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Unveiling layers of Real Estate Laws

The second Revised and enlarged edition of “Real Estate Laws” by Naushand Panjwani, Chartered Accountant and Ameet P Hariani, Advocate & Solicitor is published by Bombay Chartered Accountants Society. The book is a comprehensive and up-to-date reference tool for professionals of the real estate industry as well as for lay men who understand only the basic of the workings of real estate.

The book is easy to read and understand as it follows a FAQ format all throughout. With rampant construction – some legal and many illegal — it is easy to find irregularities in the realty sector. The book tries to disseminate information in an easy to understand and absorb manner.

The authors have effectively the divided the topics into small chapters that follow a Q&A format. Topics as basic as the ‘Concept of property’, ‘Sale of Assets by transfer or shares of Company’, ‘Leave and Licence’ to complex topics like ‘Transfer of Development Rights’, ‘Heritage Property’, ‘Land Acquisition Act, 1894 and LARR Bill 2011’ and ‘Foreign investment in Real Estate & Construction Sector in India’ among others are detailed in simple language in this 260 page book.

The authors have cited case studies of actual cases to explain the importance of certain laws. Especially interesting are the cases on the Scindia Employees Union v/s State of Maharashtra & Others in the chapter on Land Acquisition Act, 1894 and the Zoroastrian Co-operative housing Society Limited and Another v/s District Registrar Co-operative Societies (Urban) and others 2005, in the chapter of Model Bye-Laws of a Co-operative Housing Society in Maharashtra.

This well researched and documented book captures the prevalent statutes as amended till date but also deals with various relevant Bills that are expected to be enacted in the near future. It also deals with certain key issues regarding the purchase and sale of flats/apartments in cities such as Delhi and Bangalore.

Wherever necessary the authors have explained in detail the laws and by laws and also stated chapters or articles from books including the Bombay stamp Act, Transfer of property Act, The Bombay Tenancy and Agricultural Lands Act among others.

In the chapter on Co-operative societies, the authors have given an in-depth explanation of the Maharashtra, Delhi and Karnataka Co-operative Societies Registration acts. Similarly in the chapter on Leave and Licence the authors have very clearly explained the difference between Leave, License and Business Centre in a tabular format. Readers will be able to differentiate between the three easily with the table as a reference point.

With reference to Mumbai, the chapter on Mill Lands is worth taking note of. With so many mills coming under the redevelopment plan in Mumbai, it is important to understand the provision of the Development Control Regulations for Greater Bombay dealing with Mill Lands. This will help buyers make conscious decisions while buying flats in such mill lands.

The chapter on Stamp duty and Real Estate Valuation is a ready reckoner for individuals looking to buy property. These explain the why, how and what of the subjects. The authors have given a detailed breakup of the methods used in real estate property valuations.

The book imparts practical and useful information for not just people interested in buying property but also for individuals in the business of real estate.

About the Authors:

Naushad Panjwani is a fellow chartered accountant and a member of the BCAS. He has been with Knight Frank for over nine years and currently is the Senior Executive Director – Projects and Facility Management at the company. In this role his responsibilities include business development, cross selling and innovation. He is also mandated to spearhead growth of the regions and branch offices.

Ameet P Hariani is a member of Bombay Incorporated Law Society, Law Society of England, London and Singapore Law Society. He has been practising as a Solicitor since 1986. He founded M/s Hariani & Co. in the year 1991 and is the Managing Partner. The firm has several verticals including corporate, contentious and IPR and is strongly recommended inter alia for real estate related advice in India and abroad.Ameet P Hariani, Founder & Managing Partner M/s Hariani & Co is a member of Bombay Incorporated Law Society, Law Society of England, London and Singapore Law Society. He has been practising as a Solicitor since 1986. His firm established in the year 1991 offers consultancy in verticals including corporate, contentious and IPR.

 

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