Shri Janani Homes: Independent Luxury Villa on OMR, Chennai

Shri Janani Homes-Groovy Woodz Independent Luxury Villa on OMR, CHENNAI

Shri Janani Homes Pvt. Ltd. have recently launched premium project called Janani’s Srinivasam(GROOVY WOODZ), independent Luxury villas exactly at Kazhipattur, on OMR, Chennai (Near Anand Institute of Technology)

Project Name : Janani’s Srinivasam(GROOVY WOODZ)

Total Villas : 87 Independent Luxury Villas

Total Area : 6 Acres

Handover : Dec 2015

Location: 
Kazhipattur , On  OMR, Near  Siruseri IT Park and Adjacent of Anand institute of 
Higher Technology

20 Mtrs from the OMR Main Road, Surrounded By all major IT Companies, Educational Institutions, Asiana Hotel & AGS Multiplex,Hirandani gateway school, Hindustan University, Chettinad hospital.
 These independent luxury villas are spacious and beautiful which are aesthetically designed to meet your home needs.

 For bookings, please call at 95855 96916



V.S.Santhosh Kumar
Marketing-Sales
9585596916
 
Shri Janani Homes Pvt Ltd
 
 No: 1A, Mahathma Gandhi Street, 
Behind Indian Oil Petrol Station, 
Kumaran Nagar, Semmencheri, 
Sholinganallur, 
Chennai –  600 119. Phone: 044 -  2450 0939
 
Share:

Pearl Foundation wins Rotary T20 tourney

Pearl Foundation outplayed R.R. Donnelley in an overwhelming final match to become the championsof the inaugural T20 Cricket Tournament 2015 organized by The Rotary Club of Madras.

The Tournament was held from January 10th to March 2015 over weekends at DB Jain College, Thoraipakkam and Reddy’s Cricket Academy, Santhoshpuram, Chennai. 111 matches were played between 64 teams divided into 16 groups of 4 teams each.
Rtn. P. N. Mohan, Tournament Director,
President S.N. Srikanth, RCM
presenting the cheque to the winning team captain.



The Gala Prize distribution ceremony at The Westin, Velachery was attended by more than 125 people, including both the teams which played the finals. In addition to various trophies, the winner and runner up teams were awarded cash prizes of Rs.1, 00,000 and Rs.50, 000 respectively along with gold and silver medals. Godrej and The Chennai Silks were the main sponsors.

Rtn. P. N. Mohan, Tournament Director said it was a fantastic experience coordinating 64 teams and ensuring that matches were played without any delay and in the true spirit of the game. It was in a sense a fitting finale to a great event on the same day as the World Cup came to an end in Australia.President S.N. Srikanth gave away the winning trophy and medals.

Final Match Details:
The victory was possible by an uncompromising batting and some effective bowling by Mr. Abhishek of Pearl foundation, who won the Man of the Match award after his 41 not out with the bat and 2 wickets conceding just one run.

Pearl foundation - 111/10, 19.2 overs.

R.R. Donnelley - 73 / 10, 18.4 overs.

Rotary Club of Madras which is the Premium Club in South India and the third oldest Club in India carries out various community service projects every year to benefit the less fortunate people of this country.  The projects range from Sanitation Project, Vocational Service Training, Health Clinics, educational Scholarships, Providing better facilities for municipal school children, Senior Citizen’s home etc.
Share:

Nitin Gadkari inagurated the Scania first bus manufacturing facility in India

 Nitin Gadkari inagurated the Scania first bus manufacturing facility in India

Scania Commercial Vehicles India Private Limited today announced the inauguration of its bus manufacturing facility in Narasapura near Bangalore. Honourable Minister of Road Transport and Highways of India, Shri. Nitin Gadkari, officially inaugurated the plant. The bus manufacturing plant’s current capacity is about 1,000 units per year and will employ 300 people in its first year.



Ms. Anna Ryott, Managining Director, Swedfund; Shri Nitin Gadkari, Union Minister of Road Transport and Highways Government of India; Mrs. Anna Johansson, Minister of Infrastructure, Government of Sweden and Mr. Martin Lundstedt, President and CEO, Scania Commercial Vehicles


 (L to R) Mr. Anders Grundströmer, Managing Director, Scania India and Senior Vice President, Scania Group; Shri K. h. Muniyappa, Member of Parliament, Lok Sabha, Kolar Constituency; Shri Nitin Gadkari, Union Minister of Road Transport and Highways Government of India; Mrs. Anna Johansson, Minister for Infrastructure, Government of Karnataka and Mr. Martin Lundstedt, President and CEO, Scania Commercial Vehicle

Ms. Anna Ryott, Managining Director, Swedfund and Mr. Martin Lundstedt, President and CEO, Scania Commercial Vehicle, signing the MoU at the Scania bus plant inauguration in the presence ofShri Nitin Gadkari, Union Minister of Road Transport and Highways Government of India and Mrs. Anna Johansson, Minister of Infrastructure, Government of Sweden, to develop Bio-gas locally in the city of Nagpur. This initiative will not just create jobs, a sustainable transport system with lesser impact on the environment but also be a role model for other cities in India to address the growing environmental challenges. This further strengthens Scania’s vision of providing Green transport solution for India.  


Share:

700 students attended the interview process at FLAG 2015 at Salem

Over 700 students attended the interview process at FLAG 2015 @Salem

~ Eight companies from Manufacturing, IT product developments, KPO, industry attended to identify their right candidate

~ More than 700 students from 50 colleges from across the southern states participated in the FLAG 2015 to find their suitable job

EmployabilityBridge, a company which is into facilitating corporate from across India and educational institutions from non-metros to place the right candidate in the right job profile has brought eight companies to Salem region during its 37th edition FLAG the held at Gnanamani College of Technology. The company has partnered with CII to run its flagship program FLAG across Tamilnadu, Kerala and Karnataka. This is 10th FLAG for this year which received great response from students across southern states and companies participated handed over 120 offers to the students.

The FLAG 2015 had participation of companies from multiple industries including manufacturing, IT, product development and KPO. The companies were hiring for openings in cities across India.

Core Companies WABCO, Vinod International, HiFlame14, ASEC, Advanced Bolting Solutions and IT Companies Velan Info Services, Compuage Infocom, Teknoturf participated at the program and they were enthused by the response from colleges and students for the FLAG 2015. Handing over the offers to the selected candidate the participated companies said FLAG by Employability Bridge is a right place to find the talents from non-metros. The participated students conveyed the message that good candidates were spread across and not just only in well established institutions.

Commenting on the program Emmanuel Justus, CEO, Employability Bridge said that “FLAG is a series of intelligent graduate hiring events offered by Employability Bridge in association with CII to ease the hiring process for the leading corporate and they were able to meet students from 18-20 colleges in tier II and tier III city colleges today. We were delighted to see the eligible candidates get access to opportunities with some of the India’s leading companies. We appreciate the interest by the companies and colleges for FLAG.”
Commenting on EmployabilityBridge’s 10th FLAG Emmanuel Justus, CEO, EmployabilityBridge said “We are delighted to host our third FLAG in Salem. We are well received in all places we hosted our FLAG. The model we follow is a big hit in Tamilnadu, Kerala and Karnataka.”

“We at present work with various corporate houses across the country and educational institutions across Tamilnadu, Kerala & Karnataka to enable graduate hiring in a pre-planned manner. Since inception, 2011, we are receiving enormous response from both the corporate houses and institutions. We partnered with CII for their industry expertise and enhance the reach. With our data we found that students hired from non-metros through FLAG sticks to the company long and hence reduce the attrition level” he added.
Ambalavanan, CTO, EmployabilityBridge said “EmployabilityBridge plays a critical pivotal role in the entire job ecosystem by exposing students with opportunities available across multiple industries – IT, Manufacturing, Engineering, Servicing, ITES, Automotive, Electronics etc. These opportunities are not only available with MNC’s but also with mid size companies, SME’s, startup etc. Pre-counseling and processes before meeting the companies by FLAG helps the students to identify their skills and get good opportunity.”
Dr. Arangannal, Chairman, Gnanamani Group of Institutions said that “Gnanamani College has been associated with EmployabilityBridge for the first time and proud to host its tenth FLAG for 2015. FLAG has given the students from rural institutions access to leading companies. We are happy to have hosted students from colleges across southern states to participate in the FLAG. I wish more corporate should take part in the upcoming FLAG events to widen the opportunities.”
Palani, a student from Gnanamani College said “I was apprehensive about job after studies. But I am glad I got an offer through FLAG. FLAG is a boon for students like me studying in colleges from smaller cities with limited access to companies beyond our locality.”
EmployabilityBridge will hold its next FLAG event in Trichy on 10th April. Institutions and corporate can get the details and register at http://employabilitybridge.com.
About FLAG:
EmployabilityBridge is a company that facilitates companies and educational institutions to place the right candidate with the right company. 

The company at present works with various corporate houses and educational institutions across Tamilnadu, Karnataka and Kerala to get right candidate placed. EmployabilityBridge’s offering FLAG is a series of intelligent graduate hiring events conducted around the year across different cities and it provide students from tier II and tier III cities with access to opportunities at leading companies spread across multiple industries. 

The company has partnered with Confederation of Indian Industry (CII) and National Skill Development Corporation (NSDC) to enhance the reach. URL: http://employabilitybridge.com
,
RSVP:
Krishna Moorthy – 9442191717
Avian Media, Chennai

Ambalavanan - 9940021969, CTO, Employability Bridge


Share:

Bharti AXA General Insurance launches SmartTraveller



Bharti AXA General Insurance launches SmartTravellerØ  International Travel Insurance plans for Students, Individuals/Families & frequent travelersØ  Instant purchase through  www.bharti-axagi.co.in
 * International Travel Insurance plans for Students, Individuals/Families & frequent travelers

* Instant purchase through  www.bharti-axagi.co.in

*  Leveraging AXA’s global network for end to end claims assistance

Bharti AXA General Insurance (GI) Company Ltd. has launched SmartTraveller that offers global coverage for students, individuals, families and frequent travelers.

The SmartTraveller Insurance policy offers a choice of 2 major plans catering to:



·         Individuals and Families and frequent travelers through a variant - known as Annual Multi Trip International travel insurance plan. These cover geographies including U.S.A & Canada, Schengen (enlistment under way); Asia excluding Japan and Worldwide including Japan.


  • Students in the age group of 16 to 40 years, covering U.S.A and Canada and rest of the world.
Addressing the media, Mr. Milind Chalisgaonkar, the interim CEO & MD, Bharti AXA General Insurance said, “International Travel for Indians has increased substantially and with it has arisen a need to be better prepared to manage any travel related risks.

Bharti AXA GI offers comprehensive and affordable international travel insurance solutions for different segments of travelers.

The distinguishing factor of our offering is that even the most basic version of our travel insurance products offers 11 or more benefits that equip a traveler to manage nearly any problem they may face.

Additionally, our partnership with AXA Assistance ensures that we provide seamless end to end claims assistance globally, thereby leveraging on the strengths of our parent company. We are confident that this product will be well received by the frequent traveler community and help us become the first choice for customers”.

Sharing her views, Ms. Rachna Sethi, CEO, AXA Assistance India Private Limited said, “AXA Assistance is wholly owned by the AXA Group, so Bharti AXA GI and AXA Assistance belong to the same parent. Being world leaders in providing best-in-class emergency response and everyday assistance to our customers worldwide, we manage over 30 global 24*7 alarm centers. One of such alarm centers is located in Delhi. This means that we are all the more equipped to render services to our Indian clients, in their own language, and to understand our clients’ needs, fears, and concerns. This allows us the enhanced capability to provide extra assurance, and comfort to our customers in India, when faced with an unfortunate situation in any of their visits, overseas.

With over 7000 of own employees and a wide network of physicians, hospitals and related services in over 200 countries, we are experienced in handling over 9 million cases. Therefore we are confident that the traveler community covered by SmartTraveller will benefit from a seamless and smooth insurance & assistance solution and, while we shall effectively manage global access, quality and cost for them.”



The Bharti AXA GI Advantage

1) Extensive Coverage: Individual and family plans cover several travel exigencies like medical emergencies, loss of travel documents (Passport, tickets etc.), loss of checked-in baggage, compassionate visit in case of medical emergency, financial emergency, daily allowance if hospitalization is needed, among others. Student international travel insurance plans in addition cover sponsor protection and reimbursement of the tuition fees due to study interruption. While both offerings are comprehensive, a further extension of benefits can be opted for, with nominal payment of 10% of premium. For e.g. students can get cover for treatment of mental and nervous disorders including alcohol and drug dependency.

2) One Company for end to end Assistance: Partnership with AXA Assistance ensures comprehensive claims assistance across the globe. AXA Assistance offers best in class solutions for all traveler needs from seeking pre-travel information for a trip to medical assistance while traveling abroad, the AXA Assistance Global Medical Network provides access to an extensive network of physicians and facilities in more than 200 countries around the world.  The comprehensive claims management from AXA Assistance provides a high degree of transparency and efficiently reduces overall costs through preferred discounted rates with medical providers and direct settlements.

3) Quick Online Purchase: To quicken and simplify the buying process, Bharti AXA General insurance website www.bharti-axagi.co.in offers prospective buyers all necessary tools to make a quick purchase online with no paperwork. Being easy to navigate, jargon free and user friendly, the website provides details like exigencies covered, coverage limits, exclusions, etc. By filling in trip details, one can receive instant quotes on recommended plans as per travel requirements and budgets. This is followed by a quick & easy option of online payment and purchase. In addition, Bharti AXA GI is also pursuing e-partnerships with several travel portals to reach out to greater number of travelers.

4) Toll-free Number for claims assistance from any part of the globe: The claims process is just as simple, transparent and quick. For claim or emergency assistance whilst abroad, the insured may call on dedicated toll free numbers (For Canada - 844-691-8883, For USA - 844-691-8885, For rest of the world excluding Canada & USA +91 11 47324403). A representative guides the insured over phone on the claims process. A claim form available online can be completed and transmitted to the company with all supporting information.

5) Affordable Travel plans for different consumer segments: Costing less than 1% of the entire travel cost, these plans truly offer comprehensive coverage against different travel exigencies, thereby offering peace of mind to individuals, families, students and frequent travelers.


Benefits: Individual and Families

● Medical Expenses● Dental Treatment Expenses ●Personal Accident ●Accidental Death and Dismemberment - Common Carrier ●Daily Allowance in case of Hospitalization ●Compassionate Visit ●Loss of Passport and Documents ●Total loss of checked Baggage ●Delay of checked Baggage ●Trip Cancellation and Interruption ●Missed Connection ●Personal Liability ●Financial Emergency Assistance ●Hijack Distress Allowance ●Home Fire Insurance – Contents ●Home Burglary Insurance –  Contents ●Loss of Deposit or cancellation - Hotel and Airline ●Overbooked Flight ●Bail Bond ●Legal expenses ●Pet Care No Cover ●Emergency accommodation

Benefits: Student International Travel Product

●Medical Expenses ●Dental Treatment Expenses● Personal Accident● Accidental Death and Dismemberment - Common Carrier● Daily Allowance in case of Hospitalization ● Compassionate Visit ● Loss of Passport and Documents ●Total loss of checked Baggage ●Delay of checked Baggage ●Personal Liability ●Legal Expenses ●Bail Bond US$ ●Study Interruption ●Sponsor Protection

About Bharti AXA General Insurance:
Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection. The joint venture company has a 74% stake from Bharti and 26% stake of the AXA Group.
Presently the organization has cashless facilities in over 4500 network hospitals and over  2300 garages, as well as 24/7 claims registration through multi-modal channels like e-mail and SMS. The organization commenced national operations in August 2008 and currently has 69 branch offices.
It is the first organization in the GI Industry to receive dual certifications of ISO 9001:2008 & ISO 27001:2005. In October 2014 it successfully upgraded to ISO 27001: 2013 standard being ISO 27001: 2013. For more information please visit www.bharti-axagi.co.in.

About AXA Assistance Group

AXA Assistance is among the world leaders in providing assistance, with 1 157 million Euros annual revenues in 2013 and 8.5 million handled files. Wholly-owned by the AXA Group, AXA Assistance is the global specialist provider in emergency response as everyday assistance in four business areas: Automotive, Travel, Health and Home & Personal Services.

Its 7,000 people are located in 33 countries and do business in over 200 countries.
They are intended to protect and reassure their customers by creating and providing best-in-class solutions anywhere, anytime.

This press release is available on the AXA Assistance website

ABOUT AXA ASIA
AXA Asia is a market leading insurance player offering a differentiated composite proposition in Life and General Insurance with operational presence in Hong Kong, Singapore, Indonesia, China, India, Malaysia, the Philippines, and Thailand.   AXA Asia is part of the AXA Group, headquartered in Paris and a worldwide leader in insurance and asset management with a presence in 59 countries.   AXA Asia is committed to creating a sustainable, long-term business for our employees, customers and shareholders.

ABOUT THE AXA GROUP
The AXA Group is a worldwide leader in insurance and asset management, with 157,000 employees serving 103 million clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92.0 billion and IFRS underlying earnings to Euro 5.1 billion.  AXA had Euro 1,277 billion in assets under management as of December 31, 2014.The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).  AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.


Note: Insurance is a subject matter of solicitation


For further information,
Bharti AXA General Insurance Co.Ltd
Ankita Dubey
Corporate Communications
Email: Ankita.Dubey@bharti-axagi.co.in

 





MSLGROUP
Shruti Rashmin
Email: shruti.rashmin@mslgroup.com
Mobile: +91 9972532263
 
 






Share:

Inspiring Women Professionals for a ‘Second Innings’ at Career through SEGUE Sessions

An initiative by FLEXI Careers, witnessed active participation of 250 Women professionals

FLEXI Career India, the social enterprise of AVTAR Career Creators today hosted the 11th edition of SEGUE Sessions in Chennai. With over 250 Women professionals actively participating, a series of skill building workshops and networking sessions were conducted by companies like Ford Motor Company, Capgemini, Vodafone, and Naturals. 

The session started with a welcome address by Dr. Saundarya Rajesh, Founder - President of AVTAR Career Creators and FLEXI Careers India, Inaugural Address by Mr. David Dubensky, President & Managing Director, Global Business Services, Ford Motor Company and the keynote address was delivered by Ms. Bharathy Bhaskar, Senior Vice President - Citibank, Television Personality, Motivational Speaker and a Writer


Inspiring talks given by industry leaders such as, Mr. Vairamani Pandiyan, Vice President – Human Resources – India, Ford Motor Company, Mr. R Suresh Kumar, Operations Director – South, Vodafone India, Ms. Divya Kumar, Director – Analytics, Capgemini and Mr. C.K. Kumaravel, Co-founder & Director, Naturals were thoroughly motivational and encouraging for the participants.

The SEGUE Sessions was a holistic approach encapsulating the need and essentials of a successful career comeback, including testimonials on pursuing a focused gender balance in order to bridge the skill gap in the industry. The forum witnessed women from varying backgrounds and fields utilizing the opportunity to not only network with each other, but also with the role models of the prominent companies that participated.
Dr. Saundarya Rajesh, Founder - President of AVTAR Career Creators and FLEXI Careers India said, “SEGUE Sessions was started in Chennai in 2011 and we have come a long way from then. This is our 11th session impacting over 3000 women till date. It is reassuring to know that through these sessions we are building a skilled talent base for companies and helping women professionals to make a career comeback. With a strong support from various corporates, I am confident that these sessions will provide a platform for more second career women professionals to follow their dreams.”
SEGUE Sessions is India’s largest skill-building, networking and career creation initiative for women seeking transition in their careers. The upcoming sessions are planned in cities like Pune, Hyderabad and Kolkata.

 About FLEXI Careers India:
FLEXI Careers India (FLEXI), a social enterprise from AVTAR, works extensively in the area of Diversity & Inclusion with a special focus on gender diversity. FLEXI enables high-growth organizations to focus sharply on an inclusive talent strategy to make the workplace more welcoming for women. 

FLEXI also provides placement services for diversity recruitment, workshops and training programs, creating flexi-career tracks through Flexi career solutions and Flexi-working methods.

For Further Information, Please Contact:
Mr. Sreenivasan, + 91 9841109712


Share:

Sukanya Samriddhi VS PPF VS MF Child Plans

The launch of Sukanya Samriddhi Yojana (SSY) by the government for the girl child has sparked considerable interest given its tax benefit & interest rate higher than Public Provident Fund.

The SSY offers 0.75% higher than the 10-year government bond as against 0.25% by the PPF.
 For 2014-15, the interest rate for PPF is 8.7% while the SSY offers 9.1%. But, wealth planners believe subscribers should put money in this product along with an investment in equity products.

This is because interest rates could fall in the future. Given that the investors are investing for a period estors are investing for a period of 10 years or more, a combination of equity mutual funds & SSY will generate better returns.

Ms. Vishal Dhawan, Chief Financial Planner,Plan Ahead Wealth Advisors said,  “Depending on their risk profile, investors could use SSY along with a combination of equity mutual funds child funds to meet long-term asset allocation goals for their girl child“ 


Src: ET, Prashant Mahesh
Share:

Property Transaction: Importance of Legal agreement..!

Buying & selling in the secondary market can be tricky. The owner always fears the buyer might be evaluating other properties & could change the decision at a crucial juncture.

The buyer is always worried the seller might get a higher value from someone else and scrap the deal.
To get around this, both parties can go for an agreement to sell. In this contract, the buyer and the seller include mutually agreeable terms that ensure the deal goes through smoothly.

It is a road map that mentions how and by when the transaction will be completed. The document is legally binding on both parties and the person not sticking to the conditions can be taken to court.



Mr. Pravin Mahurkar, Associate Director, JLL India said, "This agreement is different from a sale deed, which is signed in front of a registrar while concluding the deal. Sometimes, an agreement to sell is converted into a sale deed"

Experts said most disputes happen when the property price rises and the seller changes his mind or when an owner's relative stakes a claim in the house or when the buyer gets into a financial difficulty.

Making it watertight..!

Property buying can be divided in two stages. First, when buyer and seller show interest in transacting with each other, the earnest money is exchanged, the buyer starts the due-diligence and arranging funds. In the second stage, both sign papers for transfer and possession of the property at the registrar's office and the final payment is made.

There are times when the parties decide to go for a Memorandum of Understanding or Expression of Interest, rather than agreement of sale. In these, they usually include a clause that it will be non-binding.
Pravin Mahurkar,
Associate Director, JLL India

Such a clause can give exit options and can not be forced in a court.

To ensure the buyer fulfils his promises, the property owner should first look at timelines. The agreement for sale should spell out deadlines for the buyer to finish due-diligence and arrange the money.

If these are not done in the stipulated time, the contract should mention that the advance paid will be forfeited. The seller should provide a copy of the bylaws of the housing society in question in states like Maharashtra. And, mention in the agreement that the person buying the house should adhere to these.

In some societies, there are restrictions on members from selling a house to certain communities or non-vegetarians or people in certain professions.

Mr. Ramesh Vaidyanathan, Managing Partner, Advaya Legal said, "If the buyer finds out later that such information was not shared or kept hidden, and the society does not accept him despite the deal going through, he can initiate a criminal case against the seller"

Property Transaction : CHECKLIST..!

Include these 5 key clauses..
TIME FRAMES..!
Both parties (Buyer and Seller) need to mention deadlines for arranging documents & funds

INDEMNITY..!
Buyer needs to include this clause to protect against relatives staking a claim after the transaction

EARNEST MONEY..!
 Seller needs to specify conditions under which advance will be forfeited.
Buyer needs to include terms on return of the token amount

WATCH OUT..!
Do not let the other party include exit clauses that insures them against dishonouring the agreement

DUE DILIGENCE..

While buyer should look for a clear title & disputes on the property; seller needs to ask for a bank statement or / pre-approved loan to check eligibility.

The buyer, too, needs to focus on deadlines & refund of the token money. Buyers also need to check if the house has a clear title, there are no existing loans on it, and the owner can arrange all the required no-objection certificates (NOCs).

He should, therefore, give the seller a timeline to produce these documents. The agreement should say that failing any of these, the buyer will cancel the deal & should be refunded the earnest money within a timeframe. And, in case of a delay reasonable interest will be levied.
Ramesh Vaidyanathan,
Managing Partner,
Advaya Legal

To protect against a relative staking a claim, the seller needs to spell out an indemnity clause, whereby the owner of the property protects the seller in case of a lawsuit.

In high-value transactions, many prefer to make a separate indemnity agreement.
Experts said it's also necessary in a big city such as Mumbai that the agreement spell out transfer of parking, any club membership & other amenities. In many cases, sellers later ask for extra money to transfer these at the time of registration.

When doing due-diligence, the buyer also needs to check if there's any litigation or dispute pending on the property, by going through the records.

Every sub-registrar records this information on a court's order and it helps to alert prospective buyers.

When no one is at fault..!
In case of a scenario such as the property getting damaged due to rain or storm or one of the parties dies, the seller or the buyer cannot enforce the agreement.

Another common scenario is when the buyer does not get a loan from a bank, in which case no one can be held responsible.

That is why experts suggest signing an agreement after the bank pre-approves a loan.

Registering..!
The agreement should be executed on stamped paper, to hold legal sanctity. A court would not entertain such a contract if carried out on a blank paper.

Though it's optional to register the document, experts say it's always better to do so.
"Though the registered document holds the same value in a court as an unregistered one, it gives the paper a greater sanctity," said a lawyer.

Dishonoured..!
If the owner sells the flat to a third party after signing a contract, the affected person can go to a court and get an injunction preventing the other party from selling the house. This is called specific performance of the agreement, in legal terms.

If the property is already sold to a third party and the new buyer has moved in, the court first examines whether the transaction took place without informing the first potential buyer. If not, a court has the power to set aside the sale.

In a typical situation, a court orders refund of the token money with interest and damages like legal fee and other financial loss suffered due to dishonour of the agreement. If the buyer says he's now not interested to buy, the court usually orders damages.

Lawyers say the best option is to settle disputes amicably, as such cases go on for up to 15 years in lower courts and for a similar period in upper courts.

"A person can spend a lifetime in fighting such a case," said Mr. Vaidyanathan.

Src: BS , Tinesh Bhasin


Share:

Topics

Blog Archive

நிதி முதலீடு

ADVT

Recent Posts

Latest Posts

Find us on Facebook

NRI INVESTMENTS