Saturday, July 18, 2009

Registration of Power of Attorney to become compulsory

Hindu reports.

The government of Tamil Nadu has proposed amendments to the Registration Act to prevent fraudulent transactions, evasion of taxes and stamp duty , writes R.L.Narayanan

Photo: M. Srinath

Changes underway: Rules relating to registration of Power of Attorney will be changed.

Recently, the Government of Tamil Nadu has proposed that the rules relating to registration of Power of Attorney will be changed and the registration of instruments of power of attorney will be made compulsory.

Further, it is proposed that the registration of these instruments shall be made only in the office of the Registrar of Assurances concerned having jurisdiction in respect of the property dealt with under the Power of Attorney is situated. Necessary a mendments to the Registration Act, 1908, are likely to be made shortly and date of notification for implementation announced.

The immediate concern for the proposed amendment is the large-scale prevalence of a system known as “Power of Attorney Sales”.

The Supreme Court has considered this terminology and the practice covered by the term in a case pending before it.
Gained acceptance

Broadly speaking, Power of Attorney Sales is the practice of registering Sale Agreement, Power of Attorney with or without Will instead of one Sale Deed or other deed of conveyance on payment of full sale consideration.

The practice has also been to register only one of the three documents mentioned above. This practice has gained acceptance in the market and also before various authorities.

It was noticed that where restrictions such as compulsory permission from the Authority concerned and where such permission was granted on the basis of payments to be made were imposed on transfer of flats, a hybrid system with a Power of Attorney Sale was effected by the allottee / holder of the Flat to avoid the procedures and fees to be paid.

Full article here

Wednesday, July 15, 2009

Group buying using Twitter

I'm not sure but am wondering if we have use Twitter to post information on group purchases.

For e.g a post can be

Buy : Pune : 3 Bed : Kalyani Nagar : 50L


Sell : Bangalore : 2 Bed : Jayanagar : 60L

I guess we can gain some traction if there are people and maybe go for group purchases.

I've created a twitter page IndiaBubbleApt

Sunday, July 12, 2009

Dharna by Maytas Hill County residents

Maytas hill county residents of Hyderbad staged a dharna in front of the house of their scamster promoter Mr Ramalinga Raju. The Satyam fiasco has caused Maytas to collapse under its own weight. The project work has stopped and investors and house owners are losing their hard earned money to bank loans. This is a very stark reminder to the state of financing in the real estate construction business. Maytas Hill county was supposed to have been completed by mid 2009. Now with the stopped construction, there seems to be no light at the end of the tunnel. These residents have to push their battle to the media like the Jet employees. Just a weekend protest is not going to help.

A friend of mine helped me translate the 2nd video.
The NRI mom is lamenting the lack of security for investments for NRIs. Her son is in London and got lured by the promises of Maytas. He has been paying EMI for 3 years now with no sign of completion in sight. She believed the builders promises but now nothing is happening. The bank is not reducing the interest rate and the government is not doing anything and not taking action against Maytas.