How to take a premise on license basis in chennai

How to take a premise on license basis

Chennai

If there are many licensees (unrelated as opposed to a family, where it is an accepted practice for one member to sign) seeking to take a premise on license basis, these are things to remember:

It is advisable to sign the leave and license agreement since it will guarantee equal protection/recognition as licensees;

Licensees need to ensure that the agreement explicitly records split of license fee payable and also respective obligations towards his/her share of the aggregate license fee. However, all licensees will be responsible for total fee;

Licensees should insert a provision (in case one of them wishes to exit), wherein the entire leave and license agreement need not terminate, but can have the remaining licensees take over exiting licensee’s obligations – with consent of the licensor;

If the licensee is going to incur expenses in furnishing the premises, add a clause that ensures licensor will have to repay such money (albeit on a depreciable value basis) spent in case of premature termination of agreement;

Licensee should reserve right to retain possession of premises, free of rent, if upon termination of term or agreement, the licensor fails/refuses to return security deposit;

Licensee should insist on adding a clause protecting and recognising permissive use of licensed premises by the licensee for duration of the term, even if the licensor sells/mortgages etc, the licensed premises.

Source Malav Virani, Times Property, The Times of India, Chennai   

home insurance policy gives you the dual advantage of securing a home loan with ease

Take cover

Editor | May 21, 2018 @ 12:46 PM

Chennai

A home insurance policy gives you the dual advantage of securing a home loan with ease and protecting your abode against risks of all kinds. Experts give you a bird’s eye view…

A home is where you put most of your life’s savings into. It’s your comfort zone for the rest of your life and your family’s too. And you wouldn’t want that jeopardised for anything in the world. Keeping your house safe against any peril should be a priority on your to-do list. Through a home insurance policy, you can recover the cost of the damage, thus giving you the opportunity to restore your home and peace of mind. Over to the experts:

What it covers?

• A basic cover, called ‘Fire’ policy indemnifies damage due to certain perils such as fire, lightning, riots, malicious damage, landslides, floods, explosions, earthquake, etc. These are largescale damages with a low probability of occurrence; hence, less premium is charged. The policy excess, or the minimum deduction of a claim is higher, between Rs 10,000 and Rs 25,000. The claims are strictly paid on a reinstatement basis (which is the cost of reconstruction).

Winning policy

• Some private insurance companies have an all-risk policy for homes where the person can purchase a policy at the current market value of the apartment. There are two advantages – one, the peril need not be a specific one; for example, a building collapse is not covered in the fire policy but is in the allrisk one. Two, the policy pays out the insured value or market value of an equivalent apartment so that re-building is optional. These premiums are higher, excess is lower and coverage is wider.

Yashodan Heblekar, Insurance Advisor, Bajaj Allianz Insurance, Goa

Comprehensive cover

• An immense home insurance policy covers all components in your compound such as garage, fence, etc. You can also opt for add-ons and protect your furniture, electronics, home appliances, etc.

Insurance claim

For a claim for crimes like burglary or malicious damage to your property, report to the police and get a crime reference number, which your insurer will require as a part of the claim;

Explain the details to your insurer and ask for the relevant claim form as soon as the damage has occurred. Calls to a helpline will be detailed in your policy documents too;

Put together as much evidence and the circumstances surrounding it – photos, estimates for building work, witness statements, damaged items you’re claiming for, etc;

If possible, supply receipts, or quotations, etc for items;

Reconsider small claims. If you have built up a decent no-claims bonus, losing it could mean that over the next few years, the increased cost of your home cover outweighs the value of your claim.

Varun Manian, MD, Radiance Realty, Chennai

Application eligibility

Home insurance policy can be bought by individuals or companies; The owner/occupant of the property needs to be an Indian citizen; A multi-year policy can be purchased only by the owner of the house/flat; A housing society can buy it to provide cover for the building as well as the common utilities. It can be applied in the name of the society by any authorised member of the society’s managing committee; Many insurance companies offer cover for the contents and possessions of the tenants against loss or damage by lightning, fire, theft, smoke, flood, etc. This policy will shield everything from personal belongings, furniture to electrical items, etc; The amount of insurance premium payable to the insurance company depends on the applicant’s age, home loan amount and tenure, applicant’s medical history.

Reaping the benefits

• A home insurance policy is highly recommended as it shields the house, contents of the house and the family from financial setbacks, property damage, and personal injuries in case of unfortunate incidents, natural calamities, lawsuits, man-made and anti-social activities. The policy supports the individual to financially recover from the loss and rebuild the home. In the process of restoring an insured house in the aftermath of damages, the insurance company will not only cover your renovation expenses but also your rental outflow on another accommodation. You can choose a bundled product wherein the premium amount is funded by the lender. Check if the policy covers the death benefit, death by accident, permanent disability benefit, etc.

Harshil Mehta, Joint MD and CEO, DHFL, Mumbai

Source: Leena Mudbidri, Times Property, The Times of India, Chennai

The plot you’re going to buy in South Chennai may be no man’s land

Beware! The plot you’re going to buy in South Chennai may be no man’s land

Chennai

If you are planning to buy a plot of land in south Chennai and its peripheries, then exercise maximum caution before investing in the property as it could be a plot usurped through fraudulent documents. In the past four months, 17 cases of land registrations through double documentation worth of Rs 200 crore have been unearthed in the sub-registrar offices located in the southern parts of the city. Land sharks have been eyeing no man’s land, vacant plots including the government’s poramboke to make a fortune in the realty market.

All cases have been reported in the sub-registrar offices under the purview of the South Chennai District Registrar. The cases have come to the light, incidentally, after the arrest of a registration official P Sivapriya attached to South Chennai District Registrar who has been accused of aiding illegal property registrations in and around the Pallikaranaimarsh land.

Registration department sources told TOI that illegal registrations came to light during a verification of a property transaction. According to official sources, every stamp paper has a different identity serial number. “But in one of the sale deed, whose registration was traced to November 1975, the same serial number was present in all the stamp papers. This raised our suspicion,” an official said adding that further inspection of the sale deed revealed that the entire document was forged.

This apart, complaints from the original owners also brought the murky activity to light. Sources said about 40% visitors to the South Chennai District Registrar’s office were victims of forgery and had come to file complaints.

Officials said there was a pattern to the fudging of documents. “The registrations with fake documents pertain to unclaimed and open land, and poramboke land of the government. It needs strenuous efforts to differentiate between a forged sale deed and original document because the fraudsters have recreated rubber stamps matching the old style,” a registration department official, privy to developments, said.

While 17 such illegal documentations have been unearthed, steps are being taken to file FIRs, sources added. “The total transactions would be worth of Rs 200 crores,” an official said.

When contacted, a senior official with the office of inspector general of registration said they have received complaints in this regard. “Fraudulent property registrations are generally rampant in South Chennai,” the official said.

Source: Yogesh Kabirdoss, Economic Times, Chennai