Month: February 2018

CALCULATION OF CONSTRUCTION AREA, CONSIDERING CARPET AREA ACCORDING TO RERA ACT

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Outward No: Ka.15/Circular/RERA/
Carpet Area/3.
Office of the Inspector General
of Registration & Stamp Controller,
Maharashtra State, Pune-1.
Date : 02/01/2018.

Circular

Sub:– Guidelines No. 5 for Mumbai City and Guidelines No.4 For rest of Maharashtra

1.2 ratio has been mentioned in guidelines no.5  for Mumbai City and No.4 for rest of Maharashtra  in respect of calculating built up area from carpet area in the guidelines with annual valuation rate table.

The Maharashtra Real Estate Regulatory. Authority has issued Circular No.4/2017, Dt. 14/6/2017 regarding calculation of carpet area under Section 2(k) of Real Estate (Regulation & Development). With it they have given illustrative sketches regarding which area to be included in carpet and which not to be included. -Accordingly  it is necessary to include area of inner walls of the flat in carpet area. It is mentioned that area  covered by the external walls, and similarly–areas  under services shafts,  exclusive balcony or verandah area and exclusive open terrace area shall not be included. Incidental to said changes individual memorandums and also memorandums from CREDAI regarding making changes in valuation guidelines were received.  Therefore it is necessary.to make changes in the ratio calculating carpet area from built area. Thus, following changes have been made in guidelines no.5 for Mumbai City and guidelines no.4 for rest of Maharashtra.

CarpetArea/Built up Area :-  

  1. The rate mentioned in annual, valuation rate are of built up area. If documents mentioned Carpet area, then valuation should be made by drawing built up area as follows :

Built up area = 1.1 x Carpet area or Carpet area = Built up area / 1.1

However if there is any other mentioned other than Carpet area and if the said area is more than Carpet area x 1.1 then, valuation should be made by considering the area mentioned in the documents. However in the case of open   parking, terrace and balcony, only mentioned area should be considered.

  1. Valuation of closed balcony adjacent to the flats/offices/shops/industrial properties should be made with sales price of the respective use of concerned annual valuation rate table.
  2.  If open balcony adjacent to the Flats/ Offices/ Shops/Industrial use is shown in documents and plans with it , then its.valuation should be made at the rate of 40% of the sale price of respective use shown in annual valuation rate          according to Instruction No.15 for Mumbai and Instruction No. 14 for rest of Maharashtra.
  3. Hereinbefore since area under all walls in the flats sold was not incorporated in carpet area, for the sale/agreement of such resale flats, earlier 1.2 ratio should be used for calculating built up area according to carpet area with balcony area.  However if there is mention of built up area or saleable area except carpet area in the document, then that area should be considered directly. The ratio 1.2 should not be applied to it.

The said Circular shall be came into force from the date of issue.

The copy of the said Circular is available on the web site www.igrmaharashtra.gov.in

(Anil Kavade)

Inspector General of Registration & Controller of Stamps, Maharashtra State, Pune.

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Access to Justice and Public Interest Litigation

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The Asiatic Society of Mumbai

takes pleasure in inviting you and your friends to

the 25th Smt. Bansari Sheth Memorial Lecture

by

Mrs. Justice Sujata Manohar

Former Judge, Supreme Court of India

and

Former Chairperson, Board of Trustees of the Society,

on

‘Access to Justice and Public Interest Litigation’

on

Thursday, 8th March, 2018, at 5.30 p.m.

in the Durbar Hall of the Society.

Mr. Justice B.N. Srikrishna

Former Judge, Supreme Court of India

and

Former Chairperson, Board of Trustees of the Society,

 will preside.

Please join us for tea at 5.00 p.m.

         Dr. Meena Vaishampayan                                Prof. Vispi Balaporia

         Chairperson                                                        Hon. Secretary

         Endowment Lectures Committee

The Law of Registration

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THE LAW OF REGISTRATION
(As under Transfer of Property Act-1882 & Registration Act-1908)

SUBHAN BANDEADVOCATE
KADAPA
subhanbande@gmail.com

 

Registration Fee vs. Stamp Duty

  • ‘Registration fee’ is charged by the Government to keep a document in public records.
    • ‘Stamp duty’ is levied by the Government to raise revenue and to recognise a right.
    • The ‘Law of Registration’ in India is explained under…..
      • The Transfer of Property Act-1882
      •  The Registration Act-1908

To read the full details – Click Here

India has 35% chief ministers with criminal cases: ADR

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In India, around 35 per cent chief ministers have criminal cases against them and 81 per cent of the total are crorepatis, according to an ADR report released today.
The Association for Democratic Reforms (ADR) and National Election Watch (NEW) have analysed the self-sworn affidavits of current chief ministers (CMs) in state assemblies and Union territories across the nation.

These were the latest affidavits filed by them prior to contesting the elections.

“Out of the all 31 chief ministers analysed from state assemblies and Union territories, 11 (35 per cent) chief ministers have declared criminal cases against themselves,” the Association for Democratic Reforms (ADR) report noted.

Further, 26 per cent CMs have declared serious criminal cases, including related to murder, attempt to murder, cheating and dishonestly inducing delivery of property, criminal intimidation, among others.

Interestingly, as many as 25 CMs, or 81 per cent, are crorepatis, with two of them having assets to the tune of over Rs 100 crore. The average assets of CMs are worth Rs 16.18 crore.

https://timesofindia.indiatimes.com/india/india-has-35-chief-ministers-with-criminal-cases-adr/articleshow/62889962.cms

RBI cautions bank customers against fake website seeking confidential account info

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The Reserve Bank of India has cautioned citizens against a fake website which is fraudulently taking personal and confidential banking details of bank customers posing as the central bank.

The Reserve Bank of India has cautioned citizens against a fake website which is fraudulently taking personal and confidential banking details of bank customers posing as the central bank.

“It has come to the notice of the Reserve Bank of India that a fake website of the Reserve Bank of India has been created with the URL http://www.indiareserveban.org by some unknown person(s). The layout of the fake website is similar to the original RBI website,” RBI said in a statement on its website.

The official website of the RBI — India’s central bank — is https://www.rbi.org.in  and it holds no other website.

The home page of the fake website also contains a provision for “Bank verification with online account holders” which appears to have been created with a fraudulent intent of obtaining personal and confidential banking details of customers of banks, it added.

“The Reserve Bank of India clarifies that as India’s central bank, it does not hold any accounts for individuals and never asks for personal information such as bank account details, passwords, etc…

“The Reserve Bank cautions members of public that responding online on such websites could result in compromising crucial personal information that may be misused to cause financial and other loss to them,” the banking regulator clarified.

Over past years, RBI has been consistently alerting customers about the fake websites, emails asking to transfer funds or for bank account details in the name of a lottery, fictitious job offers in the name of RBI jobs, etc fraudulently luring and cheating customers and that one should not fall prey to it.

Further, members of public are also cautioned about existence of websites such as www.rbi.org, www.rbi.in etc. These URLs may appear similar to the website of RBI. However, these websites have no affiliation with the Reserve Bank of India. Members of public are advised to be cautious while accessing or when providing any information on such sites.

Beena Parmar
@BeenaParmar

http://www.moneycontrol.com/news/business/beware-rbi-cautions-bank-customers-against-fake-website-seeking-confidential-account-info-2503727.html

Dangers of Statin Drugs

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Dangers of Statin Drugs: What You Haven’t Been Told About Popular Cholesterol-Lowering Medicines

Hypercholesterolemia is the health issue of the 21st century. It is actually an invented disease, a “problem” that emerged when health professionals learned how to measure cholesterol levels in the blood. High cholesterol exhibits no outward signs–unlike other conditions of the blood, such as diabetes or anemia, diseases that manifest telltale symptoms like thirst or weakness–hypercholesterolemia requires the services of a physician to detect its presence. Many people who feel perfectly healthy suffer from high cholesterol–in fact, feeling good is actually a symptom of high cholesterol!

Doctors who treat this new disease must first convince their patients that they are sick and need to take one or more expensive drugs for the rest of their lives, drugs that require regular checkups and blood tests. But such doctors do not work in a vacuum–their efforts to convert healthy people into patients are bolstered by the full weight of the US government, the media and the medical establishment, agencies that have worked in concert to disseminate the cholesterol dogma and convince the population that high cholesterol is the forerunner of heart disease and possibly other diseases as well.

Who suffers from hypercholesterolemia? Peruse the medical literature of 25 or 30 years ago and you’ll get the following answer: any middle-aged man whose cholesterol is over 240 with other risk factors, such as smoking or overweight. After the Cholesterol Consensus Conference in 1984, the parameters changed; anyone (male or female) with cholesterol over 200 could receive the dreaded diagnosis and a prescription for pills. Recently that number has been moved down to 180. If you have suffered from a heart attack, you get to take cholesterol-lowering medicines even if your cholesterol is already very low–after all, you have committed the sin of having a heart attack so your cholesterol must therefore be too high. The penance is a lifetime of cholesterol-lowering medications along with a boring lowfat diet. But why wait until you have a heart attack? Since we all labor under the stigma of original sin, we are all candidates for treatment. Current dogma stipulates cholesterol testing and treatment for young adults and even children.

Click Here to continue reading this interesting article