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adProperty News For September 2008

Can an inherited property be unilaterally sold
Source : The Hindu Property Plus Published On : 2008-09-20 City : Chennai

My grandfather has a valuable property (a land of 5 cottah(720 sq.feet per cottah) on which our residence is built taking half of the land and my father and uncle are to inherit it. My father is dead leaving behind six daughters and six sons. We live on the first floor and uncle with his family on the ground floor. Suddenly, one fine morning we saw some other people living on the ground floor and uncle’s family missing. We enquired and came to know that my uncle had sold his share to them and gave them possession.

Let me know whether it is possible for my uncle to do it. Anish Chakraborty

Kolkata ,WB

Our panellist, Mr. R.L.Narayanan replies: The correct facts and circumstances under which the property was taken by your father and uncle are not clear. Further, what kind of documentation exists between your father and uncle will also matter. What you are referring to is perhaps a right for you and other heirs of your father to purchase the property, in preference to others. This depends on facts and circumstances. It is also not clear when your uncle has sold the property. Further, the rights of third parties have also intervened. In the circumstances, you will have to consult your advocate if you have any right of enforcing the purchase as above. ...

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Demand continues to drive growth in coimbatore
Source : The Hindu Property Plus Published On : 2008-09-20 City : Chennai

In a city known for its performance in the textiles and engineering sectors, expectation of the Information Technology sector taking off in a big way led to a spurt in activity in the real estate sector about four years ago. Houses, shopping malls and infrastructure were all planned on a large scale to meet the expected demand.

Developers and investors started streaming from other cities and countries too to start projects here. Apartments are springing up, and the city is growing vertically and horizontally. Constructions worth Rs. 2,000 crore to Rs. 2,500 crore are happening in the city annually in both public and private projects. “It will grow further,” says G. Srinivasan, chairman of the Coimbatore Centre of the Builders’ Association of India. Other property developers too feel buoyant about the market and they say the demand will continue. “Though we relied heavily on IT taking off in a big way here, it is yet to happen. However, the other sectors, especially, engineering, is giving impetus to the growth,” says Omkar V. Sankar, secretary of the Coimbatore Property Developers’ Association. A number of buyers from the nearby towns of Erode and Tirupur are also keen on purchasing property here. With a general slowdown in the economy, there may be some who are postponing their property purchase. But, the city continues to have its demand for more houses and commercial space, they say.

Roughly, works start for about 150 projects annually now. And, the developers have a “cautious optimism”. The approval process takes a long time in Coimbatore and that is a matter of concern. Nearly 40 per cent of the population in Coimbatore is either employees or labour force. The city certainly needs more houses and commercial space. But the focus should also be on low-budget housing to cater to this segment, adds Mr. Srinivasan. ...

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Getting ready for disasters
Source : The Hindu Property Plus Published On : 2008-09-06 City : Chennai

The release of National Guidelines for Biological Disaster Management by the NDMA (National Disaster Management Authority) gives room for a discussion on whether sector-specific disaster management, and in particular, real estate-centric plan, is necessary.

The national vision on the subject of disaster management is “to build a safer and disaster resilient India by developing a holistic, proactive, technology-driven strategy for disaster management through collective efforts of all government agencies and non-governmental organisations.” Life and property are, of course, the fundamental areas of management of disasters. Life will embrace both human life and animal life. Property will cover land, buildings (residential, office/ factories ), installations like electrical and power generation/ maintenance, defence / communication, dams and the like. The real estate sector has very wide connotations, as disaster to property and installations can have direct implications on life of people residing inhabiting the areas / working in the offices/ factories, as they may be either dead, incapacitated or injured on account of the disaster/s and need to be attended to according to the requirements of each one of them. This also needs coordination with other agencies like hospitals, ambulance services, fire service /army personnel, NGOs/ volunteers and the like.

Key areas requiring attention of disaster management:...

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Guidelines for auctioning mortgaged properties
Source : The Hindu Property Plus Published On : 2008-09-20 City : Chennai

Efforts must be made to revive a sick industrial unit. When they fail, then the sale of the unit must be made through public auction, writes C.H.Gopinatha Rao

In the case involving A. Amaresan vs T.N. Industrial Investment Corporation Ltd ((2008)2 MLJ 31 judgment dated December 19, 2007) the guidelines as pronounced in Mahesh case by the same court were referred.

It is necessary to ensure fair play in auctioning the properties mortgaged to financial institutions, it was said. ...

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Its time to go in for green bricks now
Source : The Hindu Property Plus Published On : 2008-09-06 City : Chennai

There is an urgent need to harness technology to reduce energy consumption in the process of brick-making in the country and its contribution to the pollution levels

A remarkable aspect of India’s economy is the significant contribution the construction sector makes. It is estimated that the property industry contributes around eight per cent of the GDP. This, not counting the ancillary business it fuels. The huge footprint of this sector is visible in the continuous construction activity you see everywhere. While this spells economic success and deserves to be encouraged with policy and economic incentives, some thought needs to be paid to the ecological aspect too.

The brick manufacturing sector could be an area worth looking at. India is the second largest producer of bricks, after China. The estimated production in India is close to 150 billion. The Indian brick industry is unorganised with small production units clustered in rural and semi-urban areas. It is believed that there are more than one lakh brick kilns in the country, with an annual turnover of over Rs. 1,000 crore. ...

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