Thursday, 13 June 2013

Maval and Mulshi Record Highest Number of Fraudulent Land Deals



Maval and Mulshi talukas are known for some fine scenic spots. But marring this tag, they are getting the dubious distinction of being the hotbed of fraudulent land deals.

Fraudulent land transactions have been coming to light at an alarming rate and rising for the past couple of years. Of the 900-odd land-related cases that came up for hearing before the Maval sub-divisional officer (SDO) over the past year, around 50 per cent were fraudulent land deals.
Maval SDO Sanjay Patil stated that almost all cases of fraudulent deals that come before him are of “double sale deeds”.

“Sale deeds are signed once a deal is finalized. Of late, many cases are coming to fore of the same land being sold twice (fraudulently) and in some cases thrice,” he said.

Sale deeds are inked once a deal between buyer and the seller is finalized. These are then maintained at offices of the sub-registrar. It is expected that once the sale deeds are finalized, the revenue department should be informed to make necessary changes in land records. In the majority of cases, the necessary mutation of land records is not carried out because of lack of proper coordination between offices of the sub-registrar and the revenue department.

“The most crucial document of the sale deed is Form A, supposed to be used by revenue officials to change land titles. However, in many cases, Form A is not submitted to the office of the local talathi and thus mutation entries are not made in the 7/12 land records. Unscrupulous elements make use of this to sell the land again and register another sale deed. When the case comes up for hearing before me, there is little I can do,” said Patil.

Another major avenue for land fraud, which is becoming common these days, is sale of plots demarcated by private town planners. “Only layouts prepared by the town planning department of the government of Maharashtra are accepted. These days, many plots prepared by private town planners are available and these are hotbeds of fraudulent activities,” he said.

Patil stated that in particular, in layouts prepared by private town planners, the promoter often sells land marked as approach roads, taking advantage of lack of strict government scrutiny. Senior officials say these lands are often purchased by anti-social elements who use muscle power to block the approach to other plots. “When such cases come up for hearing, we can’t do anything as private layouts have no standing in the eyes of the law,” Patil said.

In the absence of an alternative, the investor is often compelled to sell his land at a loss, which is again sold to a gullible buyer.

Patil and other senior revenue officers strongly advise people to make a complete scrutiny of the legal status of the property before investing.

“Other than the office of the talathi, a proper verification should be done at the office of the sub-registrar to rule out any past transactions,” he said. He also stated that people should refrain from buying plots in areas demarcated by private town planners

Wednesday, 12 June 2013

Spurt in Luxury High Rise Residential Towers in Pune



Property buyers in Pune are now getting spilt for choices. Apart from luxury interiors and premium amenities, property buyers now have choice of high rises across various locations in Pune. One such high rise towers project is located at Bhosale Nagar. Castel Royale Towers by ABIL Group were probably the first of the few 100 meters tall towers announced in the city. The Castel Royale towers stand facing the vast Pune University Campus spread across 600 Acres, and are surrounded by quite lush greens. Just a 10 min trot from Deccan, a quick drive from the Airport and with swift access to the Mumbai – Pune Expressway and is spread across a grand 20 acres of picture perfect landscape area. Apartments at Castel Royale Pune start from 2500 sq.ft. Onwards to around 7500 sq.ft.

Another high rise towers in making is One North by Panchshil Realty at Hadapsar. Surrounded by 4 acres of forests, yet close to the central commercial district, One North, Pune’s newest limited-edition high-rise residences celebrate an era when the living was gracious and 'roomy interiors' were de rigueur. The 8 towers of the project have 2 large apartments per floor as well as 4 covered car parks for every apartment and most of all complete privacy.

Apart from these projects some of the very premium high rise projects that are creating waves are Trump Towers at Kalyani Nagar, Gateway Towers by Amanora, Windermere at Koregaon Park by Vascon,  Aria by Ajmera at Koregaon Park. All these projects would satisfy the need of gracious and high life living.

Thus, buying a sky home in Pune is now reality. Buyers of premium flats and apartments in Pune now will be more spoilt.

Saturday, 8 June 2013

One more new complication by Government which will affect property buyer and seller

TDS on transfer of Immovable properties under section 194 IA of Income Tax Act, 1961

I hope all of you may be aware that Section 194-IA was inserted by the Finance Act, 2013 to provide for deduction of tax at source@1% on consideration for transfer of immovable property, other than agricultural land. However, no tax is to be deducted if the consideration for transfer of immovable property is less than Rs.50 lakhs.

Consideration for this purpose shall be taken as the total value of the property including land, construction and other charges but excluding refundable maintenance deposits.

Now for buyers of flats in Pune, the provision requires that the deduction of tax must be made by the transferee (customers) and each payment made by customer after 1st June 2013 will attract this provision. If some payments are made against the sales made prior to 1st June 2013, then only the receipts made after above date will attract TDS and not the earlier payments. However, irrespective of whether the payment is in respect of current purchases or the past purchase, if there is a payment made after 1st June 2013, TDS provision will apply.

TDS for the payment made during the month should be remitted to govt. account on or before 7th of subsequent month. If there is delay or default in remittance or deduction, the interest and penal provision as prescribed in the Income Tax Act will apply.

Challans have been prescribed by the tax department to be used by the customers for tax remittance; the copy of the same is attached here with. This is appearing as challan for ‘TDS on sale of property’ in the e payment portal of online tax payment service facility of nsdl. Customers have to use the following link for direct on line transfer of TDS payments by using the said challans.