Supreme Court Announce Daughters Have Equal Rights In Father's Property, Even If She Was Born Before Or After 2005

In a landmark judgment, the Supreme Court ruled that even if the father died before the Hindu Succession Act 2005, a daughter would have the same right to receive her share in the property. Justice Arun Mishra ruled that an important legal issue was raised whether the 2005 Act, which gave equal rights to daughters in paternal property, has retrospective effect?

Justice Arun Mishra pronounced the verdict, saying, "Daughters should be given equal rights as sons. A daughter remains a loving daughter throughout her life.

The bench, comprising Justices Arun Mishra, S. Nazeer and M.R. Shah dismissed the contrary remarks made in two cases of Prakash V/S Phoolwati and Mangammal V/S TB Raju.

Sameer Jain, Founder and Managing Partner of PSL Advocates and Solicitors, says, “The Supreme Court has corrected the pre-2005 disparity found in daughters in their progressive decision in Vineeta Sharma v. Rakesh Sharma. The decision with an emphasis is on uneven ground created by its previous conflicting decisions. This essentially means that the Hindu Succession Act 2005, by which daughters were given equal rights in a HUF property, is retrospective in nature i.e. it does not matter that the father was alive on the date of the amendment. Following the widely held earlier position that the daughter can claim rights in the HUF only when her father is alive because the date of the amendment has been terminated. "

He goes on to say, "The issue has also been dealt with in relation to the partition which came into effect in the past and it has been clarified that only those divisions which have been effected by the Meet and the Seema, either by decree Or otherwise remain unaffected. Daughters can claim their rights in all other cases where the partition has not ended. "

The court made the following comments:

1. The provision referred to in section 6 of the Hindu Succession Act, 1956, confers property rights on a daughter born before or after the amendment as a son with the same rights and obligations.

2. Rights can be claimed by a daughter born before 9.9.2005 as provided in Section 6 (1) as to the distribution or separation, partition or testament dispute which occurred before the 20th day of December 2004 Was.

3. Since the father's right to property is from birth, it is not necessary that the father survives till 9.9.2005.

4. The statutory presumption of partition made provisional by section 6 of the Hindu Succession Act, 1956, as originally enacted, did not bring about the actual division or dissolution of the legal right. Daughters should be given an equal share of a son.

5. Verbal segmentation cannot be accepted as a statutory recognized mode of partition.

Nirav Shah, partner, DSK Legal, explains, "Moving forward, families with HUF will need to be very careful whenever they decide to enter a division or family system. The document must clearly state the manner in which the distribution of the family's property is done under division or family arrangement and a daughter must be provided in the same manner as the son and the distribution would have to be done equally."

The court also held that it is clear from the provisions of section 6 that discrimination against the daughter has been overcome, and that she has been provided equal treatment in the case of inheritance in the case of father's property.

This decision paves the way for daughters to claim rights in their father's property before 2005 and treat sons equally.

Choose Independence… Buy Independent House..!

Another year has passed and we are here, celebrating India's Independence Day. While the country is independent, are we really able to pop out of our cocoons and smell freedom? Today, pledge to make yourself independent and take the pledge… buy independent house!

Freedom can mean different things to different people. For some it is away from home, for some it is an option to stay at home, and for some, it is due to a dream home.

 

Here are some simple ways in which a house, house is your house, makes you truly independent.

Freedom from Zamindars (Landlord) - Renting a house often comes with additional rules. The zamindar keeps the last word. Having your own house will give you the freedom to live as you wish and the desire to conform to your lifestyle. Thus, there is no overarching rule on pets, guests and noise. No more gender bias. No more fuss.  

Your house, your rules!

Freedom from rent - Fixed mortgages give you the freedom to plan your finances in advance. Having your own house will save you from sudden rent increases and financial mess.

Freedom from residence insecurity - Home ownership certainly provides protection in various senses financial security of having property in your name and personal safety of being your own shelter. In addition, the ownership of the house frees you from the fear of receiving an eviction notice without informing you in advance.

Freedom to follow your choice - Your home does not force you to live with the interior decoration you did not choose, the furniture that does not suit your needs and the people with whom you are don't. This is your place, your den, you can decorate it as you wish, live with the people you like and of course, enter and exit as per your choice and custom.

Certainly, having a home pushes you a little more towards being independent, liberated and free. So what did you choose for yourself this Independence Day? I select INDEPENDENCE.

How to celebrate Lord Krishna Janmashtami in your apartment?

Invite people and create awareness:

With the introduction of contemporary concepts in many homes, the traditional concept has lost its essence. To maintain this, make sure that you invite all apartment members to the celebration of the event. Also ask them if they have ideas about planning a celebration in the apartment.

Choose a theme for celebration:

A thematic celebration will be one of the best things that can be done during this event. Choose a theme that relates to the festival and you can ask your guests to tailor it accordingly. The venue can also be decorated according to the theme.

The Activity for celebration with Dhai-Handi:

This year the festival is celebrated on 10 August 2012 in different parts of the city. The festival, also known as Dahi-Handi, remembers the fickle part of Krishna. To celebrate this event, you can choose a suitable place of lawn, garden or any other place in your apartment. Make sure the chosen space is spacious enough and should be easy to clean up after the event.

Raas Leela:

To celebrate this activity, you may have a place that is well sheltered and a high area in which the play can be staged prominently. The event is a dramatic episode of Krishna's life and is mostly celebrated in Mathura and Vrindavan. The day is also celebrated in Jammu and is marked with an important aspect of kite flying.

Midnight Kirtan in your apartment:

It is one of the best ways to celebrate the festival in which guests can be invited to your apartment and conduct a midnight kirtan. Guests can dress as per the theme and also lead the singing of Bhajan and Aarti.

Decoration of the place:

To celebrate this festival with pomp, you can decorate your apartment with colorful flowers and balloons. You can also mount postures and pictures of God and his companions. It adds charm to the celebration.

A Bhajan Program:

To enforce the importance of celebration, you can gather all your apartment members and organize a bhajan session. You can also play some famous bhajans and other devotional songs.

Fasting:

Although some of them may consider fasting to be a tiring task, people can make people aware of the positive results of fasting and encourage them to fast. Ensure that a person is appointed to prepare the prasad that will be eaten while breaking the fast. Fasting should be broken only at midnight.

A story to tell the session:

To make more people aware of the importance of the event, you can gather a group and tell them about Lord Krishna and related events.

Think Once Should Buy or Lease a House is Better In India?

Buying or leasing a home depends on various factors. As real estate prices rise and fall in India, it becomes difficult for home buyers to decide whether to buy or rent a property. It is necessary to do a thorough research of the city's property trends and decide whether to buy or rent a property. The decision also depends on the financial status of the person.

A wrong decision will lead to huge debt or illiterate assets. Many factors will help you decide whether to buy or rent a house in India:

High property prices: Property rates are skyrocketing in cities like Mumbai, Delhi, Chennai, Ahmedabad. So it becomes difficult for buyers to buy a house. Renting a house is a wise decision. Due to the rise in property prices, Mumbai is witnessing high demand for rental properties. The rental rate in Ahmedabad is quite stable, so renting is better than buying a property.

Low or stable property prices: Cities like Pune and Hyderabad have stable property prices, so buying a house in these cities is convenient. These are neutral cities for property investment. You can buy or rent property as per your convenience. Although Bangalore is a metropolitan city, properties prices are significantly lower than other Tier I cities. Therefore it is advisable to invest in property. In fact rental rates in Bangalore are very high compared to property prices. Even Hyderabad has cheap property prices and remains an ideal property to purchase destination.

Financial condition: Buying or leasing a property also depends on the financial condition of a person. If a person is financially strong, he can buy property even if the prices are high. Investors in cities like Chennai, Delhi, Gurgaon, Faridabad, Pune can take decisions based on their financial condition.

Duration of your stay: One of the factors to consider when buying or renting a property is how long you are going to stay in that place. If you are transferred to a particular place for a job or educational purpose then it is advisable to plan and decide the duration of your stay. If you are living for a short period of time then you rent a property instead of buying and paying a home loan. If you are looking for a long term plan then you can buy property.

Inactivity: Since large amounts of capital are invested, disposing of the house is difficult. Invest in an area that has strong infrastructure facilities such as connectivity, schools, parks, etc. Rather, it is better to rent a house, being stuck with an illegal property that is not easy to dispose of. Therefore it can be concluded that, if property prices are high, it makes sense to rent instead of buying property. Buying or renting a property depends on the person's choice and the above factors.

What are Implications of death of home loan borrower?

Buying a grand house is every Indian's dream. While earlier most people bought a house after their retirement, modern people can become a homeowner in the early stage of life. This has been possible due to relaxation in home loan policies. In India, many people have successfully purchased their first home under PMAY. The scheme provides subsidy on interest, which makes loan repayment easier. But this does not mean that you will get any debt forgiveness.

Among the various reasons for nonpayment of a home loan, the borrower's death is the most common cause. The common question for every home loan borrower is what will happen to their home in case of their death. Will it force his family to vacate the house as the bank immediately takes over the property? Or, will all the installments of his home loan go in vain upon his death?

Well, before taking this topic further, let us explore the different categories of loans and the provision of loan repayment in each case.

1) Joint Loan - This type of home loan is taken jointly by two borrowers. If the primary borrower dies, the right to repay the home loan is given to another borrower. However, if the surviving co-applicant refuses to repay the loan balance, the lending bank may seek legal recourse in the civil court or the Debt Recovery Tribunal.

2) Secured loan- A secured loan is one in which the borrower pledges certain assets in case of failure to repay the loan. If the borrower of the secured loan dies, his / her spouse or heir will have to inform the bank about the same by presenting the death certificate.

In this case, the bank cannot take any coercive measures to force the surviving spouse or heir to repay the debt. In addition, for the recovery or enforcement of security, it must comply with the law.

3) Unsecured loan- In this case, the lending bank cannot claim unpaid loan from the surviving borrower or heir of the deceased borrower. However if the deceased borrower has left any property in the name of his partner or heir, the creditor can recover the outstanding amount by selling them after initiating appropriate legal action.

We conclude that things do not change much by the borrower's death. The loan still exists and has to be repaid by a co-partner, spouse or legal heir. The family of the deceased borrower can handle the mortgage in several ways. Here, we have mentioned some simple tips in this regard.

Tips 1- Repay the loan as per your convenience

The survivors can inform the bank about the demise of the borrower and continue to repay the loan. It can be difficult to arrange money. But in that case, you should inform the bank about your current financial situation. Most lenders are supportive of their customers and will provide them with suitable suggestions for repaying the mortgage.

Tips 2- Repayment and Refinance

The legal heirs of the deceased borrower can refinance the loan or they can repay the loan in full.

Tip 3- Sell or rent a house

If the spouse or heir has no regular source of income to repay the loan, they can resell or rent the home. Money received in this way can be used to repay the loan.

Tip 4- allow the bank to occupy the property

The survivor may allow the bank to recover the loan by selling the house at auction. If the immovable property is more than the debt owed on it, the difference from the sale proceeds will be transferred to the heirs.

How to Increasing demand for commercial property in India...?

The real estate sector has been a major contributor to the growth of the entire economy and is expected to contribute in approximately 13% of the country's GDP over the next 5 years. If we talk about improving the business environment, then the commercial real estate sector can be considered a major beneficiary. The sector has been promoted with government initiatives such as RERA and GST, which allowed large institutional investors to make large investments in commercial property in India, thereby improving the overall business conditions of the country.

The continued expansion of the service sector has led to the increasing demand for office spaces and thus can be considered as one of the major growth factors of the commercial real estate segment. It is estimated that the average demand for office space across India will increase to 46 million square feet by 2021.

Policy reforms such as REITs (Real Estate Investment Trusts) will further promote the development of the commercial real estate sector by reducing the burden of capital costs of projects financed on real estate developers.

Increasing FDI in the e-commerce markets has fueled the growth of the warehousing and logistics sector and further increased the demand for commercial space benefiting the commercial property sector in India.

The retail space is also expected to witness strong growth in the coming years and is expected to grow at a rate of 25% to 30% in the next financial year. Finance Minister Sitharaman's Budget 2020 has also brought some good news for the commercial real estate sector. Establishment of new smart cities, development of around 100 new airports across the country, formulation of national logistics policy, announcement of National Infrastructure Pipeline will likely increase the demand for commercial real estate sector especially office segment.

Trends in Real Estate Market in Chennai 2020

As understood by recent reports, despite the decline in the economy in 2019, the real estate market exhibited signs of strength with continued growth in India. In the previous year, the trend remained as follows:

There was a short-term decline in real estate rates or held steady. Well, come to the types of construction, more than 60 percent belonged to budgeted areas.

In the current scenario, in 2020, according to experts, the real estate sector is expected to have an unprecedented growth. And there was a more than 8% jump in housing sales in Chennai, especially South Chennai, where the total number of new launches was consistently at a high.

In an attempt to shed light on what to expect from Chennai's real estate segment, here are some trends to look forward to in the ongoing trends:

Events in North Chennai

With the eagerness for the benefits of end users, the real estate segment of Chennai city is growing by leaps and bounds with a lot of industrial expansion especially in the northern part of the city. From North Chennai, one is just away to reach the port. This is a major reason, there has been a lot of industrial development in the northern part of Chennai and serves as the hub of business activities.

North Chennai also has a host of IT companies and ITES service solutions, promising to increase the real estate market value of North Chennai in 2020. In addition, there has been considerable development in terms of connectivity in the northern part of Chennai and a lot of infrastructural enhancements which serve as the reasons for the growth of real estate as a whole.

Dreams come true! Welcome homeowners

According to the news, many renters living in Chennai are set to acquire their own property in the city in the year 2020. The two main reasons for this change are both the real estate market rates and the fall in home loan rates.

Which are especially beneficial for the middle class population?

Outside real estate builders, it's your turn to attract candidates with exciting offers!

It should also be noted that no GST has been imposed on ready-to-move houses which adds to the reason for purchasing new houses.

Balancing the residential and commercial sector

With significant traction in commercial building locations, as the city has many IT and ITES companies, which holds great potential for the commercial real estate sector. There is substantial urbanization and people are eyeing white-collar jobs, which takes the commercial sector to great heights. This will naturally increase the demand for the residential sector which brings balance between the two.

Support green living concept

Green technology is largely received by potential home buyers as well as real estate developers. In 2020, this trend is promising to continue with the potential for substantial growth in terms of technological progress. It involves the purchase of raw materials, creating a sustainable design that is robust despite changes in environmental conditions. And there are those who are opting for smart homes, which not only add to the comfort of living space, but also provide permanent living conditions.