Author: yazdi

Top 50 loan defaulters in India

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All India Bank Employees’ Association (AIBEA) has announced a list of top 50 loan defaulters, mainly the corporate firms, whose total default amount to the banks is allegedly to be around Rs 40,528 crore (Rs 4056.28 billion).

The association demanded a remedy for the bad loans at the earliest to safeguard the public money in the banks.

The list, released by the association, is on the data on loan not paid from Public Sector Banks except State Bank of India, IDBI and foreign banks. The association also plans to come out with top 30 defaulters in each Bank.

The biggest defaulter according to the list is Kingfisher Airlines.

Click Here to Read More

Just Saw An Accident And Don’t Know What To Do? This Team Can Help You With That!

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In India, 15 people die every hour in road accidents, which gives it the dubious distinction of being world number 1 in road accidents. The country accounts for about 10% of road crash fatalities worldwide. In 2012 alone, 135,000+ deaths were caused by road accidents. (source)

With the increasing number of motor vehicles, the number of accidents is also increasing. Blame it on rash driving, protrusion, lack of first aid or ignorance bystanders, the problem remains the same.

That is where SaveLIFE Foundation comes into the picture and tries to change the situation. Founded by Piyush Tewari, an Ashoka Fellow in 2008, the not-for-profit organization focuses on enabling Bystander Care, the immediate care that Police and public can provide to emergency victims, especially those of road accidents, to enhance their chances of survival. –

See more at: http://www.thebetterindia.com/10705/save-life/

India Redifined – Aiming to make more Doers than Beneficiaries

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Awaken INDIA : By Bringing about Awareness, Education & Communication
Clean INDIA : Of Pollution, Corruption, Unhygienic conditions, Dirty Environment, Contaminated Water & Soil (anything requiring cleansing)
Healthy INDIA : Will Result from Clean India and Dedicating specific Focus on Health Issues
Green INDIA : Result Of Clean India and using Sustainable Methods or Technology for a Greener INDIA like emission reduction and reducing effects of climate change etc.
Prosperous INDIA : The above Initiatives will naturally lead to Prosperity Across Board
Happy INDIA – End Result of all initiatives

Click Here for the website

Transmission of a flat in housing society or CHS?

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More often than not, due to the sheer complicity and technicalities of our legal system, we find ourselves trampled by a load of complicated questions and even cheating and deception. One such area of concern is ‘transmission of flats‘. Here, we have the procedure for the same simplified for you.

Transmission of flats happens in the following two ways:
  1. When the flat owner has made a nomination before death.
  2. When the flat owner has not made any nomination before death.

Click Here for the full detailed write-up from MoneyLife by Shirish S Shanbhag, an MSc and a retired professor with over 32 years of experience, helps draft legal documentation related to co-operative societies, RTI and several other areas.) 

Which Tax Form Applies to You ?

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These days, a lot of people file their own tax returns. But you need to be careful about which ITR forms to use. Do you realise that if you buy Rs1 lakh in tax-free bonds which have coupon of 8% to 9%, you cannot file ITR-1 (Sahaj)? This is because the tax-exempt income will cross the limit of Rs5,000 allowed for ITR-1? You will have to file ITR-2, in this case. Savings account interest up to Rs10,000 is tax-exempt, but it still needs to be included in your total income for the assessment year.

Interest from post-office savings is exempt up to Rs4,000, or Rs8,000 for joint accounts; PPF interest income is tax-free, but should be included in the exempt income. Some examples of exempt income are: dividend, transport allowance, house rent allowance (HRA), leave travel allowance (LTA) and interest on PPF. Showing higher or lower amounts for tax-exempt income than allowable can lead to scrutiny of your tax return. Here is a guide to which ITR to use in which case.

Conned Indian Financial Consumer

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As these examples from Moneylife Foundation’s Helpline show, the consumer has little chance of being treated fairly by companies, regulators and intermediaries

Mr Mallick from Sambalpur in Orissa runs an NGO. He has 17 insurance policies, sold to him by eight banks through their Bankassurance partners, with large premiums. He claims to have borrowed funds from various banks for a project (which we gather involves lending to the rural poor like a banking correspondent) and was persuaded to buy insurance policies. Since Mr Mallick’s English is poor, it is not clear if there was coercion; he alleges ‘gross mis-selling’.

The real question is: Why would anyone, in his right senses, buy 17 insurance policies and commit to the payment of such high premiums? We believe he was made false promises by his bankers, taking advantage of his financial illiteracy. Like Suchitra Krishnamoothi, he too made the mistake of trusting his bankers and did not suspect that they would mislead him.

Moneylife Foundation took up the issue of mis-selling of third-party financial products with RBI governor, Dr Raghuram Rajan. We are most upbeat that Dr Rajan, once he applies his mind to the issue, will begin to see how people’s finances are decimated by bankers who prey on their ‘trust’.

We are especially heartened by the speed with which he has directed banks not to levy penalties for failure to maintain minimum balances on inoperative accounts. He has also implemented the long-pending demand to scrap foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, through a directive.

Click Here to read the full article by Sucheta Dalal.

 

F.S.I. under different schemes

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F.S.I. under different schemes

vinod sampatBy Accommodation Times News Service

By Adv. Vinod Sampat and Adv. Dharmin Vinod Sampat

Q. Please give an idea of the FSI available under different schemes?

Ans: The FSI granted is as under.

Sr. No DCR Details                                   F.S.I
 Island city Suburbs
1 33(4) Starred category residential hotels:-1 To 3 Starred category hotels.4 Starred category hotels.5 Starred category hotels. 3.004.005.00 3.00 + 0.50TDR3.00 + 0.50TDR3.00 + 0.50 TDR
2  33(5) Development/ Redevelopment of Housing scheme of Maharashtra housing and Area Development Authority.

The notification issued by the Urban Development Department dated 8.11.2013 states that for any particular land which is above 4,000 Square Meters and being used for residential purpose shall have to provide for economically weaker section or lower income groups, a housing or plot size or leave an incentive or equivalent area of 20% of the net plot area for constructing EWS/LIG tenants or tenements which will subsequently be handed over to the MHADA. This is applicable for any plots and under any regulation as of now. This will result in increase to burden of purchasers and builders. Common Amenities like car parking, open space will be severely effected.

 

 2.5(Incentive F.S.I of 50% will be given to area up to  4000 Sq.mt. and 60% for above 4000 Sq.mt)+ TitBit F.S.I + Entire Layout F.S.I + Fungible F.S.I 2.5(Incentive F.S.I of 60% will be given to area up to  4000 Sq.mt. and 75% for above 4000 Sq.mt)+ TitBit F.S.I + Entire Layout F.S.I + Fungible F.S.I. 

 
3 33(6) Reconstruction of building destroyed by fire or which have collapsed or which have been demolished  F.S.I in New Building not to exceed that of Original Building.
4 33(7) ReconstructionorRedevelopmentofCessed building in the IslandCitybyCo-opHsg. Society or of old building to corporation or of old building belonging to police department.

This is the pet scheme of many architects. If there are certain members who are objecting the fsi of such members will be subtracted. The catch is members/tenants cannot sell the premises for a period of three years since they get the possession of the flat.

 

 F.S.I of more than 3.00 for chawls/ building constructed before 1940 and additional incentive F.S.I of 50% for utilized area for rehabilitating existing Tenants NIL

Be blunt and ask the builder under which scheme he will develop the property and what is the total area that would be constructed by him.

 
33(7) In many buildings FSI is consumed to the tune of 2 to 2.40. I have been given to understand that Oberoi hotels has been granted 9 fsi. If one presumes that the FSI which is consumed is 2.40. The fungible fsi would be .35% approx. The Rehab component with lift and other available incentives can result in fsi up to 4.If there are three or more plots incentive fsi of up to 70% is permissible. Gross construction area of up to 8 is possible.It is advisable to ask for a feasibility report as regards the construction that would be done by the builder. Your agreement should be drafted in such a way that you are adequately protected preferably by a professional who is aware of the ground realities.
5 33(8) Construction for housing of Dishoused. 4.00 4.00
6 33(9) Reconstruction or redevelopment of cessed building,  urban schemes on extensive area 4.00 + Incentive F.S.I for rehabilitation of existing tenants
7 33(10) Slum Redevelopment Scheme 2.5 + discretionary F.S.I for difficult area
8 33(13) Development for project affected persons of slum Dwellers/ Pavement Dwellers 2.5 2.5
9 33(9) Provision relating to Transit Camp Tenement for Slum Rehabilitation Scheme. 2.33 2.50

Why property redevelopment on BMC LAND in Sion / Matunga is not taking place.

  • Lease period is reduced from 60 years or higher to 30 years.
  • Lease rent is very high.
  • Premiums have to be paid in advance by developer.
  • Compulsory open space to be left.
  • Corpus fund does not take care of the increased maintenance costs.
  • Getting consent from tenants is not easy.
  • There are some tenants who create nuisance value.
  • Property card is not in the name of the legal entity.
  • There are disputes amongst legal heirs.
  • Properties with clear and marketable title are a scarce commodity.
  • If it is a CHS the court fee that has to be paid could be Rs. 3 Lakhs which adds to the budget of the builder plus approx. 5 Lakhs lawyers fee accompanied by uncertainty as regards the quantum of time that would be taken.

 POINTS TO BE TAKEN INTO CONSIDERATION BY TENANT/CHS BEFORE ENTERING INTO AN AGREEMENT WITH LANDLORD / DEVELOPER WHEN BUILDING IS GOING FOR REDEVELOPMENT

  • ACCEPTANCE OF LANDLORD OF TENANTS RIGHTS
  • AGREEMENT SUPERCEDES EARLIER OFFERS
  • AMOUNTS PAID BY DEVELOPER TOWARDS LEGAL FEES OF TENANTS ADVOCATE
  • ARBITRATION AND COST OF ARBITRATION TO BE BORNE BY DEVELOPER
  • ASSIGNMENT OF RIGHTS BY TENANTS
  • BENEFITS IN EXTRA FSI/TDR
  • CAR PARKING
  • CAR PARKING RIGHTS
  • CARPET AREA & AMENITIES OFFERED BY DEVELOPER TO TENANT
  • CARRYING OUT FURNITURE WORK IN PREMISES BEFORE TAKING POSSESSION
  • CERTIFIED SOFT COPY TO TENANTS ADVOCATE
  • COMMON UTILITIES TO BE PROVIDED
  • COMPLETION OF THE PROJECT BY TENANT IF THERE IS DELAY BY DEVELOPER
  • COMPLIANCE OF RULES AND REGULATIONS OF STATUTORY AUTHORITY
  • CONSENT OF TENANTS FOR BECOMING MEMBERS OF C.H.S LTD
  • CONTRIBUTION BY TENANT WHEN HE ACQUIRES FLAT AS OWNER TOWARDS SOCIETY FORMATION,VAT SERVICE TAX
  • CORPUS FUND PAYABLE BY DEVELOPER TO TENANT
  • COVENANTS BY TENANT
  • DAMAGES TO BE ADJUSTED AGAINST AMOUNT PAYABLE BY TENANT TO DEVELOPER
  • DEBRIS OF BUILDING
  • DEVELOPER NOT TO CREATE THIRD PARTY RIGHTS
  • DEVELOPER TO BEAR ENTIRE COST RELATED TO REDEVELOPMENT
  • DEVELOPERS DECLARATION WITH REGARDS TO PARTNERS
  • ENCUMBRANCES AND CLEAR TITLE OF PROPERTY
  • EXCLUSIVE RIGHT OF TENANT WITH REGARDS TO FLAT
  • EXECUTION OF FURTHER DOCUMENTS
  • FLAT PURCHASER LIABLE TO PAY OUTGOING OF THE SAID FLAT
  • FORMATION OF COOPERATIVE SOCIETY
  • HANDING OVER OF DOCUMENTS TO LEGAL ENTITY BY DEVELOPER
  • HANDING OVER OF FLAT
  • HANDING OVER POSSESSION OF FLAT WITH OCCUPATION CERTIFICATE
  • HEIGHT OF FLAT
  • LIEN FOR PERFORMANCE OF DEVELOPERS OBLIGATION
  • MODE OF COMPENSATION FOR ALTERNATE ACCOMMODATION
  • MOF ACT APPLICABILITY
  • OBJECTIONS FROM REPRESENTATIVE OF TENANT WITH REGARDS TO TENANTED PREMISES
  • PAYMENT BY TENANT TO DEVELOPER FOR ADDITIONAL AREA
  • PLANS AND OTHER DOCUMENTS TO BE GIVEN TO TENANTS ADVOCATE
  • PLANS TO BE SUBMITTED TO MUNICIPAL AUTHORITIES TO BE SHOWN TO TENANTS
  • POSSESSION OF FLAT FIRST TO BE OFFERED TO TENANT
  • POSSESSION TO BE HANDED OVER TO LEGAL HEIR ON DEMISE OF TENANT
  • PROPERTY TAX ASSESSMENT
  • RAISING OF LOAN BY TENANT FOR PURCHASE OF EXTRA AREA
  • REDEVELOPMENT AND INCIDENTAL EXPENSES TO BE BORNE BY DEVELOPER
  • RENT NOT PAYABLE BY TENANT FROM THE DATE OF VACATING PREMISES
  • REPAIRS AND MAINTENANCE OF THE BUILDING
  • SIGNING OF NOC AND OTHER DOCUMENTS
  • SIMILAR AMENITIES TO EXISTING TENANTS AND NEW FLAT PURCHASER
  • STAMP DUTY AND REGISTRATION FEE
  • TENANT MONTHLY TENANT AS REGARDS FLAT NO._______
  • TENANT TO VACATE PREMISES AND SHIFTING TO ALTERNATE ACCOMMODATION WITH RENT PAYABLE BY DEVELOPER IN ADVANCE
  • TENANT UNDERTAKES TO COOPERATE WITH DEVELOPER
  • TENANTS NOT TO DAMAGE THE STRUCTURE OF THE BUILDING
  • TENANTS RIGHTS GET CONVERTED AS OWNERSHIP RIGHTS IN FLATS
  • TERRACE OWNERSHIP AND HOARDING RIGHTS
  • THIRD PARTY RIGHTS IN FREE SALE COMPONENT BY DEVELOPER
  • TIME FOR SANCTION OF PLANS
  • TIME LIMIT FOR VACATION OF PREMISES AFTER RECEIPT OF IOD
  • TIME LIMIT WITHIN WHICH PREMISES WILL BE HANDED OVER TO TENANT AND DAMAGES FOR DELAY
  • TRANSFER OF TENANCY RIGHT NOT TO BE EFFECTED ON VACATING THE PREMISES
  • USE OF PREMISES
  • WAIVER OR BREACH 

APPROXIMATE TIME TAKEN FOR DIFFERENT STAGES OF CONSTRUCTION

Q.:       Please give an idea as regards the approximate time taken for different stages of construction.

Ans.:   The approximate time that is taken for different stages of construction could range between 2 to 3 years. It would depend on the number of floors. The modalities pertaining to the same are as under:

The first stage i.e. Intimation of Disapproval takes approximately 4 months. In these particular stage elementary calculations pertaining to the property is done. This includes looking at the potential as regards development of the property. Basic calculation being to the size of the plot, permitted construction thereon, Once this stage is over one has to go to the second stage. The second stage is Commencement Certificate up to plinth level. The Commencement Certificate up to plinth level is given when the premises have been vacated by all. The existing structure is demolished. There is no construction on the site. In this particular stage, before granting permission, N.O.C. from various departments and other documents have to be submitted like Garden N.O.C., Structural R.C.C. Plans and calculations, Traffic N.O.C., Fire N.O.C. Joint inspection by the Municipal authorities and the Architect is undertaken. For obtaining Commencement Certificate up to plinth level the approximate time is 1 month from the date of joint inspection.

Further C.C. is obtained normally within 15 days from inspection. Eg. Gr plus 4 floors. Further CC is given if the necessary compliances up to the relevant floor is obtained. When the building is fit for occupation up to a particular floor part occupation certificate may be granted. Normally builders take occupation certificate as the procedure for obtaining building completion certificate is tedious and expensive.  Once the entire building is completed in all aspects then only full C.C. is obtained.

 http://accommodationtimes.com/index.php/f-s-i-under-different-schemes/