A member of a housing society is a person joining in an application for the registration of a co-operative society which is subsequently registered or a person duly admitted to membership after registration

Ahousing society is a society set up to provide its members with open plots to build houses, readymade houses or flats, or to provide its members with common amenities and services. Society means a co-operative society registered, or deemed to be registered, under the Society Registration Act. A member of a housing society is a person joining in an application for the registration of a co-operative society which is subsequently registered, or a person duly admitted to membership after registration, and includes a nominal, associate or sympathiser member. 
    An associate member is a member who jointly holds a share in the society with others, but whose name does not stand first in the share certificate. 
    A member waning to transfer his shares and interest in the capital or property of a society should give 15 days notice of his intentions to do so to the secretary of the society on the prescribed form, along with the consent of the proposed transferee, also on the prescribed form. On receipt of the notice, the secretary of the society willplace it before the meeting of the committee, held next after the receipt of the notice, pointing out to whether the member is prima facie eligible to transfer his shares and interest in the capital or property of the society. 
    In event of ineligibility of the member to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly within three days of the decision of the committee. If the committee is satisfied that the member is prima facie eligible to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly. 
Procedure to be followed by the member 
    Submit an application for transfer of his shares and interest in the capital or property of the society, on the prescribed form, along with the share certificate 
    Submit an application for membership of the proposed transferee on the prescribed form 
    Give valid reasons for the proposed transfer Discharge all the liabilities of the society Pay the transfer fee Remit entrance fee payable by the proposed transferee 
    Pay the premium at a rate to be fixed by the general body. This will not apply to transfer of shares and interest of the transferor in the capital or property of a society to a member of his family, his nominee or to his legal representative 
    Submit a no objection certificate as required under any law 
    Furnish an undertaking or declaration if required by any law 
    The managing committee or the general body will not refuse an application for admission to membership or transfer of shares and interest in the capital or property of a society except on the grounds of non-compliance of the provisions of the Act, the rules and bye-laws of the society or any other law or order issued by the government. 
    If the decision of the committee or general body, on the application for the transfer of shares and interest in the capital or property of a society is not communicated to the applicant within three months of its receipt, the transfer application is deemed to have been accepted and the transferee will be deemed to have been admitted as a member of the society. 
    Any transfer made in contravention of the Act, rules or the bye-laws will be void and will not be effective against the society. A transferee will be eligible to exercise the rights of membership on receipt of a letter on the prescribed form from the society to that effect

Courtesy Times Property dtd:-23/10/2010

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M3M Group has launched its flagship project M3M Golf Estate and the sale is by ‘invitation’ only, according to the group’s spokesman. Spread over 75 acres, the project is located on Golf Course Extension Road, in Sector 65, Gurgaon, and is close to the Indira Gandhi International Airport. M3M Golf Estate boasts of luxury apartments built around a 9-hole reversible ‘in-city’ golf course designed by world famous architect, Graham Cooke. The architecture is a perfect synthesis of green eco-friendly green landscapes and cutting edge design. 

    The project is designed by Ramesh Khosla, principle architect of the renowned architects and design group, Arcop Group, Canada. The work develops around the concept of five elements and is imbued with deep spirituality. “The architecture bridges the gap between the painting on a canvas and the sculpture to recreate a lifestyle that treats nature with respect. M3M Golf Estate will be a show stopper in the millennium city, Gurgaon, with state-of-the-art ultraluxury apartments, modern amenities and an aesthetically designed golf course. The project will feature phenomenal outdoor and indoor living spaces, state-ofthe-art kitchens replete with fittings and high-end fixtures, Wi-Fi in all buildings, roof-top jogging tracks and a world-class club house,” Pankaj Bansal, director of M3M Group, says. 
    “Every flat overlooks the ‘pitch & putt’ golf course. When one invests in a luxury apartment at Golf Estate, one is actually investing in a wonderful, healthy, environment-friendly life for the entire family. Young children can be coached in golf to get a taste of this high-end lifestyle game, which is as rewarding as an education in English medium and is sure to accord a big advantage to young adults who can connect with the movers and shakers in their respective professional sectors. These are among the few advantages in investing in a home at Golf Estate,” Pankaj adds. 
    Basant Bansal, chairman and managing director of M3M Group, says: “We are proud to announce the launch of M3M Golf Estate, India’s first 7-star residences, in Gurgaon today. We have received appreciation from across the world for our project. It will redefine luxury, art and architecture. The project has been designed keeping in mind the taste, the class and the requirements of our target audience. The launch of M3M Golf Estate will add to the luxury quotient in the developing real estate market, especially in Delhi and the NCR region. We plan to add further projects across India in the coming months.” 
    M3M Golf Estate is first of its kind project in Gurgaon and provides a luxury option for a growing rank of expats, corporate honchos and HNIs. The project has received awards internationally as the “Best Upcoming Golfing Lifestyle Residences in India” in the US, Dubai and the UK.

Courtesy Times Property dtd:-23/10/2010

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After Noida, Greater Noida and Gurgaon, it is the right time to invest in Ghaziabad, which is developing into a hot destination and is also known as the gateway of Uttar Pradesh. The budding city is slated to have multiple projects like a number of shopping malls, multiplexes, and residential and commercial development. Keeping the pace of development and rising demand, a lot of developers and builders are moving towards Ghaziabad, which is 19km east of Delhi and 46km southwest of Meerut. 
    The city is the headquarters of the Ghaziabad district. Initially, it was part of the Meerut district after Independence but now, it is a full-fledged district. 
    The city gets its name from its founder, Ghazi-ud-din, who named it Ghaziuddinnagar. Later, the name was shortened to Ghaziabad. It is a large industrial city and is well connected by roads and railways. It has multifarious industries like maintenance depots of electric locomotives and EMU trains, manufacture units of railway wagons, bicycles, tapestries, glassware, pottery, paint and varnish, heavy chains, etc. Also, it has an ordnance factory at Muradnagar while the Bharat Electronics limited manufactures defence products. 
    Once notorious for the staggering rate of crime and law and order problem (it had been ranked third on the list of world's most crime infested cities sometime in the early 1980's), today, the city stands as one of Uttar Pradesh's most developed cities. The city is regarded by City Mayors and Newsweek as the 2nd and 6th fastest developing city in the world, respectively. The city has well-planned roads, malls, flyovers and the Metro connectivity. 
    From the historical cultural, mythological and archaeological point of view, Ghaziabad is a prosperous city. This has been proved from the research work and excavations carried out at the mound of Kaseri on the bank of river Hindon, 2km north of Mohan Nagar, showing remnants of a flourishing civilization here in 2,500 BC. 
    Cut to the present day, the city is going to have a 360 degree development in all segments including commercial, residential, office space, education and industrial. Places like Raj Nagar Extension, Kavi Nagar, and Indirapuram, including areas near Dilshad Garden border, Apsara border, Loni border and NH 24 to NH 58 will be the focus of development and in the city. One can see major developments by SVP Group, Supertech, Antriksh, Assotech, among others, which have big projects right in Mohan Nagar, the entry point of Ghaziabad city. SVP Group's is developing the Gulmohur Greens, which is spread over 23 acres. This is a complete residential project with around 1,200 residential units, which include flats, villa apartments and three-tier penthouses with terrace gardens and pools. SVP also has a commercial project, Gateway Mall, spread over 6 acres at Mohan Nagar. 
    From here, when one starts moving towards Ghaziabad City, you will see one of the first affordable projects of the NCR, the Raj Nagar Extension, after crossing the Hindon river bridge. This township, coming up over more then 150 acres, has 15 developers with each of them coming up with a slew of affordable housing projects. The SVP Group has two residential projects, Gulmohar Garden over 15 acres and Krishna Garden on 6 acres, both having nearly 1,400 residential units. According to the Master Plan 2021, the total population of the city is expected to be nearly 23 lakh. As per the plan, about 6,975 hectares would be utilized for residential use, 491 hectares for commercial, 1,933 hectares for industrial, 501 hectares for office, 1,201 hectares for public and utility services, 2,484 hectares for parks and entertainment, and nearly 1,392 hectares for roads, bus depots and railways. In order to facilitate technology-oriented growth, the plan also allocates nearly 2,185 hectares of land for hi-tech cities in Ghaziabad. The Ghaziabad Development Authority is quite bullish regarding the infrastructure development in the city and nearby areas. An equal stress is also being given to have sustainable and planned development. 
    The government is encouraging tree plantation and energy-efficient buildings and technologies in the construction in this area. Considering the developments taking place in Ghaziabad, one cannot doubt that the region will sport a completely different look in the near future. Major construction work is taking place on NH 24 and NH 58 and offers a large number of residential options in the affordable and luxury category. SVP Group also has a luxury project Villa Anandam on NH 58. The project with 198 villas will be spread over 12 acres. 
    Before November 14, 1976, Ghaziabad was a tehsil of Meerut district. Then chief minister N D Tiwari declared Ghaziabad a district on that date and from that time there was no looking back for this city - be it on the social, economic, agriculture or the industrial front. 
    Ghaziabad lies on the Grand Trunk road about a mile east of the Hindon river. Other roads lead northwest to Loni and Baghpat and east to Hapur and Garhmukteshwar. Buses operate at frequent intervals from here to Delhi, Meerut, Aligarh, Bulandshahar, Moradabad, Lucknow, and to other districts as well. It is an important junction on the Northern Railway where railway lines, from Delhi to Kolkata, Moradabad and Saharanpur meet, connecting it with many important cities across India. 
Courtesy Times Property dtd:-23/10/2010

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The Indian Registration Act 1902 and the Transfer of Property Act 1882 contain relevant provisions specifying documents that are compulsorily registrable, and those exempted from being registered. The registration of all documents is not essential. Under the law, some documents are compulsorily registrable. These include documents related to property. Registration of a document acts as notice to the general public. 

    According to Section 54 of the Transfer of Property Act 1882, any sale of immovable property whose value is Rs 100 or more needs to be registered. This effectively means all property sales need to be registered. 
    In addition, all forms of mortgages need to be registered. The only exception is a mortgage created by depositing of title deeds or equitable mortgage, which is not compulsorily registrable. 
    As per the provisions of Section 49 of the Indian Registration Act, in case any document that is compulsorily registrable is not registered, it does not convey a legally valid transfer title to the transferee. Moreover, such a document is not admitted as evidence of any transaction involving the property referred to in the document. However, an unregistered document may be received as evidence in a suit for specific performance under the Specific Relief Act, as evidence of part performance of a contract as per Section 53A of the Transfer of Property Act 1882, or in any other related transaction not required to be effected by a registered instrument. 
    Under Section 17 of the Indian Registration Act 1902, there are a few documents that require registration compulsorily. 
These include 
    A document of gift of property. Any gift deed irrespective of the value of the gifted property needs registration 
    All non-testamentary documents that create interest, right, or title in property All non-testamentary documents that extinguish any right, interest or title in property 
    Documents that declare, assign, limit or restrict interest, title, or right in property 
    All non-testamentary documents that acknowledge the receipt or payment of any consideration on account of a transaction pertaining to right, title, or interest in property 
    All non-testamentary documents transferring or assigning an award of a court which affects the interest, right and title in a property 
    The documents may create, extinguish, assign, declare, limit or restrict interest, right or title in a property for the present or in the future. 
    Under Section 107 of the Transfer of Property Act 1882, lease of property from year to year, for a term exceeding one year, or reserving a yearly rent, must be done only under registration. The term 'year to year' refers to a continuous lease from year to year - where the landlord has no option to terminate the lease at the end of the year without notice. The term 'reserving yearly rent' means the lease has no definite period, but the annual rent is determined. The word 'yearly' means the lease should run year after year or at least for more than one year. As such, any lease for over a year should be registered. 
Courtesy Times Property dtd:-23/10/2010

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MUMBAI
A premium residential apartment located in Central Mumbai was purchased in a primary sale at a total cost of Rs 14,00,00,000. The 4-bedroom unit is spread across an area of approximately 4,000 sq ft and commanded an average capital value of Rs 35,000 per sq ft, which is at par with the range of Rs 34,000-55,000 per sq ft prevalent in the location. The apartment comes with four dedicated car parking lots. The apartment is situated on a higher floor at a residential project located in Mahalaxmi. The project boasts of numerous value-added amenities like club house, landscaped garden and walkways, barbeque location and an amphitheatre, in addition to three swimming pools for the residents. Central Mumbai has been witnessing many premium developments as residential demand in the location from end-users as well as investors is high. The location is situated at a comfortable distance from major business districts of Nariman Point and Bandra-Kurla Complex, while Central Mumbai itself is developing into an office location. It has remained steady in terms of capital values for high-end property and is expected to remain stable in short to medium term.
BANGALORE
A high-end residential apartment admeasuring 2,500 sq ft was sold for a total value of Rs 1,50,00,000 in a premium residential complex located near Hebbal Lake. The 3-bedroom apartment fetched approximately Rs 6,000 per sq ft which is in line with the values prevalent (Rs 6000-13,000 per sq ft) in the location. This apartment, which is part of a premium residential development, offers to its customers a wide variety of services, including club house and sports facilities such as squash, badminton and a swimming pool. Hebbal is one of Bangalore’s rapidly expanding residential markets. While the area is situated in the North, the location enjoys connectivity through the ORR and other arterial roads into the city and to the major commercial and retail destinations across the city. The residential market had registered a considerable correction in its capital values of approximately 32% in 2009. However, it has seen some appreciation in the past quarter and is expected to remain steady in the short-tomedium term.
KOLKATA
An apartment, located on EM Bypass and admeasuring 2,393 sq ft was sold at a total cost of Rs 1,04,98,460 (Rs 4,220 per sq ft). This is one of the city’s upcoming residential locations with many mid- and high-end residential units, which have been witnessing some active end-user demand, post the recent economic slowdown. The location enjoys proximity to the established CBD and SCBD and to the new IT hubs of Salt Lake and New Town Rajarhat, thus making it an ideal location for residential development. After having experienced a slowdown, the location has started to see some revival and a resultant increase in capital values of approximately 8% over the previous quarter and is expected to remain stable with an upward bias in shortto-medium term.
    Courtesy:- ET  dt:- 09-April-2010

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Here are some details of proposed changes in taxation of income from house property

The proposed Direct Tax Code contains many provisions that aim to change the mode of taxation of 'income from house property'. In order to

 simplify the determination of taxable income and eliminate any scope for litigation, the code will have a new scheme for computation of 'income from house property'.

According to the code, 'income from house property' will be computed in the hands of the owner. Even if the property is let out for business etc, it will be taxable only under the same head. Under the present provisions of the Income Tax Act, letting out an inseparable building along with plant and machinery is taxable under 'business income' or 'other sources'.

However, according to the new code, it will be taxable under the head 'income from house property' In case the property is owned by more than one owner and if the share of each company owner is definite and ascertainable, it will be computed separately for each co-owner. The property will not be taxable under this head of income if it is used for own business or profession, or if it is not ready for use.

The gross rent minus deductions specified in Section 26 will be the 'income from house property'. The computation of gross rent is outlined in Section 25 of the code. Gross rent is the higher of contractual rent and presumptive rent. If the property is acquired during the financial year, the presumptive rent will be also calculated on a proportionate basis.

Either contractual rent or presumptive rent for the financial year, whichever is higher, will represent the gross rent. The concept of 'annual letting value' under the Income Tax Act has been given up. Contractual rent is the rent receivable under a contract. It can even be an oral contract. Presumptive rent will be six percent of the rateable value fixed by the municipality or the cost of construction/acquisition of the property, if the municipality does not fix the rateable value.

Section 26 provides for deduction from the gross rent. These include property taxes paid during the previous year, service tax on rent paid during the previous year, 20% of gross rent towards repair and maintenance, interest on capital borrowed for purchase /construction /repairs. In case of a self-occupied property, the gross rent will be taken as nil. The aggregate of deductions specified in Section 26 will be nil for such houses.

The deduction of interest on capital borrowed which is currently available for a self-occupied property will not be available under the new code. In case an assessee has more than one house for self-occupation , the benefit of nil gross rent will apply only for one self-occupied house at the option of the assessee. The computation of remaining houses will be made as if the properties are let out.

Courtesy:- ET Realty  dt:- 02-April-2010

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Paramount Group have recently unveiled their new project Floraville, which is coming up at Sector 137, Expressway-Noida. The project aims at providing luxury at affordable prices.

Floraville will have 2, 3 and 4 bed room apartments. To make houses affordable, Paramount Group have come up with 2 BHK of 1045 sq ft and 1240 sq ft, priced at Rs 23.90 lakh and Rs 28.37 lakh respectively, 3 BHK of 1360 sq ft and 1425sq ft priced at Rs 31.11 lakh and Rs 32.60 lakh respectively and 4BHK flats measuring 1685 sq ft priced at Rs 38.55 lakh.

Ashwini Prakash, executive director, Paramount Group, at the launch function said, “The new era demands an amalgamation of mod- ern amenities, luxurious living and green environment at affordable prices.“

Courtesy:- HT Estates  dt:- 03-April-2010

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 Madurai: The Corporation of Madurai (CoM) is undertaking construction of toll roads through PPP to decongest the city. It has constructed a 27km, two-lane Inner Ring Road (MIRR) between Kanyakumari Road and Melur road under the scheme. Infrastructure upgrade, such as robust egovernance and proactive urban governance, has eased approval timelines and increased operational efficiency. City suburbs are being planned through participatory town planning schemes (TPS). Various IT spaces, such as Tidel Park, IT Park and software city, are planned by the state government, and are expected to augment real estate development across the city.

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While a service tax on commercial property seeks to introduce greater transparency in the transactions involved, the immediate downside is also quite apparent, says Sanjay Dutt

 

Budget 2010 intends to bring all lease agreements pertaining to commercial property, including offices, business centers, shop and malls, cold storage facilities and warehouses as well as all other premises used for business purposes under the purview of service tax. The benefits of the stay that the Delhi High Court had placed on service tax collections with regards to the renting out of commercial premises herewith stands revoked. While this is certainly a step towards introducing greater transparency into the transactions involved, the immediate downside is also quite apparent. Tenants calculate effective rent per month per square foot on carpet area.
Landlords calculate their net earnings after paying all taxes and other payables.
Any additional layer of cost, such as service tax, will have an impact. In a buyer's market, landlords will end up taking the hit -in a seller's market, it is the tenant who is impacted. The commercial real estate market is definitely a buyer's market. Either way, it becomes one of the items of negotiation of rent. In short, this is definitely going to increase cost for owners as well as tenants.

Secondly, it is in overall terms not good for the industry as there are already very unpredictable items of cost such property tax, which continues to increase, and any increase of cost will affect owners' net earnings.
Investors will now be more careful of investing in commercial assets, especially income generating assets, since purchasing such properties on a fixed return basis will now yield significantly lower returns. Where an agreement already exists between tenants and landlord and no provision are made for such tax-related escalations, it will lead to increased litigation and need for arbitration.

With the immediate impact on tenants, landlords and investors beyond dispute, there will be no serious long term repercussions. Tenants have, by now, factored in the service tax components into their expected capital outlay.
With the business climate once again turning positive, they will tend to look beyond this additional expense and towards the benefits of doing business from suitable located and enabled office premises.

We are once again witnessing a steady increase in demand for quality office spaces by financial institutions and even IT/ITES. The short-term discomfort brought about by the more broad-based enforcement of service tax will be offset by the strong growth fundamentals in Indian commercial real estate sector, which will soon absorb this relatively minor setback.
The author is CEO business, Jones Lang LaSalle Meghraj (JLLM)

Courtesy:HT Estates dt:06-March-2010

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After many months in the dumps, the housing sector was finally sniffing at a recovery as buyers returned gradually, lured by sharp price cuts and teaser loans.

But a Budget proposal to levy service tax on houses under construction is threatening to crimp the sector’s fragile recovery as the resultant price hike is certain to dissuade fresh buyers. The proposal, a bolt from the blue, purported to spur builders into completing projects faster after rampant complaints of long delays.

 

Though that remains to be seen, an immediate effect will be the prices of incomplete houses rising by 3% after a service tax of 10.3%, including surcharge, is imposed. The levy is based on an earlier Income Tax Department circular, held up due to resistance from developers, which set 33% of the house price as services.

 

Housing project comprises land, raw material, labor and services. Though services include branding and selling of a project, there is an unwritten understanding that no ‘service’ was being provided till a developer passed a property title to a buyer.

 

Back-of the- envelope calculations show that an Rs 30-lakh housing property will see a price hike of at least Rs 1 lakh after the service tax is affected.

“Affordable housing will be impacted the worst,” said Niranjan Hiranandani, chairman of Mumbai-based developer Hiranandani Constructions, adding that everyone in that category must now pay developers in installments.

 

The Budget proposal, coming after the Reserve Bank of India’s incessant frowning on teaser loans, will wane demand further, say realty watchers.

Most houses are typically sold during construction with buyers paying in phases. The Budget proposal means that even buyers who have to pay, say, the remaining 5% of the overall cost during possession, will have to cough up more.

 

The proposal could also pose problems in calculating remaining payments though it will ratchet up demand for ready-to-move properties, say realty watchers.

As for developers, the market’s response to the proposal will determine their long-term plans. “Affordable housing will now become unaffordable,” said Rajeev Talwar, managing director of DLF, the country’s largest developer.

“Housing is a state subject and the move is impinging.”

Real estate was among the worst hit sectors in the global downturn as buyers kept away and banks became wary of lending. But teaser loans, some even as low as 8.25% much below their prime lending rate (PLR), last year stalled the decline.

 

But builders fear that the introduction of a service tax and absence of teaser loans will compound the problem of oversupply of residential and commercial properties in several parts of the country.

Courtesy:- ET dt:- 04-Mar-2010

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