SUPREME COURT OF INDIA PENALISED DLF – A REAL ESTATE GROUP – DIRECTED IT TO DEPOSIT RS.630 CRORES FOR UNFAIR TRADE PRACTICES IN REAL ESTATE TRANSACTIONS

The Supreme Court of India has penalized the real estate group DLF Rs. 630 Crores for indulging in unfair trade practices and exploiting its dominant position to the disadvantage of its customers in its projects and was slapped a penalty of Rs630 Crores by the Regulator Competition Commission of India.The DLF agreements are one sided … Continue reading SUPREME COURT OF INDIA PENALISED DLF – A REAL ESTATE GROUP – DIRECTED IT TO DEPOSIT RS.630 CRORES FOR UNFAIR TRADE PRACTICES IN REAL ESTATE TRANSACTIONS

492 HOUSING SOCIETY ALLOTTEES LAND UP IN MESS !!!! THE KARNATAKA STATE KHADI GRAMODYOGA WORKER`S HOUSE BUILDING CO-OPERATIVE SOCIETY`S ILLEGAL AND UNAUTHORISED LAYOUT BRINGS THEM TO HELL (BDA)

The Karnataka State Khadi Gramodyoga Worker`s House Building CO-Operative Soceity 492 site allottees are in trouble ! ANOTHER GIFT FROM BDA! The housing society forms a layout (without approval from the planning authority-Illegal and unauthorized layout) and allots it to its members, in the meanwhile, the notorious BDA notifies the 19 acre land in Jakkur … Continue reading 492 HOUSING SOCIETY ALLOTTEES LAND UP IN MESS !!!! THE KARNATAKA STATE KHADI GRAMODYOGA WORKER`S HOUSE BUILDING CO-OPERATIVE SOCIETY`S ILLEGAL AND UNAUTHORISED LAYOUT BRINGS THEM TO HELL (BDA)

WHY SCRUTINY AND EXAMINATION OF PROPERTY DOCUMENTS AND VERIFICATION OF THE TITLES REQURIED?

It is advised to conduct a thorough scrutiny/examination of the property documents, licenses, approvals, katha and related clearances from an expert advocate, before entering into an agreement of sale. The Sale Agreement and The Sale Deed are very important documents, which must be drafted with utmost care and all relevant details regarding the acquisition of … Continue reading WHY SCRUTINY AND EXAMINATION OF PROPERTY DOCUMENTS AND VERIFICATION OF THE TITLES REQURIED?

WATCH OUT- BEFORE PAYING THE ADVANCE TOWARDS THE PURCHASE OF PROPERTIES

WATCH OUT!!! BUYING A PROPERTY? THE PROPERTY HAS BEEN SELECTED/CHOSEN!!!! NOW THE NEGOTIATION REGARDING THE PRICE BEGINS!!!!!!! BOTH BUYER AND SELLER MUTUALLY AGREE FOR THE SALE PRICE & DURATION TO COMPLETE THE SALE TRANSACTION !!!!!!!!!!!!!!!!!!!!!! THE NEXT STAGE IS SET!!!!!!!!!!!!!! THE SELLERS NORMALLY DEMANDS EARNEST MONEY DEPOSIT/ADVANCE/SECURITY DEPOSIT, TO HAND OVER THE COPIES OF THE … Continue reading WATCH OUT- BEFORE PAYING THE ADVANCE TOWARDS THE PURCHASE OF PROPERTIES

FORFIETURE OF EARNEST MONEY DEPOSIT/SECURITY DEPOSIT/ADVANCE PAID FOR THE PURCHASE OF PROPERTY

Advance/ Security Deposit/Earnest money is paid or given at the time when the contract is entered into and, as a pledge for its due performance by the depositor to be forfeited in case of non-performance, by the depositor. It (Advance/earnest money deposit/security deposit)represents the guarantee that the contract (clauses in the sale agreement) would be … Continue reading FORFIETURE OF EARNEST MONEY DEPOSIT/SECURITY DEPOSIT/ADVANCE PAID FOR THE PURCHASE OF PROPERTY

SALE AGREEMENT AND CONSTRUCTION AGREEMENT

Generally, the developers, who are not builders, enter into agreement through works contract to build the apartments.  Wherein, such activities attract VAT and SERVICE TAX. The average buyer has to enter into two agreements.  One, for the undivided share of the land,( Agreement to sell)and the other, construction agreement.  Executing two agreements confuses the buyer.  … Continue reading SALE AGREEMENT AND CONSTRUCTION AGREEMENT