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Real Estate

Published on February 26, 2014

Author: davidraju58

Source: slideshare.net

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a new perspective regarding immovable property in india
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Content CHAPTER 1 Immovable Property—An Introduction to a New Perspective ...................... 1 Introduction ...................................................................................................2 Scope .......................................................................................................... 4 Immovable Property and Transfer of Immovable Property ...........................4 Persons Competent to Transfer .................................................................. 6 Verification of documents of Title ..................................................................6 Operation of Transfer ....................................................................................7 Conditional Transfer ......................................................................................8 Transfer Where Third Person is Entitled to Maintenance ..............................8 Transfer by Ostensible Owner .......................................................................9 Transfer by Unauthorised Persons who subsequently acquire interest in the property transferred .............................................................. 10 Transfer by one Co-owner ........................................................................... 11 Extent of interest of transferee incase of Joint Transferee........................... 11 Extent of share in consideration incase of Joint Transferor ..........................12 Priority of Rights created by the Transfer .....................................................13 Doctrine of Lis Pendens ...............................................................................13 Fraudulent Transfer .....................................................................................14 Registration Procedure ................................................................................15 Effect of Non-registration of Documents ......................................................16 Land Titling Bill, 2011- A Revolution in offing ..............................................16 Transfer of Immovable Property and FEMA .................................................19 Definitions ....................................................................................................22 CHAPTER 2 Agreement to Sell an Immovable Property ................................................ 26 Scope ..........................................................................................................26 Execution of an Agreement to Sell ..............................................................27 Execution of Incidental Documents .............................................................27 Registration of Agreement to Sell ...............................................................30 Consequences of Non-registration .............................................................30

Stamp Duty Payable on Agreement to Sell ...............................................31 Suit for Specific Performance of an Agreement to Sell .............................31 Limitation for Institution of Suit of Specific Performance ......................... 33 Whether time is an essence of contract in sale of Immovable Property................................................................................ 34 Who may obtain Specific Performance ................................................... 35 Bars to the Relief for Grant of Specific Performance .............................. 36 Doctrine of Part Performance ...................................................................38 CHAPTER 3 Sale of Immovable Property.................................................................... 42 Scope .......................................................................................................43 What is a Sale? ........................................................................................43 Price/Consideration ..................................................................................44 How is a sale made? ................................................................................45 Construction of a Sale Deed ....................................................................45 Contract for Sale ......................................................................................46 Rights and Liabilities of the Buyers and Sellers .......................................46 Rights of the Buyer ...................................................................................48 Benefits accruing to the buyer ..................................................................48 Improvement in the immovable property ................................................ 48 Increase in the value of the immovable property .................................... 49 Rents and profits of the immovable property .......................................... 49 Charge on the property in favour of the buyer ........................................ 49 Other rights of the buyer ......................................................................... 51 Liabilities of the Buyer ............................................................................ 51 Rights of the Seller................................................................................ 52 Liabilities of the Seller ............................................................................ 52 Stamp Duty payable on Sale Deed......................................................... 53 Registration of Sale Deed ...................................................................... 54 Agreement for Re-conveyance ................................................................56 Auction Sale by the Order of Court........................................................ 57

Earnest Money ........................................................................................ 58 Treatment of Sale under Income Tax Act .............................................. 58 Sale and FEMA ....................................................................................... 59 Where the Seller is a Citizen of India but is a person not resident in India...................................................................................... 61 Where the buyer is a person of Indian Origin......................................... 61 Where the seller is a person of Indian Origin ........................................ 61 Where the buyer is a Foreign National.................................................. 61 Where the seller is a Foreign National.................................................. 62 CHAPTER 4 Mortgage of an Immovable Property..................................................... 63 Introduction............................................................................................ .64 What is a Mortgage? .............................................................................. 64 Transfer of an Interest in an Immovable Property ..................................... 65 Purpose of Transfer should be securing the payment of money ............. 65 Performance of an engagement ......................................................... 66 Transferor is called a mortgagor and transferee a mortgagee ............... 66 Kinds of Mortgage .................................................................................. 66 Simple Mortgage .................................................................................... 66 Mortgage by conditional sale................................................................. 67 Usufructuary Mortgage ........................................................................... 69 English Mortgage................................................................................... 70 Mortgage by Deposit of Title Deeds ...................................................... 71 Anomalous Mortgage ........................................................................ 71 Redemption of mortgage ........................................................................ 71 Persons who may sue for redemption ...................................................... 73 Legal Proceedings for Redemption of Mortgage .................................... 74 Foreclosure or Sale of Mortgaged Property............................................ 75 Right to seek foreclosure ......................................................................... 76 Right to seek sale of mortgaged property ................................................ 77 Right to sue for mortgage money ............................................................ 78

Where the mortgagor binds himself to pay the mortgage Money ................................................................................................... 78 Where the mortgaged property is wholly or partly destroyed …………………. 78 Where the mortgagee is deprived of the whole or part of his Security ................................................................................................ 79 Where the possession of the mortgaged property is not Handed over to the mortgagee ............................................................. 79 Legal Proceedings for Foreclosure or Sale of Mortgaged Property ...........79 Registration of Mortgage Deed ...................................................................80 Stamp Duty Payable on Mortgage Deed ....................................................82 Mortgage and FEMA ..................................................................................82 Loan by a person resident in India .............................................................83 Loan by a non-resident PIO....................................................................... 84 Housing Loan to non-residents in Rupees .................................................85 CHAPTER 5 Lease of an Immovable Property.............................................................. 87 Introduction ............................................................................................. 88 Definition of Lease................................................................................... 89 Execution of a Lease ............................................................................... 90 Rights and Liabilities of the Lessor........................................................... 92 Rights and Liabilities of the Lessee........................................................... 92 Termination of a Lease ........................................................................... 93 Efflux of time .......................................................................................... 97 Express and implied surrender ............................................................... 97 Forfeiture ................................................................................................ 98 Service of Notice to Quit ......................................................................... 99 Application of Rent Control Legislations ................................................ 97 Andhra Pradesh...................................................................................... 98 Bihar ....................................................................................................... 98 Delhi........................................................................................................ 98 Haryana.................................................................................................. 99

Karnataka ........................................................................................... 99 Kerala ................................................................................................... 99 Madhya Pradesh .................................................................................. 100 Maharashtra......................................................................................... 100 Rajasthan ................................................................................................ 100 Tamil Nadu............................................................................................ 100 Uttar Pradesh ........................................................................................ 101 West Bengal......................................................................................... 101 Grounds of eviction under rent control legislations ............................... 102 Model Residential Tenancy Act, 2011 ................................................... 104 Registration of a Lease Deed ................................................................ 105 Stamp Duty Payable on a Lease Deed.................................................. 106 Lease and Foreign Exchange Management Act .................................... 106 CHAPTER 6 Gift of an Immovable Property ................................................................ 107 Scope ...................................................................................................... 108 Meaning of “Gift” ..................................................................................... 108 Transfer.................................................................................................. 109 Certain .................................................................................................... 109 Existing ................................................................................................... 109 Immovable property................................................................................ 110 Voluntarily............................................................................................... 110 Consideration .......................................................................................... 110 Parties .................................................................................................... 111 Acceptance............................................................................................ 111 Manner of Transfer of Immovable Property by Way of Gift.................... 112 Registered instrument ........................................................................... 112 Signed by or on behalf of the Donor ...................................................... 114 Attested by at least two witnesses ......................................................... 114 Possession............................................................................................ 114 Voidance of a Gift .................................................................................. 114 Suspension or Revocation of a Gift........................................................ 114

Onerous Gifts ....................................................................................... 120 Stamp Duty Payable on the Gift Deed.................................................. 121 Treatment of Gift by the Income Tax Act, 1961 .................................... 123 Gift Tax Act ........................................................................................... 124 Gift Under Muslim Law ......................................................................... 124 Restriction of Donor’s Powers in Mohammedan Law ........................... 125 Essentials of Gift under Mohammedan Law ......................................... 125 Gift and FEMA ...................................................................................... 126 Where the Donor is a Person of Indian Origin ...................................... 127 Where the Donor is a Non-resident Citizen of India ............................. 128 Where the Donor is a Foreign National of Non-Indian Origin ............... 129 Remittance of funds by NRI/PIO .......................................................... 129 CHAPTER 7 Exchange as a Mode of Transfer ......................................................... 131 Introduction............................................................................................ 131 Definition of Exchange ........................................................................... 131 Execution of Exchange ........................................................................... 132 Treatment of Exchange under Income Tax act ....................................... 132 Exchange and FEMA .............................................................................. 132 CHAPTER 8 Inheritance .............................................................................................. 133 Part I Scope........................................................................................................ 134 Non-testamentary Succession.............................................................. 135 Laws of Non-Testamentary Succession Applicable to Hindus, Jains, Buddhists and Sikhs .......................................................... 135 Murderer .................................................................................................... 136 Convert’s descendants .............................................................................. 136 Gender-based Rules............................................................................. 136 Non-testamentary Hindu Male............................................................... 137 Non-testamentary Hindu Female .......................................................... 141

Laws of Non-Testamentary Succession Applicable to Parsis................ 143 Possibility I: Succession incase the Intestate is Survived by a Widow/Widower and Children and Parent/Parents ....................... 144 Possibility II: Succession incase the Intestate is Survived Only by Children and Widow or Widower. ............................................. 145 Possibility III: Succession incase the Intestate is Survived Only by lineal descendant ...................................................................... 145 Possibility IV: Succession incase the intestate is survived Only by a widow or widower and no lineal descendant.......................... 146 Possibility V: Succession incase the intestate is survived Only by a widow or widower and also a widow or widower of any predeceased lineal descendant ................................................... 147 Possibility VI: Succession incase the intestate is survived Only by the widow or widower of any lineal descendant.......................... 148 Possibility VII: Succession incase none of the above Possibilities are available.......................................................................... 148 Laws of Non-Testamentary Succession Amongst Jews and Christians.................................................................................................... 149 Possibility I: Distribution where there are lineal descendants, with or without a surviving widow/widower ............................................. 149 Possibility II: Distribution where there are no lineal descendants, with or without a surviving widow/widower ...................... 150 Possibility III: Distribution where there are no widow, lineal descendant or kindred of the intestate. .................................................. 151 Laws of Non-Testamentary Succession incase of Inter-faith Marriages Under Special Marriage Act, 1954......................................... 151 Laws of Non-Testamentary Succession Amongst Muslims.................... 152 Heritable property under Muslim Law..................................................... 152 Payment of certain charges.................................................................... 152 Movable and immovable property............................................................ 153 Opening of Inheritance ............................................................................ 153

General Rule .................................................................................... 153 Rule of Exclusion............................................................................. 153 Entitlement to Inheritance................................................................ 153 Sunni Law ....................................................................................... 153 Shia Law .......................................................................................... 154 Theory of Propinquity ...................................................................... 154 PART II Testamentary Succession.................................................................... 154 Who is Capable of Making a Will........................................................ 155 Extent of property capable of transfer by Will ..................................... 155 Form of Will......................................................................................... 156 Revocation of Will ............................................................................... 157 Kinds of Will......................................................................................... 157 Execution of Will .................................................................................. 157 Registration of Will ............................................................................... 159 Proof of execution of Will ..................................................................... 160 Probates and Letters of Administration ................................................ 162 Objection to the grant of probate ........................................................ 162 Challenge to the Will ........................................................................... 162 Court fees on probate and letters of administration ............................ 163 PART III FEMA in Relation to Inheritance .......................................................... 164 CHAPTER 9 Real Estate and Consumer Protection Act, 1986 .................................. 167 Introduction .......................................................................................... 167 Object of Introduction of Consumer Protection Act, 1986 ..................... 168 Who is a Consumer? ............................................................................ 168 Allotted ................................................................................................. 170 Members of a society ............................................................................ 170 House owner and builder ...................................................................... 170 Whether Consumer Protection Act is Applicable to

Public Statutory Bodies ......................................................................... 170 Deficiency in Services: Meaning .......................................................... 172 Late delivery......................................................................................... 173 Escalation ............................................................................................. 174 Refund ................................................................................................. 175 Substandard material.......................................................................... 175 Conversion .......................................................................................... 175 Property allotted in occupation of third party .......................................... 175 Harassment .......................................................................................... 176 Alternative plot ........................................................................................ 177 No Deficiency In Services ..................................................................... 178 Real Estate and the Competition Act, 2002........................................... 180 Land Acquisition and Consumer’s Dilemma .......................................... 184 An Introduction to the New Bill—Model Real Estate (Regulation of Development Bill) .......................................................... 185 ANNEXURES 1. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 .................................. 187 2. Definitions in FEMA—Act, Rules and Regulations............................. 191 3. Frequently Asked Questions (FAQs) on Acquisition and Transfer of Immovable Property in India by a Person Resident Outside India ……… 200 4. Acquisition and Transfer of Immovable Property in India by Non-residents .......................................................................................... 209 5. Remittance Facilities for NRIs/PIOs and Foreign Nationals................. 214 6. List of Authorised Dealers – Category I and other Institutions to Whom Licences Have Been Issued to Deal in Foreign Exchange ............ 217 7. Remittances to a Non-resident: Deduction of Tax at Source ................ 220 8. Foreign Exchange Management Act, 1999 ........................................... 222 9. Indian Stamp Act, 1899: Relevant Articles in Schedule I ..................... 245 10. State-wise List of Stamp Duties Payable for Transfer of Immovable Property ................................................................................. 252 11. Checklist for Purchase and Sale of Urban Property.......................... . 260

12. Checklist for Lease of an Immovable Property .................................. 264 13. Checklist for Mortgage of an Immovable Property ............................ 267 14. Scheme of Freehold Conversion of Residential Flats in Delhi .......... 268 15. Conversion of Residential Leasehold Plot into Freehold Status in Orissa...................................................................................... 274 Model forms 16. Agreement to Sell................................................................................ 277 17. Deed of Mortgage of House and Lands ................................................ 283 18. Mortgage by Conditional Sale ............................................................. 285 19. Usufructuary Mortgage ........................................................................ 287 20. English Mortgage Deed ........................................................................ 290 21. Lease Deed ........................................................................................... 294 22. Agreement for Exchange ...................................................................... 298 23. Gift Deed .............................................................................................. 300 24. Will ....................................................................................................... 302 New Proposed Laws 25. A Model Real Estate (Regulation of Development) Act 200___ ........ 304 26. Model Residential Tenancy Act, 2011 ................................................. 332 27. The Land Titling Bill, 2011 ................................................................. 350 Index ........................................................................................................ 368

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