YAHOOOOOOOOOO- THE DEADLY RECESSION IS VANISHING

The second quarter’s growth figure of 7.9 percent goes to show the resilience of the country’s economy which can absorb global shocks and also keeps its growth rate going. Notably, the country’s GDP recorded 7.9 percent from 6.1 percent in the first quarter, which is a sign that the economy is already in the path of recovery. The dubai debacle may have little or no impact on the steady growth of the economy. Indian exposure to world financial market, especially to Middle East is very limited. The growth rate was indeed higher than what was expected and there are now sparks of optimism that the economy may return to 9 percent growth in the near future.

The manufacturing sector is experiencing tremendous growth from April, 2009 and is steady. Having said that, the concern, is the agriculture sector, which continued to languish with a mere 0.9 percent growth. In addition, the strong growth figure is also due to 25 percent increase in government spending in the second quarter. So not all is well in paradise. If this spending moderates in the next two quarters, we may not see the same figures altogether.

The traditional economic indicator, the agriculture sector, which is a must for the growth of any economy, is downplaying, due to various ailments. The agriculture sector is a major player in the development of Indian economy, then, now and forever. The feeling is that this strong data could pave the way for the Reserve Bank of India (RBI) to hike key rates. With RBI closely monitoring the situation on whether the recovery is sustainable or not, there is an increasing possibility of hiking rates in the future. I however feel that it (RBI) should maintain the key rates at the current levels at least for this fiscal.

There is good news. The exports sector though declined for the 13th straight month; there were signs of recovery with figures for October 2009 showing a much lower decline than was initially estimated. The year-on-year decline in exports in October 2009 was down to 6.6 percent from 11.4 percent estimated earlier. The reasons to believe that growth in the exports sector will turn positive in the third quarter. And with the Commerce Ministry indicating that the sectors that are still not doing well could get additional sops in December can indeed do a world of good to the export sector.

There is a steady improvement in outsourcing projects in IT  sector and recruitments has begun on a large scale.  Bangalore is experiencing a hurried recruitment drive, accelerating the demand for housing.

HEALTH EFFECTS OF CHEMICAL PARAMETERS-IN WATER

Parameter	BIS Guidelinevalue (maximum allowable)	General & Health effect
Total dissolved solids	2000 mg/L	Undesirable taste; gastro intestinal irritations; corrosion or incrustation
PH	6.5-8.5	Affects mucous membrane; bitter taste; corrosion; affects aquatic life
Alkalinity	600 mg/L	Boiled rice turns yellowish
Hardness	600 mg/L	Poor lathering with soap; deterioration of the quality of clothes; scale forming; skin irritation; boiled meat and food become poor in quality
Calcium	200	Poor lathering and deterioration of the quality of clothes; incrustation in pipes; scale formation
Magnesium	100	Poor lathering and deterioration of clothes; with sulfate laxative
Iron	1.0	Poor or sometimes bitter taste, color and turbidity; staining of clothes materials; iron bacteria causing slime
Manganese	0.3	Poor taste, color and turbidity; staining; black slime
Aluminum	0.2	Neurological disorders; Alzheimer’s disease
Copper	1.5	Liver damage; mucosal irritation, renal damage and depression; restricts growth of aquatic plants
Zinc	15	Astringent taste; opalescence in water; gastro intestinal irritation; vomiting, dehydration, abdominal pain, nausea and dizziness
Ammonia	-	Indicates pollution; growth of algae
Nitrite	-	Forms nitrosoamines which are carcinogenic
Nitrate	100	Blue baby disease (methemoglobineamia); algal growth
Sulfate	400	Taste affected; laxative effect; gastro intestinal irritation
Chloride	1000	Taste affected; corrosive
Fluoride	1.5	Dental and skeletal fluorosis; non-skeletal manifestations
Phosphate	-	Algal growth
Arsenic	0.05	Toxic; bio-accumulation; central nervous system affected; carcinogenic
Mercury	0.001	Highly toxic; causes ‘minamata’ disease-neurological impairment and renal disturbances; mutagenic
Cadmium	0.01	Highly toxic; causes ‘itai-itai’ disease-painful rheumatic condition; cardio vascular system affected; gastro intestinal upsets and hyper tension
Lead	0.05	Causes plumbism-tiredness, lassitudes, abdominal discomfort, irritability, anaemia; bio-accumulation; impaired neurological and motor development, and damage to kidneys
Chromium	0.05	Carcinogenic; ulcerations, respiratory problems and skin complaints
Pesticide	0.001	Affects central nervous system
Detergent	-	Undesirable foaming

REAL ESTATE PRICES ARE STABILISING AT BANGALORE

THE PROPERTY AND APARTMENTS PRICES HAVE SHOWN AN UPWARD MOBILITY FROM MARCH,2009 AND THE COMMERCIAL PROPERTIES ARE MUCH IN DEMAND.  THE PRICES  OF SITES AND INDEPENDENT RESIDENCES HAVE GONE UP BY 10% TO 20%, WHEREAS THE PRICES OF APARTMENT, HAVE STABILISED AND WITNESSING AN UPWARD TREND.  THE BUILDERS, WHO HAVE CLEAR TITLES AND HAVE NOT VIOLATED THE SANCTIONED PLANS AND PERMISSIONS, ARE QUOTING VERY HIGH AND THE  THOSE WITH DEFECTIVE MARKETABLE TITLES (75%) HAVE ALSO QUOTING COMPARATIVELY HIGH PRICES.  THESE APARTMENT BUYERS MUST BE PREPARED TO SHELL DOWN FURTHER CHARGES, IN CASE, IF THEY WISH TO REGULARISE THE PROPERTIES UNDER AKRAMA-SAKRAMA.  PROPERTY OWNERS, WHO HAVE ALREADY BOUGHT THE FLATS(DEFECTIVE TITLES) HAVE TO PAY EVEN BETTERMENT CHARGES IN MANY ZONES AND AREAS, IF THE HONOURABLE HIGH COURT OF KARNATAKA, DISMISSES THE APPEAL.

REVENUE, GRAMTHANA, DC CONVERTED SITES AND RESIDENCES ARE NOT IN MUCH DEMAND, THOUGH, COULD BE REGISTERED, BUYERS ARE WARY TO INVEST OR TO BUY IT.  THE DEMAND IS NOT A FORECAST.   MOST OF THE BUYERS ARE NOT INVESTORS AND IS FOR SELF OCCUPATION, BACKED BY SUFFICIENT PURCHASE POWER, HENCE, WE FIND A NEW TREND IN THE CURRENT MARKET DEMAND.

THERE ARE VERY FEW TAKERS FOR AGRICULTURAL LANDS AND LANDS WITHIN GREEN BELT.

THERE IS A VERY  IMPORTANT CHANGE IN THE PURCHASE  PATTERN  NOTICED IN BUYERS ATTITUDE IS THAT, THEY ARE VERY ALERT AND CAREFUL, NOT TO VENTURE INTO LITIGATION PROPERTIES AND ARE SEEKING EXPERT ADVICE ON PROPERTY DEALINGS.

THE DUBAI DEBACLE MAY HAVE VERY LITTLE IMPACT ON THE PRESENT SCENARIO AT BANGALORE.

26/11 ATTACKS AND THEREAFTER- WE SALUTE OUR HEROES AND TATAS

October 10, 2009-MESSAGE FORWARDED BY Mr.Venkatesh Murthy. Meeting with H N Srinivas – Senior Executive Vice President, Taj Group of Hotels

Last evening, I had a dinner meeting with HNS in Goa (I was there fora National Institute of Personnel Management conference – as aspeaker). He narrated the 26th November 2008 terror attack on Taj Mumbai andthere were some important points.

A.      Terrorist entry

1.       They entered from the Leopold Colaba hotel entrance and also from the northern entrance – spraying indiscriminate bullets on the Taj security personnel and guests in general.

2.      Though Taj had a reasonable security – they were surely not equipped to deal with terrorists who were spraying 6 bullets per trigger.
3.      The strategy of the terrorists was to throw chunks of RDX in an open area that will explode and burn – creating chaos so that the guests and staff run helter skelter so that the terrorists could kill them. The idea was to create maximum casualties.
4.      There were several critical gatherings and functions happening in the hotel on that day – a Bohra wedding, global meet of Unilever CEOs and Board members and 2 other corporate meetings were being held in the hotel – besides the usual crowd.
5.      The firing and chaos began at about 8.30 p.m. and the staff including employees on casual and contract basis displayed exemplary presence of mind, courage and sacrifice to protect the guests who were in various halls and conference rooms.

B.Stories of Staff Heroics- The unsung heroes

1.      A young lady guest relation executive with the HLL gathering stopped any of the members going out and volunteered 3 times to go out and get stuff such as ice cubes for whiskey of the guests when the
situation outside the hall was very explosives and she could have been easily the target of the bullets
2.      Thomas George a captain escorted 54 guests from a backdoor staircase and when he was going down last he was shot by the terrorists
3.      There were 500 emails from various guests narrating heroics of the staff and thanking them for saving their lives
4.      In a subsequent function, Ratan Tata broke down in full public view and sobbed saying – “the company belongs to these people”. The wife of Thomas George who laid his life saving others said, she and the kids were proud of the man and that she did not know that for 25 years she lived with a man who was so courageous and brave
5.      The episode happened on 26th November, a significant part of the hotel was burnt down and destroyed – the hotel was re-opened on 21st December and all the employees of the hotel were paraded in front of the guests
6.      It was clearly a saga of extra-ordinary heroics by ordinary people for their organisation and in a way for their country. The sense of duty and service was unprecedented
7.      The young lady who protected and looked after the HLL guests was a management trainee and we often speak of juniority and seniority in the organisation. She had no instructions from any supervisor to do what she did
a.      She took just 3 minutes to rescue the entire team through the kitchen
b.      Cars were organised outside the hotel as per seniority of the members
c.      In the peak of the crisis, she stepped out and got the right wine glass for the guest
8.      People who exhibited courage included janitors, waiters, directors, artisans and captains – all level of people

C. THE TATA GESTURE-APPRECIATE AND LEARN

1.      All category of employees including those who had completed even day as casuals were treated on duty during the time the hotel was closed
2.      Relief and assistance to all those who were injured and killed
3.      The relief and assistance was extended to all those who died at the railway station, surroundings including the “Pav-Bhaji” vendor and the pan shop owners
4.      During the time the hotel was closed, the salaries were sent my money order
5.      A psychiatric cell was established in collaboration with Tata Institute of Social Sciences to counsel those who needed such help
6.      The thoughts and anxieties going on people’s mind was constantly tracked and where needed psychological help provided
7.      Employee outreach centers were opened where all help, food, water, sanitation, first aid and counseling was provided. 1600 employees were covered by this facility
8.      Every employee was assigned to one mentor and it was that person’s responsibility to act as a “single window” clearance for any help that the person required
9.      Ratan Tata personally visited the families of all the 80 employees who in some manner – either through injury or getting killed – were affected.
10.     The dependents of the employees were flown from outside Mumbai to Mumbai and taken care off in terms of ensuring mental assurance and peace. They were all accommodated in Hotel President for 3 weeks
11.     Ratan Tata himself asked the families and dependents – as to what they wanted him to do.
12.     In a record time of 20 days, a new trust was created by the Tatas for the purpose of relief of employees.
13.     What is unique is that even the other people, the railway employees, the police staff, the pedestrians who had nothing to do with Tatas were covered by compensation. Each one of them was provided subsistence allowance of Rs. 10K per month for all these people for 6 months.
14.     A 4 year old granddaughter of a vendor got 4 bullets in her and only one was removed in the Government hospital. She was taken to Bombay hospital and several lacs were spent by the Tatas on her to fully recover her
15.     New hand carts were provided to several vendors who lost their carts
16.     Tata will take responsibility of life education of 46 children of the victims of the terror
17.     This was the most trying period in the life of the organisation. Senior managers including Ratan Tata were visiting funeral to funeral over the 3 days that were most horrible
18.     The settlement for every deceased member ranged from Rs. 36 to 85 lacs in addition to the following benefits:
a.      Full last salary for life for the family and dependents
b.      Complete responsibility of education of children and dependents – anywhere in the world
c.      Full Medical facility for the whole family and dependents for rest of their life
d.      All loans and advances were waived off – irrespective of the amount
e.      Counselor for life for each person

D.      Epilogue

1.      How was such passion created among the employees? How and why did they behave the way they did?
2.      The organisation is clear that it is not something that someone can take credit for. It is not some training and development that created such behaviour. If someone suggests that – everyone laughs
3.      It has to do with the DNA of the organisation, with the way Tata culture exists and above all with the situation that prevailed thattime. The organisation has always been telling that customers and
guests are #1 priority
4.      The hotel business was started by Jamshedji Tata when he was insulted in one of the British hotels and not allowed to stay there.
5.      He created several institutions which later became icons of progress, culture and modernity. IISc is one such institute. He was told by the rulers that time that he can acquire land for IISc to the
extent he could fence the same. He could afford fencing only 400 acres.
6.      When the HR function hesitatingly made a very rich proposal to Ratan – he said – do you think we are doing enough?
7.      The whole approach was that the organisation would spend several hundred crore in re-building the property – why not spend equally on the employees who gave their life?

Minuted by Dileep Ranjekar

Best regards – divyesh

WE SALUTE OUR HEROES WHO LAID DOWN THEIR LIVES AND SALUTE THE CULTURE OF `TATAS` FOR THEIR HUMAN TOUCH

WHO IS/ ARE RESPONSIBLE FOR THESE AKRAMAS

A REQUEST WAS MADE TO UPLOAD THE ANGUISH OF SOME OF THE RESIDENTS AND APARTMENT OWNERS.

THE EFFECTS OF SUCH AKRAMA FELT MORE VICIOUSLY IN GROUP HOUSING SCHEMES OR FLATS OR APARTMENTS.

WHO IS RESPONSIBLE FOR THIS LARGE SCALE VIOLATIONS AND DEVIATIONS?

THE IGNORANT APARTMENT/FLAT BUYERS?

NO.

WHO ELSE?

BUILDERS?  TO A GREAT EXTENT, THE ANSWER IS YES.

IN A BID TO MAKE FAST BUCKS, THEY VIOLATED ALL THE LAWS.  IT IS NOT ONLY THE BUILDING BY LAWS,  ZONAL REGULATIONS, KMC ACT AND KTCP ACT, BUT, VIOLATED, INDIAN CONTRACTS ACT TOO. THE AGREEMENT TO SELL, JOINT VENTURE AGREEMENT, WORKS CONTRACT, CONSTRUCTION AGREEMENT AND SALE DEED HAVE FAULTY CLAUSES AND WHICH CANNOT BE ENFORCED.  THE AGREEMENT TO SELL, SUBMITTED TO OBTAIN LOANS FROM THE BANKS, HAVE A DIFFERENT AMOUNT OF CONSIDERATION AND THE CONSIDERATION IN THE REGISTERED SALE DEED VARIES, ATTRACTING PENAL ACTION FROM INCOME TAX AUTHORITIES AND THE BANKS.

WHAT ABOUT THE BANKS?  YES.

THEY ARE ALSO EQUALLY RESPONSIBLE.  HAD THE PROPERTY DOCUMENTS  BEEN PROPERLY SCRUTINISED AND THE CONSTRUCTION IS EXAMINED IN THE LIGHT OF THE SANCTIONED BUILDING PLANS, BY LAWS AND ZONAL REGULATIONS, THE BUYERS WOULD HAVE BEEN SAVED FROM THIS AGONY OF PAYING HUGE PENALTIES UNDER AKRAMA-SAKRAMA.

THE BANKS MUST ALSO BE TAKEN TO TASK .

WHY LEAVE THE GREATEST OF ALL?

THE SUB-REGISTRARS. YES.

HAD THEY VERIFIED THE DOCUMENTS BEFORE THE EXECUTION OF THE DOCUMENT, THE BUYERS WOULD HAVE BEEN MORE ALERT AND CAREFUL.  HAD THEY REFUSED TO ACCEPT THE DOCUMENT FOR REGISTRATION AND CITING THE NON-COMPLIANCE OF BUILDING PLANS AND BY LAWS, THERE WAS NO ROOM FOR AKRAMA AT ALL.

FINALLY, THE GREATEST BENEFICIARIES  ARE THE JURISDICTIONAL TOWN PLANNING OFFICERS AND SUPERVISING JUNIOR ENGINEERS, ASSISTANT ENGINEERS, ASSISTANT EXECUTIVE ENGINEERS AND THE CHIEF ENGINEER, WHO ARE SUPPOSE TO SUPERVISE AND TAKE IMMEDIATE ACTION TO STOP SUCH VIOLATIONS.

NOW, THE POOR BUYERS ARE MADE SCAPEGOAT AND COMPELLED TO PAY THE HUGE PENALTY, FOR THE FAULTS OF OTHERS.

IS IT WISE?

WHOM TO BLAME?

OUR CORRUPT SYSTEM?

THE BUYERS?

THE BUILDERS?

THE SUB-REGISTRARS?

THE ENGINEERS AND TOWN PLANNING OFFICERS?

OUR POLITICIANS?

OR

ALL OF THEM?

THE AFFECTED NEVER VOICE THEIR ANGUISH AND AGONY.  IT IS HIGH TIME THAT THEY COME OUT AND PROTEST.

ORDER OF CONSUMER DISPUTES REDRESSAL FORUM, BANDRA, MAHARASTRA

Consumer Disputes Redressal Forum orders xxxx Developers to immediately act on obtaining Occupation Certificate for a property, which was sold by them in 2006. Obtaining Occupation Certificate (OC) should be a must-have document for those purchasing flats, before taking possession of their property. If you are denied the same, then the consumer court can come to the rescue of the property buyers.

Bandra Consumer Disputes Redressal Forum, last week, ordered xxxx  Developers to give a purchaser OC within four months, noting that the OC is an essential requirement for a flat-buyer.  The buyers of flats are relieved of their tension, in obtaining the OC.

The Forum further observed that, “Obtaining OC is an essential requirement under the MOFA (Maharashtra Ownership Flat Act) and the flat purchased cannot legally occupy the same, unless the OC is obtained by the builder. The builder has not produced a single piece of paper to show that he has taken effective steps with the competent authority for obtaining OC.”

Importance of Occupation Certificate (OC)

The OC issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws. Lawyer Wavikar said, “This is a trendsetting order, especially with the consumer foras, passing it at an interim stage. Several flat-buyers, who shell out their lifetime’s hard-earned money, will be benefited by this order. Many get possession, though not the OC, due to which the municipality can ask for eviction of their flat or have penalties levied on them. Besides, if they don’t have OC, the possession is illegal. Even the water supply would be charged at double or triple the usual rate and the same go for electricity.”

BBMP COMMISSIONER`S DIRECTION REGARDING BUILDING VIOLATION

THE COMMISSIONER OF BBMP HAS DIRECTED THE OFFICIALS TO EXAMINE, CHECK AND VERIFY THE BUILDINGS WHICH HAVE COME UP UNAUTHORIZED AND BUILDINGS THAT HAVE VIOLATED AND DEVIATED FROM THE SANCTIONED PLANS.  CRIMINAL PROCEEDINGS WILL BE INITIATED AGAINST THE ENGINEERS, WHO PERMITTED SUCH CONSTRUCTIONS AND THE BUILDERS, WHO HAVE VIOLATED FROM THE SANCTIONED PLANS.

THE WORST AFFECTED ARE THE APARTMENTS AND FLATS, HAVE BLATANTLY VIOLATED THE PLANS.  MANY BUILDERS HAVE SOLD THEIR SHARE AND LEFT, BUT THE RESIDENTS, WHO BOUGHT AND RESIDING IN THE FLATS HAVE TO FACE THE MUSIC.

MOST OF THE HIGH RISE STRUCTURES AND BUILDINGS HAVE NOT COMPLIED WITH STATUTORY REQUIREMENTS.  IT IS A MATTER OF TIME, BEFORE THE NOTICES ARE SLAPPED TO THEM FOR VIOLATION.

STATUTES RELATING TO MUNICIPAL CORPORATIONS AND TOWN PLANNING IN KARNATAKA

Karnataka Municipal Corporations Act, 1976

Post the 74th amendment the government of Karnataka introduced amendments to the above mentioned Act inserting Section 503A and 503B. While Section 503Bprovides for the constitution of Metropolitan Planning Committee for metropolitan areas, Section 503A provides for the preparation of the development plan every year by every corporation and forwarding of the same to the Metropolitan Planning Committee or the District Planning Committee as the case may be.

Karnataka Municipalities Act, 1964

Through similar amendments to the Karnataka Municipalities Act, 1964 Section 302A has been inserted in the Act that provides for the preparation of yearly development plans by every Municipal Council to be submitted to the Metropolitan Planning Committee or the District Planning Committee as the case may be.The municipalities have been entrusted with the powers and responsibilities in most matters relating to entries2 to 18 in the Twelfth schedule except in relation to the first entry “urban planning including town planning”.

Planning

Karnataka Town and Country Planning Act, 1961

Urban planning in Bangalore is largely governed by the Karnataka Town and Country Planning Act, 1961. The Karnataka Town and Country Planning Act aims to provide for the regulation of land use development and for the making and execution of town planning schemes in the State of Karnataka. In order to insure that town-planning schemes are made in a proper manner and their execution is made effective, the Act provides for declaration of “local planning areas” and a “local authority” to prepare a development plan for the entire local planning area falling within its jurisdiction. The Bangalore Development Authority is the Planning Authority for the local planning area comprising the city of Bangalore. Every Planning Authority is a body corporate having perpetual succession on a common seal having power to acquire hold and dispose property, enter into contracts and sue and be sued in its own name. The extent of the Local Planning Area of Bangalore comprises the Bangalore city and the surrounding Towns and Villages as listed in Notification No. HDP 496 TTP 83(1) dated 06-04-1984. The Karnataka Town and Country Planning Act mandates every Planning Authority to prepare an Outline Development Plan and a Comprehensive Development Plan for the area falling under its jurisdiction. The Outline Development Plan generally indicates the manner in which the Development and Improvement of the entire Planning Area is to be carried out and regulated. Every land use and change in land in the development of the Planning Area is to thereafter conform to the Outline Development Plan. Any change in the local use can be made only with written premises of the Planning Authority. With in a period of three years from the date of the Publication of Outline Development Plan, the Planning Authority prepares a Comprehensive Development Plan. The Comprehensive Development Plan consists of a series of Maps and Documents which indicate the manner in which the Development and Improvement of the entire Planning Areais to be carried out and regulated. Once the Comprehensive Development Plan and the report are finally approved, they are published by the Planning Authority. On publication, the Comprehensive Development Plan supersedes the Outline Development Plan. The Comprehensive Development Plan is to be revised at leastonce in ten years after coming in to force. The Karnataka Government under GO No. HUD139 MNJ 94 dated 5thJanuary, 1995 has passed the zoning of land use and regulations.

Statutory Authorities / Corporations

Bangalore Development Authority Act, 1976

The Bangalore Development Authority (which is the Planning Authority for the Bangalore Metropolitan Area)is a body corporate having perpetual succession on a common seal with power to acquire hold and dispose property, enter into contracts and sue and be sued in its own name. The objects of the Bangalore Development Authority are to promote and secure the Development of the Bangalore Metropolitan Area comprising the city of Bangalore and other areas adjacent to it as the Government may notify. For the purpose of development of the Bangalore Metropolitan Area, the BDA has the power to acquire, hold, manage and dispose of movable and immovable property, to carryout building, engineering and other operations and generally to do all things necessarily expedient for the purpose of Development. The Bangalore Development Authority has the authority to draw up detailed development schemes. The Bangalore Development Authority is also empowered to levy a tax on lands or buildings or both situated within its jurisdiction at the same rate at which the Corporation levies taxes within its jurisdiction

SANCTIONED PLAN AND THE EXISTING PHYSICAL STRUCTURE-VIOLATION

GENERALLY MOST OF THE APARTMENTS, FLATS, RESIDENCES, COMMERCIAL COMPLEXES AND BUILDINGS HAD NOT BEEN CONSTRUCTED AS PER THE SANCTIONED BUILDING PLAN.  IT IS CALLED DEVIATION.

IN CASE OF INDEPENDENT HOUSES OR RESIDENCES, WHERE THE DEVIATION IS WITHIN 5%, IT COULD BE REGULARISED, BUT WHEREAS , THERE IS BLATANT DEVIATIONS AND VIOLATIONS OF EVERY KIND IS NOTICED IN FLATS AND APARTMENTS.

THE FAR (FLOOR AREA RATIO)IS BETWEEN 1 TO 2 TIMES THE EXTENT OF THE LAND.  BUT THE ACTUAL AND PHYSICAL CONSTRUCTION IS BEYOND ANYBODY`S FANCY IS AROUND 3 TO 4 TIMES FAR.  THIS VIOLATION CANNOT BE REGULARISED, EVEN UNDER THE AKRAMA-SAKRAMA SCHEME.

MOST THE CONSTRUCTIONS OF PENTHOUSES ARE ILLEGAL AND THERE ARE SET BACK VIOLATIONS, IT COULD BE REGULARISED ONLY TO THE TUNE OF 50% IN CASE OF RESIDENTIAL COMPLEXES AND 25%IN CASE OF COMMERCIAL COMPLEXES.

THE TITLES OF SUCH PROPERTIES,  THE ACTUAL CONSTRUCTIONS EXCEEDS THE  SANCTIONED PLAN, THE UNDIVIDED SHARE REMAINS THE SAME BUT THE MARKETABLE TITLES ARE DEFECTIVE.  THE RESERVE BANK OF INDIA, IN ITS RECENT MASTER CIRCULAR, HAS DIRECTED THE BANKS, NOT TO FINANCE SUCH VIOLATIONS.  HOME FINANCE, AT SUCH LOW INTEREST RATES ARE OFFERED TO PROVIDE SHELTER, BUT NOT FOR SUCH ILLEGAL CONSTRUCTIONS, WHICH HAVE VIOLATED THE SANCTIONED PLANS.

IN MANY CASES, THE JOINT VENTURE AGREEMENT, THE CONSTRUCTION AGREEMENT AND THE AGREEMENT TO SELL HAS DIFFERENT CLAUSES, AND ARE HIGHLY AMBIGUOUS, HAD NOT BEEN PROPERLY EXAMINED AND STUDIED, BEFORE BEING THE SANCTION OF HOME LOAN. SUCH DEEDS AND ITS CONTENTS ARE ALWAYS INVITE LITIGATIONS.

FURTHER MORE, IT IS NOTICED THAT THE VALUE OF THE PROPERTY(CONSIDERATION) ENTERED INTO IN THE AGREEMENT TO SELL, WHICH IS NORMALLY SUBMITTED TO PROCESS, HOME LOANS AND THE ACTUAL SALE DEED EXECUTED ARE FOR DIFFERENT VALUE AND CONSIDERATIONS.

THIS WILL INVITE MORE COMPLEX PROBLEMS FROM TAX AUTHORITIES AS WELL AS THE DEPARTMENT OF STAMPS AND REGISTRATION FOR UNDER VALUING THE PROPERTY AND PENAL ACTION MIGHT BE INITIATED.

THIS IS THE RIGHT OPPORTUNITY TO SET RIGHT ALL SUCH DEFECTS IN TITLES.

PLEASE CHECK THE CONTENTS OF THE FOLLOWING DOCUMENTS.

SALE DEED.

JOINT VENTURE AGREEMENT.

CONSTRUCTION AGREEMENT.

AGREEMENT TO SELL.

SALE AGREEMENT

KATHA.

KATHA EXTRACT.

MANY BUYERS ARE STILL UNAWARE OF THESE FACTS.  THEIR TITLES ARE DEFECTIVE.

MIS CONCEPTION ABOUT ROAD WIDENING AND COMPENSATION

MANY READERS SOUGHT DETAILS REGARDING ROAD WIDENING PROCESS AND COMPENSATION

UNDER TDR(TRANSFERABLE DEVELOPMENT RIGHT) COMPENSATION IN ANY FORM AT ANY TIME WILL NOT BE PAID UNDER THE KTCP ACT.

IF THE PROPERTY OR LAND OR SITE ACQUIRED UNDER LAND ACQUISITION ACT, SUITABLE MONETARY COMPENSATION WILL BE PAID.

UNDER THE LAND ACQUISITION ACT, THE COMPENSATION WILL BE PAID AS PER THE GUIDANCE VALUE AND THE PRESENT DEPRECIATED VALUE OF THE BUILDING. THE COMPENSATION WILL BE PAID ONLY FOR THE STRUCTURES OR BUILDINGS, WHICH HAD BEEN CONSTRUCTED AS PER THE SANCTIONED BUILDING PLANS.

MOST OF THE BUILDINGS HAVE MORE THAN 50%DEVIATION AND VIOLATION.  SUCH BUILDINGS ARE NOT ELIGIBLE FOR BUILDING COMPENSATION TO THE EXTENT OF VIOLATION.  THE COMPENSATION IS PAYABLE ONLY FOR THE GROUND OR SITE AND THE SANCTIONED PORTIONS OR STRUCTURES.