SAHAKARSUTRA

The property is located next to the Suburban Collector’s office and houses the corporate office of Anubhav Aggarwal, the managing director of RNA Corp In further proof of builders facing the heat in Mumbai, the office of  RNA Corp , one of the leading developers in Mumbai, at RNA Corporate Park in  Kalanagar , Bandra (East), is scheduled to be auctioned by  Allahabad Bank  to recover dues of Rs 88.08 crore. The property is located next to the Suburban Collector’s office and houses the corporate office of Anubhav Aggarwal, the managing director of RNA Corp. The bank has put up a Notice of Sale of the property on its website. The developer has been facing the heat for a while with the  Economic Offences Wing  of the Mumbai police registering two FIRs against RNA developers for cheating flat buyers by not giving them possession of their flats. In April this year, the EOW lodged an FIRagainst the builder for duping 150 buyers by promising them flats in RN...

The Maharashtra  Real Estate Regulatory  Authority ( MahaRERA ) has come to the rescue of two home buyers, directing two developers to refund them their investment amount with 10.05 interest for delayed possession of apartments in projects located in Malad West and Thane West. In a separate order, MahaRERA dismissed a complaint by 47 home owners of a  Pune housing project  after leading developer Darade Jog, who had failed to deliver the flats on time, agreed to pay them interest from December 2016 onwards till actual possession of the apartments. Both the rulings are ex-parte orders, which means that one of the parties involved in the case were not present. In both these cases, the builders were not present during the hearings. Haripal Nakai, who booked flat a 15th floor flat in the 22-storey Gaurav Discovery on New Mahakali Road in Malad West, lodged a complaint with MahaRERA that Vidhi Realtors failed to deliver the flat by the given deadline of December 2015. Wi...

How does a home seeker apply for the Maharashtra Housing and Area Development Authority's housing lottery schemes? We look at the eligibility criteria, application process and payment procedure The Maharashtra Housing and Area Development Authority (MHADA) is a nodal agency that is responsible for the construction and development of housing units for the lower and middle-income groups. MHADA Lottery Schemes are popular among home buyers, who wish to buy properties that are affordable and also within the city limits. Recently, the MHADA launched a housing lottery for properties in Mumbai, which received a huge response from applicants. The localities on offer were in  Sion ,  Lower Parel ,  Vikhroli east , Powai,  Goregaon west  and Kandivali.   Eligibility for MHADA Lottery Scheme The applicant should be at least 18 years old. The applicant should have a Domicile Certificate, proving that s/he has stayed for 15 continuous years in Maharashtra....

Upon the death of an owner, will the rights in the property be transferred to a nominee or the successor to the property? We examine what the current legal standing on the issue is, after a landmark judgement from the Bombay High Court A legal question that has been put to test time and again before various courts, is whether the rights of nominees prevail over those of successors, in respect of various subjects of nomination, such as financial instruments, shares in a cooperative society, etc. A division bench (two-judge bench) of the Bombay High Court, comprising of Justice Oak and Justice Sayed, recently upheld the rights of successors over nominees. The court stated that the nominees are appointed, to ensure that the subject matter of the nomination is protected, until the legal heirs or legal representatives of the deceased take appropriate steps, such as obtaining probate of the will of the deceased or letters of administration of the estate of the deceased, to claim thei...

In this post, we demystify construction jargon such as Loading Factor, OSR and FSI for you, so that you are not taken for a ride. Loading Factor Loading Factor can be defined as the area which includes the proportionate share of the common area for a flat which is determined by applying a multiplier to the carpet area. In general, builders include space around staircases and elevators as common areas while calculating the loading factor. Thus, loading factor, when combined with the carpet area, gives the super built-up area of a flat. For example, if a builder puts 1.25 as the loading factor, then it means 25% of space has been added to the carpet area of the flat. If the carpet area of a flat is 500 square feet then the super built-up area of the flat can be calculated as: 500 square feet + 500 x 25% = 625 square feet. OSR  (Open Space Ratio) Open Space Ratio (OSR) is a terminology commonly used in the development of  residential spaces . OSR is calculated b...

Let’s admit it - the terms and jargon thrown at us by Agents and Realtors have us staring at them cluelessly most of the time. While buying a house, terms such as carpet area, built-up area and super built-up area moslty evade our realm of understanding, or at least cause some confusion. In every residential complex, there are these three ways of calculating the area, or the square footage. They may not all sound very different, but there is in fact a BIG difference between carpet area and built-up area! Not knowing what each actually means is what could give Developers a chance to take you for a ride. However, it is not rocket science. Just a little reading and you will be pretty thorough with the terms. Here are some of the basics of Real Estate you should know. Carpet Area Carpet area is the area that can actually be covered by a carpet, or the area of the apartment excluding the thickness of inner walls. Carpet area does not include the space covered by common areas such a...

The government levies a compulsory tax on the transfer of rights in a property, known as ‘stamp duty’. We examine how it is calculated and ways to save money on this tax amount The government levies a tax when there is a transaction of property (i.e., when a property changes hands, from the seller to the buyer). This tax is known as ‘stamp duty’. It is levied on residential and commercial property transactions, as well as freehold or leasehold properties. Stamp duty is levied by states and therefore, the rate varies from state to state. How to calculate the stamp duty amount Stamp duty ranges from three per cent to 10 per cent, depending on the slab decided by the particular state. The onus of paying the stamp duty, normally vests on the buyer of the property. Stamp duty is calculated on the higher value, between the ready reckoner rate (circle rate) and the agreement value of property. For example, if the agreement value of a property is Rs 50 lakhs and the value acc...

The Real Estate Act has made it mandatory for developers to disclose the carpet area of the units that they sell. We look at the definition of carpet area and how it will affect home buyers and property prices The area of a property is often calculated in three different ways – carpet area, built-up area and super built-up area. Hence, when it comes to buying a property, this can leads to a lot of disconnect, between what you pay and what you actually get.  Not surprisingly, the maximum number of cases registered in the consumer courts, are against developers on the issue of cheating, vis-à-vis the size of the flat. According to the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA), it is now the duty of the developer, to make buyers aware of the carpet area and quote prices based on this and not the super built-up area. Gautam Chatterjee, Maharashtra RERA chairman, explains that “It is now mandatory for the developers of all ongoing projects, to d...

Will the Real Estate Act make it easier for aggrieved home buyers to take errant builders to task? We examine the procedure for filing complaints against builders, and how the RERA compares, with other consumer protection laws that are already in place.. “Complaints can be filed under Section 31 of the Real Estate (Regulation and Development) Act, 2016, either with the Real Estate Regulatory Authority or the adjudicating officer. Such complaints may be against promoters, allottees and/or real estate agents. Most  state government rules, made appurtenant to the RERA , have laid out the procedure and form, in which such applications can be made. In the case of Chandigarh UT or Uttar Pradesh, for instance, these are placed as Form ‘M’ or Form ‘N’ (common with most other states and union territories).” A complaint under the RERA is required to be in the form prescribed under the respective states’ rules. The complaint can be filed with respect to a project registered under RERA, w...

Of these, 10 conciliation teams will take care of matters related to homebuyers from the Mumbai Metropolitan Region (MMR) while the rest five will be for the Pune real estate market. The  Maharashtra Real Estate  Regulatory Authority ( MahaRERA ) has decided to form nearly 15 conciliation teams comprising two members each, one from realty developers’ industry body and another from consumer forums, representing homebuyers. Of these, 10 conciliation teams will take care of matters related to homebuyers from the Mumbai Metropolitan Region (MMR) while the rest five will be for the  Pune  real estate market. “For now, we are setting up conciliation teams for MMR and Pune as most of the complaints we are receiving from homebuyers are for projects from these markets. If necessary, we can create separate teams for other key cities later on,” MahaRERA chairperson  Gautam Chatterjee  told ET. This is being done in the backdrop of MahaRERA receiving many complaints...