Will or Gift?

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By: Priyanka Shetty

What is a will?

A will is a legal declaration of the intention of a testator (person making the will) with respect to his property, which he desires to be carried into effect after his death.

A will shall be operational only after the death of the testator and under no situation will it be operational when the testator is alive.

Why is making a will significant? Why should one make it?

New Real Estate Law to Come to the Rescue of the Hapless Buyer

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By: Prachi Ojha and Mansi Singh

The Real Estate (Regulation and Development) Act, 2016

The Real Estate (Regulation and Development) Act, 2016 (“Act”) received the assent of the President of India on 25th March 2016. The Act seeks to establish the Real Estate Regulatory Authority (“RERA”) for the regulation and promotion of the real estate sector and to protect the interests of the buyers. The Act is a significant step towards bringing in accountability and transparency in the real estate sector, which has so far been a story of delays, overpricing and exploitation. While the Act brings some respite to the buyers, property developers have been concerned about the provisions being too stringent and, in some cases, operating retrospectively.

Under the Constitution, “land” falls under the State List (where the state legislature has the exclusive power to make laws) while “acquisition and requisitioning of property” comes under the Concurrent List, empowering the Centre as well as the States to legislate on the matter. The implementation of the Act is likely to trigger a

Promoter has No Right to Sell Garages/Stilt Parking Areas

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By: Meenakshi Iyer

In a significant ruling delivered on August 31, 2010, the Supreme Court has held that builders are not entitled to sell garages/stilt parking areas as separate flats to owners who intend to use it as parking facilities. A Division Bench of the Apex Court (Justice R. M. Lodha and Justice A. K. Patnaik) dismissed the appeal of the promoter, Nahalchand Laloochand Pvt. Ltd., which challenged the Bombay High Court’s ruling that a builder cannot sell parking slots in the stilt area as independent flats or garages, under the Maharashtra Ownership Flats Act (MOFA).

The Apex Court reiterated that promoters had no right to sell open to sky parking areas or stilted portion usable as parking space as these are not “flat” within the meaning of Section 2(a-1) of MOFA and, therefore, not sellable independently as a flat or along with a flat.