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01 Jan 1970
A Conveyance Deed is a legal document that records the transfer of ownership from the builder-promoter to the co-operative housing society upon formation of the later. According to the Maharashtra Ownership Flats Act (MOFA) 1963, the builder must transfer the ownership of land and building to the co-operative housing society within four months of formation of the society. It is a critical document that establishes the rightful ownership of the co-operative housing society for redevelopment projects.
01 Jan 1970
Deemed conveyance is a legal remedy provided to cooperative housing societies in Maharashtra that have failed to secure a conveyance deed from the developer. Under the deemed conveyance scheme, introduced in 2008, if a developer fails to transfer the ownership of land to a co-operative housing society within a specified period, the society can apply to the competent authority for deemed conveyance. A deemed conveyance order has the same effect as a conveyance deed.
01 Jan 1970
The aluminium formwork system is a building system used to form cast-in-place concrete structures of buildings. This formwork is made of aluminium alloy, which is very strong and has high tensile strength. Unlike steel, aluminium can be used several times. Lightweight aluminium is also easy to handle and quick to operate making it highly adaptable and cost-effective.
01 Jan 1970
A sale is a complete out-and-out transfer of ownership of a property (with all its rights and liabilities) from one person (or more) to another (or more) in exchange for a consideration, i.e. money. As per Section (17) of the Registration Act 1908 registration of a sale is mandatory when the value of the immoveable property exceeds INR 100/-. If a property is transferred for something other than money, the transaction is referred to as an exchange and not a sale.
01 Jan 1970
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
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Private equity has played a significant role in shaping Indi...
In today’s real estate landscape, fitness is often treated...
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
01 Jan 1970
A restrictive covenant is an agreement that a seller writes into a buyer�s deed of property that restricts how the buyer may use that property. For example, the seller may want the buyer to leave a building�s original fa�ade intact. As long as they don�t break the law, restrictive covenants can be as specific and arbitrary as the parties are willing to agree to.
01 Jan 1970
An easement refers to a party�s right to use or improve portions of another party�s property, or to prevent the owner from using or improving the property in certain ways. The first type is referred to as affirmative easement, e.g. A utility company may have the right to run a gas line through a person�s property or pedestrians may have the right to use a footpath that passes through that property. A negative easement restricts the title-holder from doing something, e.g. An owner may not be allowed to build a structure in his garden that would block his neighbour�s light.
01 Jan 1970
A co-operative housing society is a legal entity that can own one or more residential buildings. Membership is granted by way of a share purchase and share-holders are given the legal right to occupy a housing unit within the society.
01 Jan 1970
A Resident Welfare Association (RWAs) is a non-government entity responsible for overseeing the upkeep and interest of a residential society in a colony or city. RWAs also organise events, collect monthly maintenance from members and safeguard the interest and rights of its members. The Societies Registration Act 1860 governs RWAs in India.
01 Jan 1970
The carpet area of a flat refers to the actual useable space within a property. It represents the area on which one can place a carpet. The Real Estate (Regulation and Development Act, 2016) describes carpet area as the net useable floor area of an apartment, excluding the area covered by external walls, areas under service shafts, exclusive balcony or verandah area and open terrace area, but includes the area covered by the internal partition walls of the apartment.
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