Western India Regional Council of
The Institute of Chartered Accountants of India

Law Update Details

 
May 2019 CA. Ramesh Prabhu, CA. Mukul Varma
 

RERA


(1) National Consumer Dispute Redressal Commission decided against the appeal filed by Today Homes & Infrastructure Pvt on 15th April, 2019. It is held that there is no bar on the flat purchasers to approach consumer court post RERA. Thus flat purchasers may approach RERA or consumer court as per their choice.


(2) MAHARASHTRA REAL ESTATE APPELLATE TRIBUNAL Vide APPEAL NO. 0006000000010679 between Mr. Sandeep Shivram Jadhav Vs. Rahul Excellence, it is held that RERA provisions will be applicable irrespective of the fact that the agreements were executed under MOFA.


STAMP DUTY


(1) No increase in Ready Recknor for Market Value for Financial year 2019-20: Inspector General Registration and Controller of Stamps, Maharashtra vide letter dated 1st April, 2019 has confirmed that due to slackness in the real estate market, the ready recknor value for 2018-19 shall be continued for the next financial year also without any increase.


(2) Bombay High Court in the commercial Execution Application 22 of 2016 between Pinak Bharat & Co Vs Anil Ramrao Naik vide order dated 27th March, 2019, it is held that in the case of auction property through the Court, the market value for stamp duty has to be as per Auctioned value and not as per the ready recknor.


New Ordinance published on 9th March’2019 to include a New Housing chapter in Maharashtra Co-operative Societies Act’1960. In new Ordinance, definition of “Associate Member” has drastically been changed and definition of “Joint Member” has been introduced.


As per new definition:


“Associate Member” means husband, wife, father, mother, brother, sister, son, daughter, son-in-law, daughter-in-law, nephew, niece, a person duly admitted to Membership of a housing society on a written recommendation of a Member to exercise his rights and duties with his written prior consent and whose name does not stand in the share certificate:


“Joint Member” means a person joining in an application for the registration of a housing society jointly, which is subsequently registered or a person who is duly admitted to Membership after its registration and who holds share, right, title and interest in the flat jointly but whose name does not stand first in the share certificate:”


As per above definition, membership of Associate member is subject to written recommendation of a member and his name will not appear in Share certificate. He will have right to attend and vote in general meetings, but cannot contest election nor will have a right to vote in election.

 

© Copyright 2019, Website Designed & Developed By : General Data P. Limited