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Legal FAQs
Are you unsure about complex legalities involved with property matters? Read through our compilation of answers to the most common legal questions asked in realty.
Q1. What documents are required while buying commercial or residential property?A1. When buying commercial or residential property you would need to check for the following documents:
Market trends about prevalent rates of property in the vicinity and last known transactions.
Identify the property you wish to purchase.
Formulate commercial terms.
Distinguish between terms and conditions of the contract which are negotiable and those which are fixed e.g. price, payment schedule, time of completion etc.
Avail of services of Magicbricks.com. List your requirements with a reputed broker.
Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any, on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.
Ascertain outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
Request vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as- (a) society- (b) the income tax authority- (c) Municipal Corporation- (d) the competent authority under the Urban Land Ceiling and Regulation Act- (e) any other authority
Permanent account number of vendor and purchaser under Income Tax laws Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration
After payment of the entire sale price, take over legal possession of the property along with documents of title in original from the Vendor of the property
Change name of the holder of the property to the purchaser in the records of the society, electricity company, municipal corporation, Index II etc.
Q2. What is Stamp Duty and who is liable to pay the Stamp Duty, the buyer or the seller?A2. Stamp Duty is a tax, similar to sales tax and income tax collected by the government, and must be paid in full and on time. A stamp duty paid instrument/document is considered a proper and legal instrument/document.
The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary. Section 30 of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.
Q3. What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?A3. Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value, whichever is higher.Q4. Are there any formalities to be completed or forms to be filled on execution of the Sales Deed or document of transfer?A4. Yes. The formalities and forms may vary from State to State depending on where the property is situated.
Every State has its set forms under the Registration Rules that are required to be filled and filed along with and at the time of Registration of Sale Deed/Transfer Deed.
In case of either the Purchaser or the Seller being a Non-Resident Indian, not assessed to tax in India, such a Party would be required to file Form 60 of the Income-Tax Rules.
Q5. What are the permission and papers that one should check with the builder when buying a flat in a building which is under construction?A5. When you are buying a flat from a builder in a building under construction, you have to check the following things:
Approved plan of the building along with the number of floors.
Whether the floor that you are buying is approved.
Whether the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
The building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
Check if the specifications given in the agreement to sell of the sale brochure match on the ground or not.
Whether urban land ceiling NOC (if applicable) has been obtained or not.
NOC from water, electricity and lift authorities has been obtained
Q6. Who is the appropriate authority for knowing the market value of the property?A6. The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.Q7. Within what time period should an agreement/deed have to be registered?A7. The property agreement should be registered with the Sub-registrar of assurances under the provisions of the Indian Registration Act within four months of the date of its execution.
Q8. What constitutes completion of the sale?A8. The transfer of a flat is concluded when you have an sale deed/ agreement for sale coupled with actual possession. Generally, in all cases the entire amount is paid simultaneously with the handing over of physical possession and signing of the transfer documents.Q9. What is meant by leasehold and freehold properties?A9. Leasehold properties (plot/built-up) are those in which perpetual leasehold has been granted by the title paramount in favour of the lessee. In such properties, the title paramount, i.e. President of India acts through DDA, L&DO, Leasehold properties are not freely transferable. Depending upon the covenants of the lease deed, prior permission of the lessor (DDA/ L & DO) is required to transfer the property.
Freehold properties are those where title paramount has conveyed the property in favour of the purchaser by conveyance/sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be ascertained from the office of the sub-registrar. It can be transferred by registration of sale deed.
Q10. What formalities need to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?A10. They are required to file a declaration in for IPI and with the central office of Reserve Bank at Mumbai within 90 days from the date of purchase of immovable property or final payment of purchase consideration, along with a certified copy of the document evidencing the transaction and the bank certificate regarding the consideration paid.
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Chennai City Pincodes
Alphabet wise
Adambakkam 600 088
Adyar 600 020
Alwarthirunagar 600 087
Ambattur Ho 600 053
Ambattur Indl.Estate 600 058
Aminjikarai 600 029
Anakaputhur 600 070
Anna Nagar 600 040
Anna Nagar East 600 102
Anna Nagar West Extn 600 101
Anna Road HO 600 002
Arambakkam RS 601 207
Arumbakkam 600 106
Ashok Nagar 600 083
Avadi Camp HO 600 054
Avadi IAF 600 055
Ayanavaram 600 023
Ayyappanagar 600 111
Besant Nagar 600 090
Broadway 600 108
C-in-C Rd.(Ethiraj Salai) 600 105
Chetpet HO 600 031
Chitalapakkam 600 064
Choolai 600 112
Choolaimedu 600 094
Chrompet 600 044
CRP Camp Avadi 600 065
Devampattu 601 214
Egmore 600 008
Ekkaduthangal 600 097
Elavur 601 211
Engineering College 600 025
Ennore Termal Stn 600 057
Flowers Road 600 084
Fort St.Ggeorge 600 009
Gopalapuram 600 086
Gowrivakkam 601 302
Greems Road 600 006
Guindy Indl.Estate 600 032
I.I.T 600 036
ICF Colony 600 038
Iguvar Palayam 601 212
Jafferkhanpet 600 095
Jawahar Nagar 600 082
Jothi Nagar(Minjur) 601 213
K.K.Nagar 600 078
Kamaraj Nagar 600 071
Kavarapettai 601 206
Keezhakattalai 600 117
Kilpauk 600 010
Kodambakkam 600 024
Kolathur 600 099
Korattur 600 080
Korattur RS 600 076
Kottur 600 085
Koyambedu 600 107
kunnathur 600 069
Madhavaram 600 060
Madhavaram Milk Clny 600 051
Madipakkam 600 091
Madras High Court 600 104
Maduravoil 602 102
Manali 600 068
Manali New Town 600 103
Mangadu 602 101
Meenambakkam 600 027
Minjur 601 203
Mylapore 600 004
Nandabakkamudiyiruppu 600 089
Nandanam 600 035
Nanganallur 600 061
Nazareth Pettai 602 107
Nungambakkam 600 034
Officers Training Academy 600 037
Old Pallavaram 601 303
Padi 600 050
Padappai 601 301
Palavaram 600 043
Pammal 600 075
Park Town 600 003
Parrys 600 001
Pattabiram 600 072
Pazhavanthangal 600 114
Perambur 600 011
Perambur Barracks 600 012
Perumbadu 601 210
Perungudi 600 096
Polichalur 600 074
Ponneri 601 204
Ponniamman Medu 600 110
Poonamallee 600 056
Porur 600 116
Pozhal 600 066
Pulicat 601 205
R.A.Puram 600 028
Raj Bhavan 600 022
Redhills 600 052
Rly.Car Shed Avadi 600 109
Royapettah 600 014
Royapuram 600 013
Saidapet 600 015
Saligramam 600 093
Sathyamurthi Nagar 600 062
Selaiyur 600 073
Shenoy Nagar 600 030
Sholavaram 600 067
SIDCO Estate 600 098
Sowcarpet 600 079
Srinivasa Nagar 600 063
St.Thomos Mount HO 600 016
T.Nagar 600 017
T.T.T.I.Tharamani 600 113
Tambaram East 600 059
Tambaram HO 600 045
Tambaram ICF 600 046
Tambaram Sanatorium 600 047
Teynampet 600 018
Thirumullaivoyal 601 209
Thirupalai Vanam 601 208
Thiruninravur 602 024
Thrisulam Village 600 100
Tiruvanmiyur 600 041
Tirverkadu 600 077
Tiruvottiyur 600 019
Tondiarpet 600 081
Triplicane 600 005
Vadapalani 600 026
Vandalur 600 048
Velachari Rd 600 115
Velachari 600 042
Vepry 600 007
Villivakkam 600 049
Virugambakkam 600 092
Vyasarpadi 600 039
Washermanpet 600 021
West Mambalam 600 033
West porur 602 104
Pincode wise
Parrys 600 001
Anna Road HO 600 002
Park Town 600 003
Mylapore 600 004
Triplicane 600 005
Greams Road 600 006
Vepery 600 007
Egmore 600 008
Fort St.Ggeorge 600 009
Kilpauk 600 010
Perambur 600 011
Perambur Barracks 600 012
Royapuram 600 013
Royapettah 600 014
Saidapet 600 015
St.Thomos Mount HO 600 016
T.Nagar 600 017
Teynampet 600 018
Tiruvottiyur 600 019
Adyar 600 020
Washermanpet 600 021
Raj Bhavan 600 022
Ayanavaram 600 023
Kodambakkam 600 024
Engineering College 600 025
Vadapalani 600 026
Meenambakkam 600 027
R.A.Puram 600 028
Aminjikarai 600 029
Shenoy Nagar 600 030
Chetpet HO 600 031
Guindy Indl.Estate 600 032
West Mambalam 600 033
Nungambakkam 600 034
Nandanam 600 035
I.I.T 600 036
Officers Training Academy 600 037
ICF Colony 600 038
Vyasarpadi 600 039
Anna Nagar 600 040
Tiruvanmiyur 600 041
Velachari 600 042
Palavaram 600 043
Chrompet 600 044
Tambaram HO 600 045
Tambaram ICF 600 046
Tambaram Sanatorium 600 047
Vandalur 600 048
Villivakkam 600 049
Padi 600 050
Madhavaram Milk Clny 600 051
Redhills 600 052
Ambattur Ho 600 053
Avadi Camp HO 600 054
Avadi IAF 600 055
Poonamallee 600 056
Ennore Termal Stn 600 057
Ambattur Indl.Estate 600 058
Tambaram East 600 059
Madhavaram 600 060
Nanganallur 600 061
Sathyamurthi Nagar 600 062
Srinivasa Nagar 600 063
Chitalapakkam 600 064
CRP Camp Avadi 600 065
Pozhal 600 066
Sholavaram 600 067
Manali 600 068
kunnathur 600 069
Anakaputhur 600 070
Kamaraj Nagar 600 071
Pattabiram 600 072
Selaiyur 600 073
Polichalur 600 074
Pammal 600 075
Korattur RS 600 076
Tirverkadu 600 077
K.K.Nagar 600 078
Sowcarpet 600 079
Korattur 600 080
Tondiarpet 600 081
Jawahar Nagar 600 082
Ashok Nagar 600 083
Flowers Road 600 084
Kottur 600 085
Gopalapuram 600 086
Alwarthirunagar 600 087
Adambakkam 600 088
Nandabakkamudiyiruppu 600 089
Besant Nagar 600 090
Madipakkam 600 091
Virugambakkam 600 092
Saligramam 600 093
Choolaimedu 600 094
Jafferkhanpet 600 095
Perungudi 600 096
Ekkaduthangal 600 097
SIDCO Estate 600 098
Kolathur 600 099
Thrisulam Village 600 100
Anna Nagar West Extn 600 101
Anna Nagar East 600 102
Manali New Town 600 103
Madras High Court 600 104
C-in-C Rd.(Ethiraj Salai) 600 105
Arumbakkam 600 106
Koyambedu 600 107
Broadway 600 108
Rly.Car Shed Avadi 600 109
Ponniamman Medu 600 110
Ayyappanagar 600 111
Choolai 600 112
T.T.T.I.Tharamani 600 113
Pazhavanthangal 600 114
Velachari Rd 600 115
Porur 600 116
Keezhakattalai 600 117
Minjur 601 203
Ponneri 601 204
Pulicat 601 205
Kavarapettai 601 206
Arambakkam RS 601 207
Thirupalai Vanam 601 208
Thirumullaivoyal 601 209
Perumbadu 601 210
Elavur 601 211
Iguvar Palayam 601 212
Jothi Nagar(Minjur) 601 213
Devampattu 601 214
Padappai 601 301
Gowrivakkam 601 302
Old Pallavaram 601 303
Thiruninravur 602 024
Mangadu 602 101
Maduravoil 602 102
West porur 602 104
Nazareth Pettai 602 107 POST FREE





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KNOW CHENNAI
-General ..Chennai Discotheques ..Chennai Water Sports ..Chennai Cinema Halls
- History .. Chennai Shopping Malls ..Chennai Entertainment ..Chennai Excursions ..Pulicat
- Dos & Don'ts ..Amusement Parks ..Crocodile Bank ..Mahabalipuram ..Muttukadu
- Important Facts ..Thanjavur
- Must Know- Weather/Climate - Things To Do - Embassies- Tourist Offices - Airports
- Bus Stations - Central Railway Station - Egmore Railway Station
KNOW CHENNAI BY PLACES
West Chennai
- Ambattur - Anna Nagar - Ayanavaram - Kilpauk - Porur - Vadapalani
North Chennai
- Ennore - Perambur - Pozhal - Purasavakkam - Tiruvottiyur - Tondiarpet
South Chennai
- Adyar - KK Nagar - Kotturpuram - Meenambakkam - Mylapore - Saidapet - Tambaram
- Teynampet - Thyagaraya Nagar - Tiruvanmiyur - Velachery
Central Chennai
- Egmore - George Town - Nungambakkam - Royapettah - Triplicane
Around Chennai - Kanchipuram - Tiruvallur
Others ..Chennai Monuments
.. Airport ..Bus Station .. Freemasons Hall
.. Central Railway Station ..Fort St. George
.. Egmore Railway Station ..Kamaraj Memorial House

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3 comments:

  1. Anonymous04:01

    A big thank you to the author of this site for providing all information regarding Chennai.
    we wish that you will continue with this effort.
    Best Wishes for a prosperous new 2009.

    ReplyDelete
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    ReplyDelete
  3. Wonderful blog & good post.Its really helpful for me, awaiting for more new post. Keep Blogging!



    Residential Villas in Chennai

    ReplyDelete

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New business?
However small
it may be,
success requires
proper planning,
preparation and
insight.

YOUR
RIGHTS In business, there are no
guarantees. There’s simply
no way to eliminate risks
associated with starting an
enterprise. But you can improve
chances of success with good
planning, preparation and insight.
Find out what to consider when
starting a business.
Drawing up a business plan
It’s important to draft a
comprehensive and thoughtful
business plan. Much hinges on
it: Outside funding, credit from
suppliers, management of your
operation and finances, promotion
and marketing of your business,
and achievement of your goals
and objectives.
Creating a business plan will
force you to think about key issues
before you start your enterprise,
such as raising money and your
projected start-up costs and
marketing strategies. This will help
you figure out if your idea is
a winner.

Naming
The core of naming a business lies
in understanding the trademark
law. Trademarks help consumers
identify the makers of the goods
or services. Often, the name of
your company may also be used
as a trademark to identify your
company’s offerings. What’s in a
name, you may wonder. But if you
choose something too similar to a
competitor’s name, you might be
accused of violating the their legal
rights, and you could be forced to
change it and even pay monetary
damages. A good business name
should be:
■ Distinctive
■ Memorable
■ Easily spelled and
pronounced
■ Suggest the products or
services you offer
■ Distinguish you from your
competitors
Partnerships
Many people opt for partnerships
with their friends or relatives for
doing business, because they
feel very comfortable dealing with
people they have known for a long
time. But before you do, create
a Partnership Agreement which
should include the following:
■ Amount of equity invested by
each partner
■ Type of business
■ How profit and loss will be
shared
■ Each partner’s pay and
compensation
■ Distribution of assets on
dissolution
■ Provisions for changes or
dissolving the partnership
■ Dispute settlement clause
■ Settlement in case of death or
incapacitation
■ Restrictions of authority
and expenditures
Financing A new business
Money can be raised either by
borrowing it from a friend, family
member, bank or selling ownership
interests (equity) in your business.
There’s no hard and fast rule on
the best way to raise money; you’ll
have to evaluate your situation
and decide what kind of loan or
investment you’re willing to take.
If you are going beyond family
and friends for loans or equity
investments, you’ll definitely need
a business plan.
If you take a loan, you will
have to repay the money over
time (usually monthly), with
interest. The lender won’t receive
an ownership interest in your
business, and you won’t have to
share any of your future profits
with the lender. On the other hand,
if you raise money by selling equity
(ownership interests), you will
not have to make these monthly
payments or repay the investment
at any particular date. L e g a l
All about you
The business of
doing business
your business is profitable, you’ll
need to share the profits with your
investors, generally in proportion
to the percentage of the business
they own.
Licences and permits
Business licences and permits
can range from the general (a
basic trade licence to operate
a business within a city), to the
specific (a permit to sell alcohol/
firearms/food items). Bear in mind
that regulations vary by industry.
Investigate into the licensing
and permit requirements that
affect your industry, and avoid
any temptation to ignore these
important regulatory details.
Being out of licensing and permit
compliance could leave you
unprotected legally, which may
lead to expensive penalties, and
can jeopardise your business.
Location of workplace
There is no universal rule for
choosing a business location.
The biggest consideration is
sometimes not where it is but
what it is. The building facilities
need to be appropriate for your
business whether you are working
from home, a business centre or
a rented space. Or you could take
up space in a market with similar
businesses or consumer groups.
Entering into agreements
Be mindful of employment
contracts as these take different
forms. All employees at a
company may be asked to sign
the same form of contract, or
each employee may have a
contract with the employer that
is exclusively applicable to his
or her employment agreement.
It mentions the kind of work the
employee will do, for how long,
and at what rate of pay. Please
consult an attorney who can
advise you about Confidentiality
and Non-Competition Agreements,
and clauses pertaining to
ownership of inventions, exclusive
employment, termination,
minimum wages, bonus,
arbitration and jurisdiction.
In almost all business dealings,
every time you or your company
agrees to take some action or
make a payment in exchange
for anything of value, a legal
contract is created. Make sure
that you and the other party
agree on the meaning of any
potentially ambiguous words or
phrases. Even a misplaced (or
unnoticed) punctuation mark can
dramatically change the scope of
your rights and obligations under a
contract. Watch out for commonly
misused words. When you agree to
bimonthly payments, for instance,
do you understand that you will be
paid every other month? Or do you
expect to be paid twice a month?
Some business agreements may
be simple enough for the regular
person to draft, while others may
require the help of a lawyer.
Advertising
If your advertisement is deceptive,
you’ll face legal problems even
if you had the best intentions
while framing it. In addition, if
your advertisement contains a
false statement, you have already
violated the law. The fact that you
didn’t know ‘the information was
false’ is irrelevant. Advertisements
should conform to laws and
should not go against morality,
decency and the religious
susceptibilities of people.
Business Advisors
Finally, the key to success for any
entrepreneur is to have the best
set of advisors, not necessarily
the most expensive but the
ones you can trust totally. These
may includes lawyers, chartered
accountants, insurance advisors,
and bankers among others.

Decide on the meaing of potentially
ambiguous phrases. Even a misplaced
punctuat ion mark can change the
scope of your rights and obligations..