The Maharashtra Housing (Regulation and Development) Bill 2012 a farce or reality examines Adv. R. P. Rathod.

Shri. Sachin. Ahir., Minister of State for Housing, had reintroduced "The Bill", along with the recommendations given by the 19-member committee, in the legislative assembly on Monday the 16^th July 2012. After discussions finally the Bill has been passed by both houses of the Maharashtra Legislative Assembly and was supported by the opposition, however only a handful of legislators were present in the House when the bill was approved. As the Bill involves punitive actions like imprisonment, hence the bill will have to be sent for the President’s assent.

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A Home buyer's Simple Guide to Short-List a Financing Option

Buying a home is one of the most important decisions a person makes in his life. Weeks, months and sometimes even years are spent searching for that Dream House that a person would like to call a Home.

It is a very important decision not only because of the emotional value attached to it but also due to the enormous financial impact that this decision has on one's life.

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Any other matter with the permission of chair

A present day meeting of various institutions is a legacy of British People. It was since the British Rule was established; various Acts such as Societies Registration Act 1860, Public Trusts Act etc., and other institutional Acts were enacted. These Acts regulated and business, management and administration of various institutions, may be educational, professional, industrial, charitable or religious explains Adv. R. P. Rathod.

I am now referring in general to all the above institutions and specifically to the Co-operative Institutions in our State says Adv. R. P. Rathod. We are living in Democratic state and the Co-operative society is a mini example of a mini democratic set up. The acts have been framed to administer the management of such institutions.

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CHS Cannot Levy Maintenance Charges Based on the Area of Flat of Members

        Equality as a concept is perhaps best exemplified by the CHS model. However, with differences in the member’s income levels, flat sizes and the usage of common utilities, this equality is being increasingly questioned. Several CHS have passed resolutions to replace the equal distribution of outgoings per member, in the form of maintenance charges, but without much success.

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Good News - 1% TDS on Property Sale, rolled back by Finance Minister

Initiating the debate on the Finance Bill for 2012-13 in the Lok Sabha, Finance Minister Pranab Mukherjee said the government had decided to roll back the proposed 1% tax deduction at source (TDS) on transfer of immovable property.

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Single Buildings are devoid of Complex Issues

        In the last decade, instead of going for a flat in a Single /Stand alone building, most home buyers opted for a flat in a Big Complex considering the surge of amenities provided by builders/ developers. Adv. R. P. Rathod says that it's important for the home buyers to realize the Legal ramifications of living in a Housing Complex which are no doubt unique in nature. Incidentally, all the flat buyers in Maharashtra, whether buying a house in a single building or in a big Complex, are covered by the Maharashtra Flat Ownership Act 1963.

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Before investing your hard earned money in a house, make sure you have chosen a reputed builder

After staying in a leave and license accommodation for many years, an enthusiast dreaming to have his own house, eventually bought a flat in Borivli by taking a home loan. Since shifting was a priori­ty to save the dual cost of the lease rental and the loan repayment on his new pur­chase, he readily signed a letter stating that he was be­ing given the keys to his flat by the builder pending the completion of the building “for carrying out furniture work”

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CHS MEMBERS PLEASE NOTE THAT THE VALIDITY OF ENCASHING CHEQUES HAS BEEN REDUCED TO 3 MONTHS

          Bankers’ cheques and other monetary instruments will have only a three-month validity beginning from Dt. 1^st April 2012, instead of the existing Six months, a Reserve Bank of India communiqué has said. This change is a consequence of an RBI Notification issued on Dt. 4^th November 2011. Cheques, drafts and pay orders will only be valid for three months from the date that they have been drawn. Those having cheques and other monetary instruments with six-month validity before 1 April will have to remit them before this date, or their expiry will be reduced to three months. 

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THE DUTIES & FUNCTIONS OF OFFICE BEARERS OF THE SOCIETY BY ADV. R. P. RATHOD.

The Administration and Management of the Co-operative Housing Society is managed by the duly elected Managing Committee. The Committee is elected by the General members of the CHS as per the respective provisions of Bye-laws of the society.

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31st March marks the closure of the Co-operative Year, so all CHS please ensure that various task are completed on time says Adv. R. P. Rathod.

The Co-operative Year 2011-12 will end on March 31, 2012. Immediately after the close of the year, the Office-Bearers and the Managing Committee members have to complete the following works:

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Members must pay their dues regularly in order to ensure smooth functioning of their societies examines Adv. R. P. Rathod.

 Do you pay your CHS dues on time?

Adv. R. P. Rathod. emphasis that “It is the duty of every member to pay dues properly & on time for ensuring the smooth functioning of the society.” Generally people living in (Co-operative Housing Society) CHS are well aware of the fact that they are required to pay their regular contributions towards the expenses and expenditure incurred for running the day-to-day affairs of the society. Remember, a CHS is never formed for making profits instead it collects and dis­burses the contributions from its members towards common facilities and services enjoyed by its mem­bers.

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Buyers Beware; TDS is being made compulsory on the Immovable Property Sale w.e.f. 1st October 2012. an analysis by Adv. R. P. Rathod.

The Finance Minister Mr. Pranab Mukherjee’s have proposed an amendment to the Income Tax Laws thereby requiring home buyers to deduct 1% on the Sale Consideration or the value adopted by the Govt. for levy of Stamp Duty whichever is higher as Tax Deducted at Source (TDS). Adv. R. P. Rathod. states if this proposal is enacted it would be yet another hard blow on the already suffering Real Estate Sector.

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Close relatives should be clearly defined to reduce Stamp Duty implications on the Power of Attorney examines Adv.R.P.Rathod

As per the Bombay Stamp Act, 1958, if a Power of Attorney is given to a person other than a close relative authorising the person to sell or transfer immovable property, stamp duty payable on such Power of Attorney is the same as that on a conveyance on the market value of the property, this is to say that the stamp duty could be up to 5% of the market value of the property if such property is in Mumbai says Adv. R. P. Rathod.

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Some of the Important Documents Required for Home Loans

Below are the lists of some of the Important documents required for availing Home Loans by various business and Individual Class.

Salaried Individuals

1.       Salary slip/Form 16 A.

2.  A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills.

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Duties and Functions of Builder in Re-development Projects

What are the Duties and Functions of Builder in Re-development Projects a detailed analysis by Adv. R. P. Rathod.

1.        The Developer should demolish the building existing in the plot and construct new multi storied buildings taking into account the earthquake resistant factors as directed by The Municipal Corporation of Greater Mumbai. The new building should have stilt for Car Parking and should consist of number of stories as per approved plans. The final plans are to be prepared after due consultation with the Managing Committee and understanding their requirements says Adv. R. P. Rathod, but now-a-days builders adopt a tactics of sidelining the Managing Committee once the re-development agreement is signed & executed.

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Valuation of properties offered as collateral securities to the banks

ROLE OF PANEL VALUER

While granting the finance to the applicant, depending upon the necessity, the Bank insists them to create collateral securities by the way of equitable mortgage.

According to the Transfer of Property Act (Section 53). ‘A mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced/ or to be advanced by the way of loan, an existing or future debt of the performance of an engagement which may give rise to a pecuniary liability’.

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Adoption & Amendments of Bye-Laws of CHS an article by Adv. R. P. Rathod.

Let us first understand that what are Bye-laws?

Bye-laws: means Bye-laws registered under the Maharashtra Societies Act, 1960 for the time being in force and includes registered amendments of such Bye-laws says Adv. R. P. Rathod. He further explains that the Bye-laws are meant for internal management of the society. The bye-laws of the society must be registered by the Registrar and it is binding on the society with the procedure. If the office bearers commits a breach of it on the ground that they were following a certain practice in the previous year and the society does not want to follow the new procedure prescribed by the bye-laws. It is necessary to change the procedure as earlier as possible the Office Bearers must take a step to amend it after passing and obtaining sanction of the Registrar.

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Visit the Poll Mall, Cast your Vote and make the difference!

Give yourself a good reason to Vote in this Civic Election, Vote for yourself, Vote for your family, Vote for your area, Vote for your City, Vote for your State, Vote for your Country, Vote for your future. says Adv. R. P. Rathod.

During the 2007 Mumbai Civic elections, about 105 wards saw a voter turnout well below the city’s average, which was 46.05% or 38.63 Lakh of the total 83.88 Lakh votes. The number of voters in 2012 is 1.03 Crore, Lets ensure that in 2012 Mumbai Civic Elections, we never look back to this figure and make a new High Record says Adv. R. P. Rathod.

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With Membership comes Powers, With Powers comes responsibility, Yet members fail to adhere to their duties

A detailed study on the burning issue of time by Adv. R. P. Rathod.

        When a society member takes up cudgels against the entire Co-operative Housing Society (CHS), refuses to pay dues and poses a veritable nui­sance to other members, you can be assured that the member is capable of going to any extent to ratify his stand, says Adv. R. P. Rathod.

     He explains that there are more than 50,000 CHS in the State and on an average; about 20 to 30 per cent of CHS have mem­bers who are the usual 'trouble-maker' sort. While the degree of trouble they can cause varies from society to society, the nature of the scourge is more or less the same. And, what makes mat­ters worse is that there's poor little by way of legal remedy to the issue. Most problems occur when a member refuses to pay up dues; stalls Repair Jobs; entertains anti-social ele­ments that are usually Land-grabbers, files false complains at Police Stations, files frivolous peti­tions against Co-members and generally stalls regular functioning of the society.

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Thane based Builder ordered to pay Rs. 7.5 Lakhs for giving a Smaller Flat examines Adv. R. P. Rathod.

The Maharashtra State Consumer Disputes Redressal Commission recently ordered a Thane based Builder M/S Animesh Enterprises to pay Mr. Mangesh. Ghadge. a total of Rs 7.5 Lakhs for causing a deficit of 150 sq ft area. Alternatively, the builder will have to provide 150sq ft area to the Complainant.

Adv. R. P. Rathod. throws light on the facts of the Case: On June 6, 1999, Ghadge and the builders entered into an agreement. The builder had agreed to sell the flat measuring 600 sq ft on the 3rd floor of the proposed building. The 222.4 sq meter land at Lohar Lane, Thane, on which the construction was set to take place, belonged to Ghadge. The agreement also provided that the completed flat would be handed over on or before November 27, 2001.

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