Title insurance is a form of indemnity insurance which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Title insurance will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred up to the amount of insurance provided by the policy.
The Year 2017 started off with many policy changes that were made in 2016. The activity of research, analysis, consultation and synthesis of information to produce recommendations and also involving an evaluation of options against a set of criteria used to assess each option has paved way to retro respective policies. Some of such policies are establishment of Real Estate Regulatory Authority (RERA), Read More
For many in our country, buying a home or property has been a harrowing experience with project delays and at times huge losses owing to delays in getting possession. But now, with RERA [THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016] coming into effect from the 1stt of May 2017, a safety net is suddenly in place.
Real Estate (Regulation and Development) Act (RERA) came into effect from May 01, 2017 and in a way ushered in a renaissance in the property sector of India.
RERA, now in effect since 1st May, 2017, is primed to usher in a new wave of clarity, fairness, and accountability into the Indian real-estate sector.
Under the RERA Rules Series Part 1, 2 and 3, we have done the comparative study of RERA rules set by seven different states including Karnataka, Maharashtra, Haryana, Telangana, Madhya Pradesh, Punjab, and Rajasthan. To conclude, in this last part, we are covering the rules set by other states like Andhra Pradesh, Gujarat, Uttar Pradesh, Orrisa, Bihar, Uttarakhand, Keralaand the seven Union Territories, broadly under the following categories: Read More
In RERA Part 1 and RERA Part 2, we had covered RERA rules of four states, namely, Karnataka, Maharashtra, Haryana, and Telangana. Some more states are explored in RERA Part 3. Let’s take a look at the analysis done for Madhya Pradesh, Punjab, and Rajasthan:
MADHYA PRADESH RERA RULES (MP RERA):
- Additional Documents: Under MP(Madhya Pradesh) RERA, there are additional documents asked for registration i.e. information relating to the proposed development of a building, the number of car parking areas, declaration by the Builder stating that there shall not be any discrimination against any allottees.
As GST does not apply to the resale of properties that have already obtained an Occupancy Certificate but applies to new and upcoming projects, we will focus our attention on the properties under construction. For these properties, GST has become mandatory from 1st July 2017. Even while they attract GST, the stamp duty will continue to stay and needs to be paid at the time of registration.
The Real Estate (Regulation and Development) Act, 2016 (the “Act”) commonly known as RERA is a consumer centric law framed to protect the rights of property buyers in India. In our previous blog, 10 things you should know about the new Real Estate Act , we have covered some details on RERA. One thing peculiar about this Act is, it did not come into full force across the country overnight but provided provision for States to come up with their own set of Rules and establish Regulatory Authorities within a time frame of six months. The remaining sections were notified during this year and 21 states and union territories have already notified RERA Rules and are in the process of implementing them.
At times, the three “L”s can be quite confusing; “Lease”, “Leave and “License”. The terms ‘Lease Agreement’ and ‘Leave and Licence Agreement’ are often misunderstood as the same thing. We are frequently asked these questions- “Which type of Agreement will protect my interests?” “Which agreement ensures my ownership remain secure?”.
To understand these better, let’s look at a scenario, where “A” is the owner of a property who wants to rent his premises “X”, and “B” is someone who needs a premise to stay for a short period. Let’s see in this situation which agreement is more suitable.
In order to ensure that the rightful interest of an individual on a property is not diluted, we need to look at the seven fundamental differences between these two agreements which are: