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23 Feb 2024
Affordable Rental Housing Complexes( ARHCs) is a sub-scheme under the Pradhan Mantri Awas Yojana – Urban (PMAY-U) scheme, initiated by the Ministry of Housing & Urban Affairs. It aims to provide affordable rental housing to urban migrants and poor. The ARHCs will comprise of a mix of single bedrooms and dormitory style units along with common facilities and amenities. These spaces will be leased for a minimum period of 25 years. Under the ARHC scheme, government funded vacant houses will be converted to ARHCs and new structures will be erected on available vacant land for this purpose which will managed through Public Private Partnership or Public Agencies.
22 Feb 2024
The Slum Rehabilitation Authority (SRA) is a planning authority formed under the Slum Rehabilitation Act in December 1995. It was established to serve as a planning authority for all slum areas in the jurisdiction of Municipal Corporation of Greater Mumbai. The SRA authority undertakes activities such as assisting slum dwellers in forming co-operative societies, assisting in certification of eligibility of slum-dwellers, taking punitive action on non-participating slum-dwellers obstructing the scheme, survey, and measurement on slum lands grant of building permissions, leasing of rehabilitation plots and free-sale plots and updating of property cards (PR cards) and more.
21 Feb 2024
Base FSI is the basic FSI permitted by the competent authority as a matter of right without any cost. Chargeable or Premium FSI is the FSI available by additional payment to the competent authority as per the applicable rules. Maximum permissible FSI is the FSI that includes the base and chargeable FSI.
20 Feb 2024
TDR is a technique of land development, which separates the development potential of a piece of land from the land and allows the development rights to be used elsewhere in the city as permissible by the state law. Under this method, the owner of the land can sell the development rights of his land to another entity or individual. The receiving plot can use this TDR over and above the usual FSI available to it in accordance with the prevailing laws and regulations. This is generally used for redevelopment of inner-city zones and re‐development projects.
19 Feb 2024
Capital assets are significant pieces of property such as homes, cars, investment properties, stocks, bonds, and even collectibles or art. Any profit arising from the sale of a ‘capital asset’ is referred to as a capital gain. This gain or profit is considered as ‘income’ and therefore applicable to be taxed. Capital gains tax can be short-term or long term and must be paid within the same year as the transfer of asset. In India, assets received as gifts or by way of a will or inheritance is exempt from taxation. However, if the individual inheriting the asset choses to sell it, capital gain tax will be applicable.
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16 Feb 2024
Ready Reckoner Rate, also known as circle rate, is the minimum selling price of a property, set by the State Government. It is the minimum value of an asset, at which it must be registered at the time of its transfer. It is used for the calculation of stamp duty, property tax and various other registration fees. The Ready Reckoner Rate is updated periodically by the State Government to reflect the current market conditions. Individuals selling or buying properties at a rate less than the prevailing Ready Reckoner Rate can be penalised by authorities.
15 Feb 2024
The Pradhan Mantri Awas Yojana is a housing initiative by the central government launched in 2015 with the aim to provide “Housing for All” by 2022. It is divided into two parts; PMAY- Urban and PMAY-Gramin catering to urban and rural housing respectively. PMAY-U aims to construct 20 million houses for EWS and LIG groups in urban areas via promotion of in-situ slum redevelopment, subsidies to private companies for construction of affordable housing projects and a Credit Linked Subsidy Scheme (CLSS) for home loans availed by EWS, LIG and MIG groups. PMAY – G aims to provide a ‘pucca’ house, with basic amenities like piped drinking water, electricity connection, and Liquefied Petroleum Gas (LPG) connection through various state run schemes.
14 Feb 2024
An easement refers to a party's right to use or improve portions of another party's property, or to prevent the owner from using or improving the property in certain ways. The first type is referred to as affirmative easement, e.g. A utility company may have the right to run a gas line through a person's property or pedestrians may have the right to use a footpath that passes through that property. A negative easement restricts the title-holder from doing something, e.g. An owner may not be allowed to build a structure in his garden that would block his neighbour's light.
13 Feb 2024
Housing units in metropolitan cities such as Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, Mumbai-Mumbai Metropolitan Region, and Kolkata, that are worth up to 45lac rupees and measure up to 60 sq. m of carpet area are considered as affordable housing units. A housing unit in any Indian city other than the ones listed above qualifies as an affordable house if it costs up to 45lac rupees and has up to 90 sq. m of carpet area.
12 Feb 2024
A restrictive covenant is an agreement that a seller writes into a buyer’s deed of property that restricts how the buyer may use that property. For example, the seller may want the buyer to leave a building’s original façade intact. As long as they don’t break the law, restrictive covenants can be as specific and arbitrary as the parties are willing to agree to.
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