News


LEGAL INFORMATION

NRI 


At Elitesproperty.com, we aim to help you resolve every concern and doubt. We have compiled basic legal information to help you buy a house in India. Read through the following points and get in touch with us if you have any more queries.

1.      Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.

2.      Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.


Get a copy of the title report by the solicitor of the property. Make sure that there are no conditions written in fine print and that there are no specific reservations by the state government.

Look for specific clearance reports. For instance, if the construction is near a seafront, you will need to check for a Coastal Regulation Zone (CRZ) clearance. If the project is being constructed over or in the close vicinity of a heritage building, you must check for any heritage reservations for the premises. The idea is to ensure that you do not get stuck with a property that is or may get caught in any sort of disputes. Lack of clearance of titles also means that you will not be able to avail home loans.


Home owners asking for INR 1 lakh as security deposit? It’s illegal !


If finding a perfect house for rent was not a difficult task already, the exorbitant deposits demanded by home owners have sure made the task even harder. Those looking for properties for rent in cities like Bangalore and Chennai face situations were home owners request for deposits that are sometimes five times higher than the actual rental value. However, tenants can now breathe a sigh of relief as XIII Small Causes Court in Chennai in an order cited a 1996 SC (Supreme Court) verdict that mentioned that the landlord is entitled to collect only a month’s rent as advance. So does it mean that the current owners that ask tenants to pay over INR 1 lakh as rent cannot do so legally? Is this order only restricted to Chennai and can tenants take action against landlords for demanding more advance? Read on to find out.

Because the small causes was in Tamil Nadu’s capital city – the rule is ideally applicable to Chennai alone. But because the order was based on a SC verdict – the rule that landlords are entitled to only one month’s rent as advance can be applicable to the entire country.

The ruling said that any amount paid in excess of one month’s rent shall be either refunded or adjusted towards tent. But can any action be taken against landlords that demand more? Only a demand cannot be taken as an offence and it is not necessary for the tenant to comply with the demand. However, this will create more awareness amongst tenants thus putting a stop to the rampant practice of landlords asking for more advance. If the tenant has paid advance of more than a month’s rent he could file a RCOP (Rent Control Original Petition).

While the ruling has made tenants happy, several people are criticising this move. Most landlords are arguing that the rent advance is too less. The prospect of covering possible damages or settling electricity bills after eviction would be a daunting task.

Courtesy Thanks : Times Group


Chennai 03/01/2016

Tamil Nadu government has finally submitted the plans for 12 smart cities to the Union urban development ministry.

The state could not submit the plans by December 15, the earlier fixed deadline, owing to the administration getting occupied with flood relief activities in the last one month. Apart from T Nagar in Chennai, the state has shortlisted Trichy, Tirunelveli, Dindigul, Thanjavur, Tiruppur, Salem, Vellore, Coimbatore, Madurai, Erode and Tuticorin for the smart city project.

So far, 97 out of 98 cities included in the smart city mission have submitted their plans to the Union ministry of urban development. The Union ministry has already initiated the evaluation of city level plans by setting up three teams of two experts each. Once the evaluation is over, the first batch of smart cities to be financed during the current financial year will be announced. While 20 cities will be financed this year, 40 each will be taken up in the next two years.

While Telangana is contemplating to suggest some other city instead of Hyderabad, Uttar Pradesh and Jammu & Kashmir are still to nominate one city each for inclusion in the smart city mission. While UP government has to choose between Rae Bareli and Meerut, Jammu & Kashmir wants both Srinagar and Jammu to be nominated as against the state quota of one city only.

Source: The Times of India, Chennai



© 2015 Elitesproperty. All Rights Reserved
Powered by www.loftytemplates.com