final draft of the scheme will be prepared,” said Kataria. The civic agency believes that if implemented, the scheme will help increase its property tax revenues by up to R5,000 crore per annum. The opposition welcomed the scheme but demanded that it should be extended to all property owners, irrespective of their plot size. “It’s a good move. But why give the benefit to those who have not followed FAR area rule.
https://www.nyoooz.com/news/delhi/932260/north-delhi-civic-body-proposes-to-regularise-illegal-constructions/

Ghaziabad official held for extorting money from property buyers

Ghaziabad, June 16 (IANS) The Ghaziabad police has arrested the Assistant Inspector General (Stamps) for extorting money from property buyers by issuing notices on fake complaints.

AIG (stamps) Rajesh Sharma was arrested for abusing his official position by way corrupt practices that led to loss of hundreds of crores to the state exchequer, police said.

The police said that Naib Tehsildar Bhupendra Singh lodged a complaint on June 14 (Wednesday) with the Kavinagar police in which he alleged that AIG Rajesh Sharma along with former Sub Registrar Ajay Goel was engaged in extorting money by carrying on office work from Ajay Goel’s private residence Atar-2/231 Rajnagar in Ghaziabad.

The officer was arrested on late Thursday night. He has been presented before the court which remanded him to 14 days judicial custody.

Two complaints were filed in the district magistrate’s office against Rajesh Sharma by Rajesh Upadhyay, president of Deed Writer Association, and Anil Chaudhary, an advocate who alleged that the officer was running his office from a private place and had taken the official computer, scanner, printer and other official documents to the private residence from where he used to manage complaints by fake names on which basis he used to issue notices to property buyers whose documents came to his office for screening after getting registered at the sub registrar office.

The FIR states that the officer had taken all the data from his office in a pen drive to the private place. The FIR further states that if the property buyers did not offer bribe beforehand, the officer used to lodge cases in civil courts and forced them to come to a compromise by bribing him.

Hence he used to extort money from innocent property buyers, the FIR states.

The FIR states that the officer had slashed the collector’s circle rate drastically due to which the state suffered a huge loss in several hundred crores.

The complainant presented a citation in the FIR that the officer AIG (stamps) Rajesh Sharma had slashed the collector’s circle rate of RED Mall at New Bus Stand from Rs 1,50,000 to Rs 75,000 – which is half of the prevailing rate. There were other such instances of this nature.

The police said the documents suggests that the former District Magistrate Nidhi Kesarwani bypassed the ADM Finance and ordered to resolve the dispute directly as she delegated the power to him so in this sequence her unsigned order was found uploaded on the computer. So through such tricks he managed huge money and incurred huge loss to the state exchequer.

Earlier, to establish the allegations the city magistrate ordered a search warrant on which basis a raid was conducted at R-2/231 at Ajay Goel’s residence where the AIG (stamps) Rajesh Sharma and Ajay Goel were found engage operating computers.

The computer expert Rahul Tyagi opened the system and found that an unsigned order of former District Magistrate Nidhi Kesarwani was uploaded on the computer. The Sub Inspector Dharmendra Lamba was called and a recovery memo was prepared after which the official seals, computer, printer and other documents were seized and were attached as a case property before filing the FIR.

The Ghaziabad District Magistrate Ministhy S. Nair on June 15 had recommended the suspension of the guilty officer. He is likely to be suspended since he had been arrested under grave sections 420, 467, 468, 471 and 77, of IPC in the case filed by the state officer Naib Tehsildar Bhupendra Singh.

A private complaint has also been registered under section 383, 504 and 506 of IPC filed by a person, Brijesh Sharma, who alleged that Rajesh Sharma and Ajay Goel demanded Rs 10 lakh from him and asked to bring Rs 10 lakh from a client, Ashutosh Joshi.

The FIR states that the complainant Brijesh Sharma was facing severe mental torture since last two months.

http://www.india.com/news/agencies/ghaziabad-official-held-for-extorting-money-from-property-buyers-2242717/

What India’s Property Laws Mean For Women

“Of all the evils for which man has made himself responsible, none is so degrading, so shocking or so brutal as his abuse of the better half of humanity; the female sex.”

– Mahatma Gandhi

Regardless of our profession or our lifestyle, we are all justified in wanting to be treated right. When people are unable to assert their rights, it is the ultimate insult to humankind. It is a pre-conceived notion that Indian society is principally patriarchal in law, education and academics. Women’s lives in male dominated societies are entrenched with discrimination; holding women back from claiming equal rights. Since men enjoy preferential rights to property over women, male-centric societies suppress women’s demands for equal property rights. But advancement in India’s property law has led to a substantial boost in the importance of property rights for women. Although this article mainly deals with the rights of Hindu women in India the existence of limited rights to property for women is prevalent in other religions and countries too.

To establish harmony between men and women, there is a need to create laws for supervising succession or inheritance of property legally, among the members of the family. In the past, Hindus were governed by Shastric and customary laws which differ from area to area with reference to the caste system.

Women were denied the right to ownership but given the right to subsistence from the property. Women were denied ancestral property, unlike men who enjoyed proprietorship till death. Under Hindu law, a woman can only have rights over a particular property which was given to her at the time of the wedding. Only males were entitled to be coparcener. The first legislation which empowered women with the inheritance rights is the Hindu Law of Inheritance Act, 1929. But unjustified infringement from personal laws led to the above legislation being ruled out, and the Hindu Succession Act, 1956 was enacted by the Indian government. This act grants women with limited ownership right over property.

To eradicate the ambiguities and inequities of previous laws, the judiciary decided to reform specific provisions under the Hindu Succession Act, 1956. It was amended on September 9, 2005, where the daughters administered by Mitakshara law, were given the statutory right in the coparcenary property of their fathers.

This amendment nullifies Section 23 which states that women heirs cannot have an equal share in the property unless male heirs suggest segregating their share. According to the revised Section 6 of Hindu Succession Act, 1956, the daughter of a coparcenary is provided with the same rights and liabilities as a son from the same family.

This provision infers that going forth, women have the same authority and control over the property. She can dispose of her share of coparcenary property to anyone through a will. This amendment repudiates the customs and regulations of Shastric law. Although this resolution taken by the judiciary provides various advantage to women heirs, it also invites controversy from the public. Issues have been raised on the amendment act and whether the rights granted to daughters are reactionary or progressive. It asks whether married daughters have equal property rights.

Through recent judicial pronouncements, it has been made clear that above-stated reform is progressive in application and married daughters can claim to have equal rights on a property. In the case of Prakash V. Phulavati (October 16, 2015) the court ruled that the right will be available only when the father and daughter are alive on the date the amendment was made (September 9, 2005). Daughters cannot resume or question the authority over a property of persons who passed away before September 2005. For the sake of transparency, it may be said that the status of any self-acquired property (as distinct from coparcenary property) of a Hindu male dying intestate remains unchanged, with the daughter being entitled to a simultaneous share in such self-acquired property as the son (in absence of any will to the contrary).

The amendment will aid those women who are born into Hindu families holding ancestral property. Moreover, this law cannot be applied to any self-acquired property.

Even though it is an improvement in the Hindu Succession Act, there is still an underlying inequity faced by women heirs. The act does not take into account the significance of one member from the coparcenary property being responsible for the property. However, the status of the mother has not been given much focus. She, not being a member of the coparcenary will not receive any share at the time of notional partition. This amendment has provided immense power to women, whether married or unmarried, to be considered as coparceners and allow them to inherit ancestral property through intestate or testamentary procedures. This empowerment of women has led to the equitable distribution of rights and status in society. This amendment brings social and economic protection to women in case of marital breakdown and results in developing the life of women in a male-dominated society.

https://www.youthkiawaaz.com/2017/06/i-too-can-share-my-dads-property/

43 of 55 McDonald’s outlets in Delhi shut due to health license, legal battle

Forty-three of the 55 McDonald’s outlets in Delhi are shutting down, media reports said on Thursday, blaming the tussle between the north Indian franchisee and the global food giant for the shock decision.

“The ‘eating house licenses’ of a number of McDonald’s restaurants in Delhi have expired. The board of Connaught Plaza Restaurants Private Limited (or “CPRL”, McDonald’s licensee in North and East India) is working to obtain the required licenses. Pending this, CPRL is temporarily suspending the operations of the affected restaurants,” McDonald’s India Pvt Ltd (MIPL) said in a statement.

Over reports saying the shutdown will result in a loss of 1,700 jobs, MIPL said, “We understand that CPRL is retaining the employees of affected restaurants and will pay them their salary during the period of suspension.”

According to reports, falling revenues, lack of investment and a legal battle over ownership of the fastfood chain led to the trouble.

“It’s unfortunate, but operation of 43 restaurants operated by CPRL has been temporarily suspended,” The Economic Times quoted Vikram Bakshi, former managing director of CPRL, as saying. The shutdown decision was taken during a board meeting via Skype on Wednesday morning, it said.

Connaught Plaza Restaurants Pvt Ltd (CPRL) is a 50:50 joint venture of its founder Vikram Bakshi and MIPL, that runs the fastfood chain in north and east India.

Trouble started in 2013 when McDonald’s India removed Bakshi as the managing director of the joint venture, alleging misconduct.

The JV had four members on board – Bakshi, his wife, and two representatives from the American company.

Bakshi challenged his removal in the company law board, initiating a long legal battle between the two parties over share and ownership of the company, hampering operations.

According to Business Standard, “…maintaining hygiene and store-level efficiency became a major headache since 2014 as indecisiveness hampered day-to-day operations.”

With falling revenues and sales, Domino’s in 2013 replaced McDonald’s as the largest quick-service restaurant (QSR) chain in the country. The number of stores opened in a single year also came down from 27 in 2012 to nine in 2014, according to the report.

“India continues to be an important market for McDonald’s and we are committed to working with CPRL to resolve the issue as soon as possible,” MIPL said in the statement.

http://www.hindustantimes.com/business-news/43-out-of-55-mcdonalds-outlets-in-delhi-shut-down-due-to-health-license-legal-battle/story-o9Uo8hEjvsbM0M6wLLN9ZO.html

Uber’s Biggest Problem Is In Court

It’s been just five days since a boardroom coup ousted Travis Kalanick from Uber, and the leadership sweepstakes is in full swing with some big names being floated as possible successors. The board’s top choice reportedly is Facebook Chief Operating Officer Sheryl Sandberg, whose name comes up any time there is a high-profile opening in Silicon Valley and who is said not to be interested. Even so, Sandberg is a lot likelier to replace Kalanick than another candidate being promoted by people who probably should know better: Travis Kalanick himself.

On Friday, the best-selling biographer Walter Isaacson told CNBC that he thought Kalanick could come back because—well, it was hard to tell exactly why he thinks so, but his argument sounds like “because America.” Isaacson was joined by several other take- havers, as well as more than 1,000 of Kalanick’s employees, who signed a petition demanding that Uber’s board reinstate the company's founder. “Uber is TK,” the petition read. “And TK is Uber,” referring to Kalanick by his initials. The statement is indisputably true—and also the very reason that the board fired him. Kalanick is not a possible solution to Uber’s problems. He is, at least at the moment, the source of them.

Maybe those pushing the comeback narrative haven’t bothered to look closely at Uber’s dispute with Waymo, the former Google driverless car division. The lawsuit, which has proven to be just as spectacular as the former chief executive officer's psychodrama, represents the biggest threat to Uber’s continued survival and the biggest impediment to Kalanick’s rehabilitation.

To catch you up: In February, Waymo filed a lawsuit alleging that Anthony Levandowski, a pioneering driverless car engineer who sold a driverless trucking company to Uber, stole trade secrets, taking design files with him shortly before leaving a job at Google. The lawsuit claims Uber and Levandowski worked together to steal the technology underlying Google’s Lidar sensors—a key autonomous vehicle component. Levandowski left Waymo in January 2016. He started a new company, Otto, in May 2016, then sold the company to Uber in August for around $700 million.

Waymo's allegations, which include cinematic details about secret meetings and clandestine document dumps, were explosive when they first emerged, and when I first wrote about the case for Bloomberg Businessweek in March, I assumed Uber would find some way to counter Google’s narrative. Though Uber has maintained that its Lidar technology is original, it hasn’t done much to cast doubt on the lawsuit's claims. Levandowski, who would be the person best positioned to defend the company, has refused to testify, citing his Fifth Amendment rights. 

Uber has tried to argue that this is all Levandowski’s problem. The company has distanced itself further from the engineer since firing him in late May. But last Wednesday, new details released as part of a Waymo court filing could further complicate that argument. According to the filing, a motion by Waymo asking the judge to hold Uber in contempt of court for not turning over the allegedly stolen documents, Kalanick knew that Levandowski had taken files from Google as early as March 2016, months before he agreed to buy Levandowski's company. The motion cites a newly released Uber filing in which the company disclosed that Levandowski had admitted to taking the files and had been told by Kalanick to destroy them. Uber has said that Kalanick's behavior was appropriate.

My colleague Joel Rosenblatt on Friday reported that Uber and Levandowski had signed a “Bad Acts” agreement in which Uber promised to pay Levandowski's legal bills if he were sued for stealing confidential information that he’d kept in his head. According to Rosenblatt's sources, the agreement is unusual and adds some heft to Waymo’s suggestion of a calculated theft. An Uber spokesman told Bloomberg that the agreement "shows how serious we were about preventing any Waymo trade secrects from ever coming to Uber."


Article Taken From:--- 

https://in.finance.yahoo.com/news/uber-biggest-problem-court-200954064.html

Google, Microsoft affected in Rs 15,000 cr Telangana real estate scam

Global search engine giant Google and Microsoft are said to be among the major global and domestic companies in Hyderabad said to be affected after the Telangana government initiated a series of legal cases questioning the legitimacy of the ownership of land holdings, according to an Economic Times report on Monday.

The legitimacy of both private and government-auctioned land holdings have been called into question by the government, ET reported.

The financial daily said that the latest episode that has triggered a fresh wave of panic among investors is the largest land scam in Telangana involving hundreds of acres valued at at least Rs 15,000 crore. After the Opposition raised a hue and cry, the government was forced to announce termination of suspicious land registrations.

The accused in the latest land scam are said to have colluded with land registration officials to corner hundreds of acres of contentious land parcels in Hyderabad's Miyapur and a few other localities. "Hyderabad is one of the worst property market in terms of land records.There are scores of dubious land titles in the city," said ET, quoting the owner of a local brokerage firm in Hyderabad.

The land scam comes at a time when Hyderabad's real estate market was beginning to look up after several years, and for the first time after Telangana state was formed in June 2014, ET noted.

The daily said that P S Prasad, a former attorney of Shapoorji Pallonji group's Cyrus Investments, helped the group get certain title clearances out of thousands of acres of properties that the group bought from the Hyderabad Nizams in 1967. The Telangana government has now accused Prasad of the fresh round of land scams, raising questions about those deals.

In April 2014, weeks ahead of Telangana's formation, Cyrus Investments announced revoking the power of attorney issued in favour of Prasad of Goldstone group, accusing him of fraudulently selling their land assets, ET said.

Telangana Rashtra Samithi's secretary general K Keshava Rao, whose family attained contentious land parcels from Prasad's business entities, last week announced pulling out of the deal after Opposition accused him of amassing government land, the report said.

With such deals, the latest land scam is a major embarrassment with alleged links of the accused to key persons in the ruling party. The TRS government last week issued an ordinance cancelling certain discretionary powers of officials of the land registration department.

Cushman & Wakefield's Managing Director Veera Babu was quoted by the daily as saying that it is time for the government to rethink and examine all existing procedures and make clear titled land banks available for investors.

Shrinivas Rao, chief executive officer (Asia Pacific) of global property consultant Vestian Global Work Place Services, was quoted by the daily as saying that the scam would affect investment flows into the (Telangana) market in the short term. "The land scam has dealt a blow to this upswing and will create uncertainties in the minds of investors and buyers alike," said Rao, in the ET report.

https://in.finance.yahoo.com/news/google-microsoft-affected-rs-15-111141055.html

If builder defaults then consumer court can help execute sale deed

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 Kamlesh's favour was void and refused to execute it. It asked Kamlesh to approach the civil court to decide where she or Gulab Singh were entitled to the plot. Kamlesh then appealed to the Uttar Pradesh State Commission, which held that the forum had no power to review and change its own order. The forum was directed to continue with the execution proceedings. Neither Kamlesh nor the Society challenged this order, but Gulab Singh questioned its correctness before the National Commission, which dismissed his revision. 

During execution, the forum asked the Society to either put Kamlesh in possession of the plot originally allotted, or allot an alternative plot, or pay its current market value. When the Society failed to comply with these direc tions, the forum ordered the Society's office bearers to three months imprisonment and a fine of Rs 3,000. This order of conviction was set aside by the state commission as the forum had failed to adopt the procedure for summary trial prescribed under Criminal Procedure Code, but surprisingly no directions were given to conduct a fresh trial following the prescribed procedure. So Kamlesh was unable to execute the order passed in her favour. Aggrieved, she went to the National Commission which refused to consider the case on a technicality that there was no provision under the Consumer Protection Act for a second appeal against execution proceedings. 


Kamlesh finally approached the Supreme Court, contending that the matter had reached a deadlock. The apex court observed that the state commission was wrong in leaving Kamlesh without any remedy by setting aside the conviction due to procedural lapses without ordering a re trial.Despite this, since there was no provision of a second appeal under section 27 of the Consumer Protection Act, the National Commission had no power to entertain Kamlesh's appeal and had rightly rejected it. Even the Supreme Court did not have any power to entertain a petition under Article 136 of the Indian Constitution. 

However, considering that Kamlesh had been deprived of the benefit of the order passed in her favour, the Supreme Court invoked its powers under Article 142 of the Indian Constitution. By its order of February 10, 2015 delivered by Justice V Gopala Gowda for the Bench along with Justice R Banumathi, 

the Supreme Court refused to go into the merits of the case, but remanded it back to the district forum directing it to conduct execution proceedings as prescribed under the Code of Criminal Procedure. 

The Supreme Court also observed that a consumer could additionally take recourse to the provisions of Order XXI, Rule 32 of the Civil Procedure Code to enforce the order of getting the sale deed registered. Under this rule when a seller does not sign the sale deed, an officer appointed by the court is empowered to execute the document in favour of the decree-holder. 

Conclusion: This judgement widens the scope of the benefits to a consumer who can now get his sale deed executed through an officer empowered by the consumer court. 

(The author has won the Govt.of India's National Youth Award for Consumer Protection.) 



http://economictimes.indiatimes.com/wealth/real-estate/if-builder-defaults-then-consumer-court-can-help-execute-sale-deed/articleshow/56728918.cms

Property dispute decided after five decades with 58 parties

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. "In case of a mutual settlement/agreement between the parties for partition, the settlement deed shall be filed before the court within six months which shall form part of the final decree," the court said. The court further said that in case the parties fail to arrive at a settlement, the valuation of suit properties, two in Karol Bagh and one in Gurgaon, be made on the basis of the existing notified circle rates of the area. It also granted liberty to the parties to purchase the share of each other by making payment of the share of the other person. The court said if the litigants are unable to partition the properties in the two modes suggested by it, they can file an application for execution of the order after which the buildings would be auctioned and the amount would be divided among them as per their shares.

http://www.moneycontrol.com/news/current-affairs/property-dispute-decided-after-five-decades58-parties_8269901.html

E-Registration: A major step towards transparency

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 typically involves Powers of Attorney, sale or mortgage of land and transfer of property under rent. The Land Registration Act of 2002 introduced the new system using verified electronic signatures to transfer and register immovable property online.

Ownership

If a piece of land has been passed on for generations or has seen multiple owners over time, a proper hierarchy of land holding needs to be available, so that current buyers or tenants can ascertain the exact value of land or the rent according to current market values. This is possible only when there is complete transparency in document verification and full disclosure of details about the property – gross carpet area, number of rooms, foundation details and wiring blueprints. Nothing should be hidden from the future investor/buyer. E-registration has provided a much-needed level of transparency to property dealings.

 The role of a broker after e-registration

Does e-registration negate the need for a real estate broker? While all details of the property may be available online, it may not be enough information to make a firm investment decision. The question of whether a particular property makes good investment sense – regardless of how many details are available online – can only be answered by a knowledgeable consultant.

The fees a broker will charge are definitely reduced by e-registration, but a broker is still required – not only to provide inputs on the advisability of the investment, but to mediate between the involved parties and help negotiate the price.

Benefits of land e-registration

The usual resource challenges at registrar offices are reduced drastically, allowing them to tend to more sensitive matters like disputes.

Consumer pays a relatively affordable registration amount.

There is no need to visit multiple offices to register a property.

Details and documents pertaining to land records can be accessed online.

Transparency in the registration process increases significantly, thereby, rationalising broker fees and negating the need for bribes to officials.

There is a software to calculate the stamp duty on the basis of the stored data which can be paid online directly.

A state-of-the-art system will reveal the current market price of any land located anywhere within the state.

(The author is the CEO – Residential Services, JLL India)

https://housing.com/news/e-registration-a-major-step-towards-transparency-2/

प्रॉपर्टी सेक्टर को 'वाइट मनी' वाले ग्राहकों का इंतजार

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 एनसीआर तक के तमाम डिवेलपर्स के टॉप अधिकारियों ने माना कि नोटबंदी के बाद मार्केट पर बड़ा असर पड़ा है। हालांकि डिवेलपर्स को लॉन्ग टर्म में फायदे की उम्मीद है और भविष्य में बैंकिंग चैनल के जरिए ही डील्स होंगी। हालांकि कई डिवेलपर्स और प्रॉपर्टी कंसल्टेंट्स ने कहा कि अभी यह कहना जल्दबाजी होगा कि ब्लैक मनी का पूरी तरह सफाया हो चुका है। हां, यह सही है कि अब कैश ट्रांजैक्शंस करना मुश्किल होगा।

डिवेलपर्स का मानना है कि नोटबंदी, बेनामी प्रॉपर्टीज ऐक्ट और नए रियल एस्टेट ऐक्ट के चलते भविष्य में इस सेक्टर में काले धन को नहीं खपाया जा सकेगा। इससे इंडस्ट्री की इमेज भी सुधरेगी। रीयल्टर्स की शीर्ष संस्था क्रेडाई के प्रेजिडेंट गीतांबर आनंद ने कहा, 'प्राइमरी और सेकंडरी, दोनों तरह के मार्केट में प्रॉपर्टी सेल कमजोर हुई है। नवंबर-दिसंबर में नोटबंदी के चलते लोगों ने खरीददारी का प्लान सिर्फ रीयल एस्टेट सेक्टर में ही नहीं, बल्कि सभी सेक्टर्स में टालने का फैसला लिया।'

Rose Valley chit fund scam: Here’s all we know so far about the multi-crore chit fund scam

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, Assam and Bihar. As per reports by Enforcement Directorate, Rose Valley raised Rs 15,000 crore from depositors. Gautam Kundu, chairman of Rose Valley while responding to the allegations in 2015 said, “It is a free country. Anybody can say anything. We are in this business for the last 10 years. So we know what we are doing.” Kundu was arrested last year by the Enforcement Directorate (ED) in Kolkata. The Rose Valley Group was one of the sponsors of Indian Premier League franchise Kolkata Knight Riders. It was also the title sponsor of an international chess meet in Kolkata in 2012.

As per reports by Business Standard, the chit fund company had started its operation in 1997 in West Bengal and had acquired immovable properties of Rs 800-900 crore and movable properties of Rs 200 crore. It also stated that the company had flouted the guidelines of market regulator Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and Registrar of Companies (RoCs).

The central government through the Income Tax Department and Enforcement Directorate launched a multi-agency probe to investigate the Saradha scam and similar Ponzi schemes. As per reports, Rose Valley wrote a letter to West Bengal Chief Minister Mamata Banerjee after the Saradha scam broke out in 2013. In the letter, Rose Valley clarified that it had assets worth Rs 10,000 crore and was ready to pay off investors if they were asked to. Despite the assurances, Rose Valley’s offices at Tamluk in East Medinipur and Ranigunj in Bardhaman were vandalised by depositors and agents recently.

CBI files chargesheet against Rose Valley Group of Companies in 2016:

The Central Bureau of Investigation (CBI) in January 2016 filed its preliminary charge sheet against Rose Valley Group of Companies for duping investors of Rs 17,000 crore across country through various schemes. The 86 page charge sheet filed by CBI in the special CBI court in Bhubaneswar named Goutam Kundu, chairman of the group, Shibamoy Dutta, managing director and directors Ramlal Goswami and Ashok Saha after recording 131 witnesses.

These three have been booked under 120 (B) (criminal conspiracy) and 420 (cheating), sources said. Kundu was arrested last year in Kolkata. Shibamoy Dutta and Ashok Saha were arrested by the CBI earlier while Ramlal Goswami is still absconding.

The CBI issued summons to two Trinamool Congress MPs, Sudip Bandyopadhyay and Tapas Paul, in connection with the alleged Rose Valley scam on December 27, 2016 and both the leaders were asked to appear at the CBI office here on December 30.

TMC links with Rose Valley chit fund scam:

The Rose valley chit fund scam is similar to Saradha scam as it has many TMC links. Trinamool Congress Lok Sabha MP Sudip Bandyopadhyay and Actor-turned TMC MP Tapas Pal have been making headlines for their involvement in the scam. The Central Bureau of Investigation (CBI) today arrested Sudip Bandyopadhyay for his involvement in Rs 60,000 Cr Rose Valley group chit fund scam. Bandyopadhyay reached CBI at its office in Kolkata for questioning today. Before he went inside for questioning, he said, “I have come to clarify my position on whatever questions they have”.

Actor-turned MP Tapas Pal was arrested by the CBI on December 30 after being interrogated for four hours for his alleged links with ponzy scheme with the Rose Valley chit fund organisation. The Rose Valley scam is believed to be the biggest ponzi fraud in India as it encompasses a larger amount of money as compared to the Saradha case. Pal vehemently denied the allegations that he took financial advantage from the chit fund company and said that his party stands by him. “My party is with me.”. He also alleged that Union minister Babul Supriyo is involved in the multi-crore Rose Valley chit fund scam. “Babul Supriyo tricked me into the scam and he is involved in it,” Pal claimed.

Mamata Banerjee stands with accused party members:

West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee fumed over the arrest of Trinamool Congress Lok Sabha MP Sudip Bandyopadhyay and said, “If they (government) think that after the arrest Sudip Bandhopadhyay we won’t protest, they are wrong”. She further added saying that she will take the legal battle forward and will seek justice from the court.

Mamata condemned the political vindictive attitude of Narendra Modi and Amit Shah and said the arrests have been made for no reasons. Mamata said both, the Prime Minister and Amit Shah should be arrested. Mamata said she will protest over arrest of Bandhopadhyay tomorrow . In December, the West Bengal Chief Minister had accused the Centre of resorting to vendetta politics after Sudip Bandopadhyay was asked by the CBI to appear before it in connection with the Rose Valley chit fund scam.

http://www.india.com/news/india/rose-valley-scam-heres-all-we-know-so-far-about-the-multi-crore-chit-fund-scam-1738519/

"नोट-बन्दी से प्रॉपर्टी नहीं होगी सस्ती"

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.

During July-December 2016, residential sales across top 8 cities dip 23%: Knight Frank - The Economic Times

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 market and we predicted H2 2016 on a growth trajectory. But, H2 2016 suffered a setback with launches and sales down by 53% and 26% YOY respectively," said Samantak Das, Chief Economist & National Director - Research, Knight Frank India. "The major reason of this fall can attributed to the demonetisation move. In fact, the last quarter (Q4 2016) witnessed a steep 39% decline in sales YOY resulting in the MMR residential sales in 2016 being at its worst in the last seven years. We believe that uncertainties will prevail till the next quarter."

Mumbai's office market witnessed a decline in both new completion and transactions during the second half of 2016. New completion at 1 million sq ft was lower by 73%, while transactions dipped by 34% to 3.3 million sq ft.

Shrinking new completions and lower vacancy level have pushed up office rents with Bandra-Kurla Complex and Central Mumbai moving up 6% in the second half of 2016.


"The office market saw a marginal slide of 6% YOY in transaction in 2016 and this has brought a pause on the growth momentum of last three years. The major reason for this slowdown in transaction may be attributed to the limited supply in the region. Vacancy at the city level is on a decline and sought after business districts like BKC and Lower Parel experience a vacancy of sub 5%. Because of steady demand and limited supply, rentals have jumped by 16% YOY during H2 2016," Das added.

Delhi's circle rate: SC issues notice to Delhi government on Central Government's appeal - The Economic Times

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 crore per acre from the earlier Rs 53 lakh per acre.

However, the former Lieutenant Governor Najeeb Jung stayed the notification followed by a resolution passed by the Delhi government against the Lieutenant Governor's stay.

In a latest development, the Delhi government has in January this year formed a committee to rationalise and review discrepancies in circle rates, keeping fall in property rate post demonetisation in view.