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WILLS

A will has been defined in Indian Succession Act 1925 (ISA) as the "legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death"

The testator must be above the age of 18 years,of sound mind and capable of exercising his own free will and judgement.

*As per Section 18 (e) of the Registration Act 1908 wills don't require compulsory registration in order to be valid.

*No stamp duty is payable on a will.

*Registration of a will is not compulsory.

*A will must contain a clear description of the inherited property being sold/purchased.

*In territories where it is compulsory to obtain probate will must be probated.

*Clearly demarcating each benificiary's share in a property -rather than giving each beneficiary undivided share,can help save payment of stamp duty in the future on partition deed if any.

Houses on forest land may stay, for a price
Govt Plans To Levy Afforestation Charge On Developers
Abhiram Ghadyalpatil
Supreme Court and also present this proposal before the Central Empowered Committee (CEC). Once CEC gives its sanction, the government will implement this formula, " Congress MLC Charansingh Sapra told ET after the meeting. Prakash Padikkal, president of Hirwa, an NGO that focuses on environmental issues, said this was the best possible solution in the given context. Mr Padikkal was also present in the meeting.
On March 24, the Bombay High Court dismissed 19 petitions filed by builders and developers challenging land acquisition notices issued by the forest department underthe Maharashtra Private Forest Land (Acquisition) Act, 1975. The high court upheld the forest department's order, reported first by ET last year, that rendered around 1,200 acres in Mumbai and Thane as "private forest land", thus making all apartments and structures on this land illegal.
► Uncertainty prevails: P 21
MUMBAI
A FTER prolonged uncertainty, there is some hope for the 10 to 15 lakh residents of buildings, built illegally on private forest land in and around Mumbai and Thane. The state government has planned various measures, including legalising these structures, by imposing penalties on developers.
At a meeting chaired by Maharashtra chief minister Vilasrao Deshmukh on Wednesday, the state government finalised an affidavit, to be submitted before the Supreme Court. The case is now with the apex court. The affidavit, among other things, proposes afforestation
31-03-2008

Small offices phase
out over big plans
Smaller offices and shop spaces in the city are beginning to disappear. High rental rates, coupled with larger premium projects, are rendering this segment obsolete
NlRMAL MENON
Mumbai: Soon, professional consultants and small retailers looking for small office spaces in the city will have to make do with opening offices in far-flung areas of the suburbs, as the city has bad news for them.
The depletion of commercial space in the range of 250 to 500 square feet will soon see extinction, as fresh supply of commercial space will be built around Grade-A buildings, wherein the minimum space offering would measure more than 500 square feet.
The city is going to see 8 million square feet of commercial space entering its fold by December this year, but 70 per cent of it would be Grade-A buildings that stipulate ample parking space, central air-conditioning and 100 per cent power back-up.
"The impending supply of commercial properties will bring the rentals down, but most of the development will be built around Grade-A
buildings" said Sanjay Dutt, Joint Managing Director of realty consultancy firm Cushman & Wakefield.
The fascination among builders for Grade-A structures kkked-off after the government started offering double floor space index (FSI) for IT and ITES Parks.
While Grade-A buildings make perfect commercial sense for builders and developers in the city, it still chokes the supply of smaller office, and shop spaces
"Despite increasing enquiries for smaller commercial space, our database of 250-500 square feet stock has been redundant for last eight months; there is just no space available," said Sandeep Sadh, the CEO of real estate portal, mumbaipropertyexchange.com.
On the flip side, even if professional consultants - insisting to operate from the city - settle for over 500 square feet of commercial premises, astronomical prices hovering around these properties will come across as a sure dampener.
The commercial property rates in the city saw a spurt after Wadhwa Developers bagged a 7,107 square metre plot for a mind-boggling Rs 831 crore in Bandra Kurla Complex last September, This worked out to Rs 46,883 per square feet.
"Commercial lease saw an overnight increase in prices after this deal, and with limited supply of office space there isn't much choice the city can offer" said Karan Singh Sodi, Assistant Vice President, Markets, Jones Lang Lasalle Meghraj.
The prices of Bandra-Kurla Complex has seen a 40 per cent increase from 325-350 square feet per month last September to 450-500 square feet per month, he says.
According to data provided by Cushman Wakefield, other commercial centres like Nari-man Point has seen 45 per cent increase from Rs 378 per square feet per month in March 2007 to Rs 550 in March 2008.
Even far-flung Malad saw similar growth from Rs 68 per square feet per month in March 2007 to Rs 99 in March 2008.

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Available for Lease/Sale- MNC/Bachelor/family

1 BHK 1.00 L / L 18 K. Semi/Fur.

2 BHK L/L 22K -26K- 40K U/F, F/F R.Vihar/R.Nest/Chandivali

2/3 BHK L/L 22K-90K R.Vihar/Chandivali

2/3 BHK 90Lacs -3 Cr. Sale Raheja r.

R.Vihar/Chandivali / 4 BHK Lease Nahar Amrit Shakti 25K - 90K

Wanted 1/2 BHK Lease/Sale-Powai/chandivali
Wanted separate accomm. for boys/girls in Chandivali/Powai

Available offices Oberoi/Sagar Tech/ Universal Business Park /Town Centre for Lease
Available 1bhk Rental-20k/1l deposit at Raheja Vihar
Available 2 bhk Rental 22k-40k pkg. at Raheja Vihar,Powai-club facility
Available sale of 1 bhk 60L-70L /2bhk sale 90L-1.25cr. at R.Vihar,Powai

BENCHMARK

WESTERN SUBURBS Rs./sq.ft.

BANDRA (E) 10500-23500/ 6000-9500

BANDRA (W) 20500-35000/ 15000-45000 / 13000-30000

KHAR (E)12000-20000/7000-16200/5000-9000

KHAR (W) 18000-26000/9500-21000/ 11000-18000

SANTACRUZ (E)14000-21000/ 7000-21000/ 6500-10000

SANTACRUZ W)16000-22000/ 9500-18500/10000-18000

VILE PARLE(E) 14000-20000/9500-16000 / 6500-10500

VILE PARLE(W) 16000-23000/9500-16000/ 7000-16000

ANDHERI (E) 9850-15000/7200-15000/ 6000-10000 / 5500-8000

ANDHERI (W) 11000-17000/8500-17000/ 6500-14000

CHURCHGATE22000-50000/

JULY 2011/OCTOBER2010/APRIL 2009 / JAN.2008

Realty boom hikes stamp duty

Prafulla Marpakwar tnn
Mumbai: Even though the Maharashtra government has not revised the stamp duty structure, property buyers will have to shell out much more owing to the massive increase in real estate prices across the state.
Stamp duty is fixed on the basis of the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995. "A standard procedure has been prescribed for determination of true market value," said registrar of stamps R N Shringare. "The joint director of town planning and valuation prepares an annual statement of rates, showing the average rates of lands and buildings, and submits it to the chief controlling revenue authority by October 31 every year. The data is then arranged in the annual statement of rates as far as possible in a ward-wise/zonewise manner."
Mumbai is divided into nearly 650 the average cost in order to levy stamp duty. In market parlance, it's called a ready reckoner price," Shringare said.
As per Shringare's estimates in Mumbai city, in 64 zones there has been an increase in property rates ranging from zero to 10 per cent, 11 to 20 per cent in 30 zones and above 30 per cent in 59 zones. In addition, 19 new zones have been created in the island city, 15 in Andheri, 14 in Borivli and 14 in Kurla. "These zones comprise luxurious housing complexes which have come up on land measuring one or more hectares. Stamp duty on these transactions will be levied on the basis of the prices mentioned in the booklet released by the builder," he said.
Shringare admitted that since stamp duty is based on the true market value of the property, property buyers will have to shell out some more money owing to increase in the property rates.
zones 196 zones in Mumbai (island city), 131 in Andheri division, 164 in Borivli division and 162 in Kurla division. "While determining the prices of real estate in each zone, we have taken into consideration all the land transactions registered with us during the period from January 1,2007, to October 31, 2007.

Source: The Times of India >>

ULCRA repeal:
Will this spell the end of the space crunch?

For years the repeal of the Urban Land Ceiling Act was touted as a Panacea for rising prices of residential real estate. Now that it has actually happened, it seems everyone has changed their opinion, and one reads of time-lines ranging from a year to five before it will actually impact prices. Plus, the sideline in most reactions from industry heads is that the present-day scenario of prices having risen to record levels, the impact is likely to be minimal.

Tips
How will I be taxed on proceeds from the sale of agricultural land?

According to advisors of Astute Consulting, agricultural land in specified areas is not considered a capital asset. So the transfer of the same is not taxable. Agricultural land is not a capital asset provided it is not situated in an area within the territorial jurisdiction of a municipality or a cantonment board with a population of 10,000 or more, according to the latest census;or in an area specified by the govt.vide Notification No. 9447,dated 6th January 1994. As such if the land you own is located in any area other than these, it is not considered a capital asset, and there is no question of capital gains tax on its transfer.

If taxable,you may claim exemption from the capital gains by investing in securities specified under 54EC of the IT Act or use the proceeds to buy or build a new house property under the same section (subject to conditions specified under these sections)

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charismaestates

Nov 2, 2012

Sep 21, 2012

CREDAI belling towards govt.for VAT issue

Sep 7, 2012

No Price cut- Builders

About Me

Blog Archive

My "adsense" Blogroll

irani's starred items

Pages

Subscribe To Charismaestates

Facebook Badge

irani's shared items

Slideshow Fashion-Charisma Estates

Picasa web pics. property available-charismaestates

Property available picasa album

WILLS

Followers

Post your enquiries by clicking on left corner of blog -symbol or phone 9869404083