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adProperty News For March 2009

Car parking rights an issue to be resolved
Source : The Hindu Property Plus Published On : 2009-03-21 City : Chennai

One of the most controversial matters relating to the rights of an owner of an apartment is the allotment and use of car park. In many apartments, there are more cars than the available parking space.

This often generates emotional as well as factual claims on the priority of rights to acquire or use the parking space, affecting every day life and management of the apartment complex.

An overview of this issue would help clarify some of the misconceptions and explore positive solutions. ...

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Which one is valid patta or registration deed?
Source : The Hindu Property Plus Published On : 2009-03-21 City : Chennai

I have a question related to Patta. (i) If the title documents (Registration deed/document) shows lesser sq.ft area of the plot and the Patta shows more, which one is valid amongst these two?

(ii) In case, if the person possessing the plot constructed based on the Patta measurements (which is more than what is registered in the Title deed/document) and later on it turns out that the entry on Plot measurement in Patta is wrong, who would be accountable for this – the Government Department that issued the Patta or the owner of the plot? I have a plot whose back side length is given as 19 feet 6 inches i.e. 6 meters in the Registration/Title Deed whereas the Patta mentions it as 9 meters. Rajanrajan

Mr. Narayanan replies: This is not a difficult situation as the property can be actually measured and the exact dimensions found out. ...

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Can an auctioned property get a higher bid?
Source : The Hindu Property Plus Published On : 2009-03-21 City : Chennai

What happens when an auctioned property gets a higher value after the bidding is closed? Can a liquidator overlook the higher bid and settle for procedures than interest of the company whose property is auctioned?

In the case involving FCS software solutions Ltd and LaMedical Devices Ltd and others ((2008) 10 Supreme Court Cases 440), the court observed, in the event if the property had not been handed over and the transaction not closed, the liquidator could consider the higher bid in the interest of the company under liquidation and its creditors.

It was made clear that property under liquidation Appellant appears to be the first bidder (1.47 crores) and the defendant appears to be the highest bidder (3.5 crore). In the above case, property of a company situated in U.P was auctioned by the official Liquidator (OL). ...

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Bringing all inputs under a roof
Source : The Hindu Property Plus Published On : 2009-03-15 City : Thiruvandrum

Inkle is setting up construction solutions and services parks in four key locations in the State. K.A. MARTIN finds out how these are going to impact the building industry.

With nearly Rs.10,000 crore in annual investments and generating thousands of jobs for skilled and unskilled workers, the building industry has come to mirror the progress the State makes in every other sphere of economic activity.

The housing industry, riding on a cultural propensity for individual houses and backed by remittances from the Gulf countries, has been growing in the State since the early 1970s. ...

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Making housing minimalist, affordable is the mantra
Source : The Hindu Property Plus Published On : 2009-03-14 City : Hyderabad

The expo, till March 15, has several leading builders showcasing their projects

Cut down on fittings, cut down on factors such as luppum and cut down on fittings that are high costing. Make housing affordable and come out with products that are middle class friendly.

That’s what K. Narasimha Murthy, Director-IDBI Bank suggested builders to tide over the scenario emerging from economic downturn. In the city to inaugurate the IDBI Bank Homes 2009, a three-day exhibition on housing finance at Nizam College Grounds on Friday, he observed that coming out with affordable structures and in tune with the downturn will not help the builders but also the economy.

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