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adProperty News For January 2009

     
 
Vuda project makes no headway
Source : The Hindu Property Plus Published On : 2009-01-25 City : Visakhapatnam

A court case comes in the way of the VUDA’s plan to build high-rise apartments at paradesipalem in public-private, partnership, writes G.V.prasada Sarma.

About a year ago, the visakapatnam urban Authority (VUDA) has come out with an ambitious plan to develop what it then called high –Rise apartments at paradesipalem in Public –private partnership.

The apartments are to come up in land that is part of its land –pooling exercise to create what is described as Asia’s biggest residential area ...

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2008 a body blow to the real estate market
Source : The Hindu Property Plus Published On : 2009-01-03 City : Chennai

High interest rates regime, economic slowdown and liquidity crunch cooled off the overheated realty sector and forced cost-cutting measures

What goes up has to come down.

On a high since 2005, Indian property market descended in 2008 with prices falling by 15-20 per cent. ...

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Leasing space for cell towers
Source : The Hindu Property Plus Published On : 2009-01-03 City : Chennai
LEGAL CHAT

R. L. NARAYANAN

If the cell tower is installed in the land owned by one or more persons, then it is almost like a regular lease

Let us welcome the New Year with some towering concepts. The growth of technology ushers certain new dimensions to life. Situations will arise that one would be forced to negotiate things from a different angle than one is used to. Often, specific enactments relating to developing fields may not be available....

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Buying property in spouse’s name
Source : The Hindu Property Plus Published On : 2009-01-03 City : Chennai

Transactions where property is purchased in the name of wife or unmarried daughter will not be considered as benami, writes C.H.Gopinatha Rao

A residential property can be purchased in the name of wife or in the joint names of husband and wife.

If the property is bought with the funds provided by the husband, but registered in the name of his wife then for IT purposes, legally, the wife will not be treated as the owner of the property. Any income earned from the house will be clubbed with t he husband’s income for the purpose of Income Tax to be paid by the husband....

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Is patta mandatory?
Source : The Hindu Property Plus Published On : 2009-01-03 City : Chennai

I bought a CMDA approved plot in Chennai. Its CMDA approved. I got EC & sale deed. I mortgaged the plot in SBI bank. Is patta mandatory?

What is the consequence if I do not apply for patta? What’s the procedure if I have to get one?

Ram

Mr. Narayanan replies: It is advisable for you to obtain a Patta. Though having the Patta is not a mandatory requirement for dealing with the property, it is a good document to have, as it basically indicates lawful possession. ...

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