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Advocates for RERA Registration In Pune

 Implications of RERA on buyers, builders, agents
1. Provisions applicable to both residential and commercial properties
2. Expected to bring in transparency and accountability in real estate sector
3. Each state to set up Real Estate Regulatory Authority to regulate real estate development
4. Standardization of norms to protect interests of buyers and developers
5. Aims to minimize rampant project delays and mis-selling

 Real Estate Regulatory Authority:-
RERA is an Act for regulation and promotion of the real estate sector to ensure the sale of apartment, plot or building in an efficient and transparent manner. The Act aims to protect the interest of consumers. It was enacted by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May, 2017 across India. So far, 14 states and union territories such as Uttar Pradesh, Gujarat, Bihar, Madhya Pradesh, Odisha, Andhra Pradesh and Maharashtra have notified their rules with RERA and the others are expected to follow suit.
The implementation of RERA is expected to bring relief to the homebuyers as builders will be accountable for the timely delivery of the projects and to protect buyers from fraud sellers. The developers would also gain from the increased confidence of the consumers in a regulated environment.
It is mandatory for the developers to get all approvals from various government agencies before launching a project and disclose all the information on the website that the respective state RERA regulatory authority will set up.
Real estate agents will be provided a registration number by the regulator which they have to mention in every property sale. This will help in eliminating the possibility of misleading the purchaser. The authority has wide ranging powers to impose penalties and imprisonment of agents in case of violation of law.
 Advantages of RERA for homebuyers
• Builders have to disclose every detail of the project on the website of authority and update these on a regular basis
• The buyer will have to pay only on the basis of carpet area (area within walls). The builder cannot charge them for the super built-up area (lift, balcony, stairs and lobby)
• Timely completion of projects as 70% of the money collected from the customer has to be transferred in a separate bank account and can be used only for the purpose of completing the construction of the project
• Any delay in completion of the project will require the developer to pay an interest rate of 2% above SBI’s Marginal cost of leading rate to the buyer for delayed period
• Any defect in the building will be the responsibility of builder for a period of 5 years
• Any disputes with the buyers need to be resolved within 120 days
 Provisions of RERA:-
1. RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
2. Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
3. Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the construction progress
4. The sale of property will be based on carpet area and not on super built-up area.
5. Builders require submitting the original approved plans for their project and the alterations made to RERA
6. Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay.
7. Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
8. Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
9. Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
10. Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he fails to do so, the buyer is entitled to receive the compensation under RERA
11. Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement

All commercial and residential projects will have to register except in projects where:-
• The area of land proposed to be developed does not exceed 500 sq. mt
• The number of apartments is not more than 8
• Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot
 Registration process for Real Estate Agents
• Fill an application form along with fee and documents to get registered with RERA
• You will receive a registration number from the regulator. This need to be mentioned in every property sale
• On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
• Share all the information and documents about the project with the buyer
• Agent may be suspended for the misrepresentation or fraud during the registration process

 Documents required for registration under RERA
Following documents should be enclosed in hardcopy with the application:-
• PAN Card of the builder.
• ITR of last 3 years and the balance sheet of the builder.
• Builder must clarify about the apartment (carpet area, number of floors, parking space)
• Declaration by the builder of having legal title of the land with proof
• Details of the land (rights, title, mortgage)
• If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required.
• Details of the project (location, sanctioned plan, layout plan)
• Ownership documents (proforma of allotment letter, agreement of sale)
• Information of the persons involved (Architects, Engineers and others)
 Filling of complaints under RERA
• Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.
• In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA Appellate Tribunal within a period of 60 days
• From the date of decision made by Appellate Tribunal, person can file appeal to High Court within 60 days
 Penalties and Punishments under RERA

On Promoters / Builders
Offence Penalties / Punishment
Non registration of a project 10% of the estimated cost of real estate project
Violation of law Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of project
Providing false information 5% of the estimated cost of project
Other contraventions 5% of the estimated cost of project

On Agents
Offence Penalties / Punishment
Non registration of a project Rs. 10,000 per day of default which may extend up to 5% of the cost of property
Failure to comply with Authority Penalty on a daily basis which may extend up to 5% of the estimated cost of plot
Failure to comply with Tribunal Imprisonment for up to 1 year with or without fine of 10% of the estimated cost of the project

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 6th, 2018|Uncategorized|Comments Off

Lawyers For Company Registration Process

Company Registration Process
There are 5 types of companies that can be registered in India
• Sole Proprietorship Firm
• Partnership Firm
• One Person Company
• Limited Liability Partnership
• Private Limited Company
1. SOLE PROPRIETORSHIP FIRM
A sole proprietorship business is where a single individual runs the business. There is no separation between the legal identities of the business and the businessman. In other words, business debts are the businessman’s own debts. His liability is unlimited and he is personally responsible to bear all losses of the business.
 Following are some essential features of a sole-proprietorship:
• Easy to form
• One person ownership
• Unlimited liability
• No separation between business and business owner
• Freedom of decision making
• Secrecy.
• Tax benefits.
• Business exists as long as the owner does.

 Registration of Sole Proprietorship Firm
There is no formal process for registering a Sole-proprietorship in India. Therefore, the existence of a sole proprietorship business can be established only through opening a bank account in the name of the proprietorship firm or obtaining licenses required for conducting the business under various other acts such as:
• Shops and Establishments, for the premises.
• FSSAI License Food License, if you are thinking to start food truck, restaurants, food joints, food item or consumable item packaging, food item or cosumable item delivery etc.
• GST Registration It is a mandatory for all Business or Professional entities with turnover exceeding INR 20 lakhs are required to obtain Goods & Services Tax (GST) registration compliance
• Trade License, issued by the municipal corporation of a city, allows a business owner to carry on an activity or manufacture or exchange of any commodity.
• Import Export Code (IEC), if you want to import or export.

However, please note that you don’t need to register under all these acts. The kind of registration will depend upon a) type of your business b) expected annual turnover and c) location.
2. PARTNERSHIP FIRM
A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. All the partners have unlimited liability, which means they are personally liable for the debts of the business.
 Following are some essential features of a Partnership:
• Aim is to share profits and not losses.
• Losses, if any, will be borne by partners in their profit sharing ratio.
• Only persons who are competent to contract# can form a partnership.
• A minor cannot be a partner in a partnership. But, he is allowed to share the profits from a partnership business.
• No partner is allowed to transfer his share in partnership to any other person without the consent of all the other partners.
• There is a presumption of utmost good faith between partners.
• Every partner contributes to the business in some form or the other. It may be in the form of time, money, skills and/or goodwill.

 Registration of Partnership Firm:
A partnership firm can be registered whether at the time of its formation or even subsequently. You need to file an application with the Registrar of Firms of the area in which your business is located.
 Ensure that the following documents and prescribed fees are enclosed with the registration application :
• Application for Registration in the prescribed Form – I
• Duly filled Specimen of Affidavit
• Certified copy of the Partnership deed
• Proof of ownership of the place of business or the rental/lease agreement.

 Application for partnership registration should include the following information:
• Name of your firm
• Name of the place where business is carried on
• Names of any other place where business is carried on
• Date of partners joining the firm
• Full name and permanent address of partners.
• Duration of the firm
• Every partner needs to verify and sign the application

Once the Registrar of Firms is satisfied that the application procedure has been duly complied with, he shall record an entry of the statement in the Register of Firms and issue a Certificate of Registration.
3. ONE PERSON COMPANY
The concept of One Person Company (OPC) was introduced by the Companies Act of 2013. It is a cross or hybrid between the sole proprietorship and company forms of business and combines the best features of both. As the name suggests, it allows a single individual to form a company. It combines the freedom of a sole proprietorship business with the limited liability and various other benefits that come with operating as a company.
 Following are some essential features of a One Person Company:
• Any natural person can form a company. i.e. an individual
• The person must be an Indian citizen or a person who is resident in India
• Such person will be the shareholder and member of the company. No other shareholder is required.
• Such shareholder must nominate a person to act as his nominee to act as the shareholder/member in the event of his/her death incapacity.
• Consent must be obtained from a person before designating him/her as the nominee.
• An OPC must have a minimum of one director.
• The person forming the company may also act as the director.
• Such company can only be incorporated as a private company.
• It may be a company limited by shares, by guarantee, or an unlimited company.
• Minimum capital requirements are the same as applicable to a private company i.e. INR One (1) Lakh.

4. LIMITED LIABILITY PARTNERSHIP
An LLP is a unique mode of doing business which offers a combination of the flexibility of a partnership and limited liability of a company. It is governed by the Limited Liability Partnership Act, 2008. An LLP is the most preferred route taken by startups to incorporate their business.
 Following are some essential features of a LLP:
• It is a corporate body.
• It is a legal person separate from its partners.
• All the partners have limited liability.
• It provides perpetual succession to the business.
• Requires at least two partners and at least two individuals as designated partners.
• At least one designated partner must be a resident of India.
• Winding up may be voluntary or may be initiated by a tribunal/High Court.
• The Indian Partnership Act does not apply to an LLP.
• The Central Government is allowed to apply provisions of Companies Act to an LLP.

5. PRIVATE LIMITED COMPANY
Generically defined, a private company would be an association of persons who share a common purpose and pool their resources in order to achieve that purpose.
As per The Companies Act, 2013, a minimum of two persons can form a private company.

 Following are some essential features of a Private Limited Company:

• Huge capital
• Raise capital from angel investors, venture funds etc.
• Maximum number of members is 200 for private company.
• Limited Liability of all the members.
• Separate Legal Entity
• The memorandum must state the word ‘private limited’ with the name of the company.
• Minimum number of directors is 2 for a private company.
• Right to transfer shares is restricted in the case of a private company.
• The minimum capital requirement of INR 1 lakh for private companies
• Use of common seal is optional.

 Private Limited Company – The most successful business type.
In a private company, the business owners hold all shares of the company privately. Shareholders may operate the business themselves, or hire directors to manage the company on their behalf. Registering a private limited company results in protection of personal assets, access to more resources, financial assistance and greater credibility.
 Limited Liability Partnership (LLP) – A corporate form of Partnership
It exhibits elements of both partnership and corporation. In LLP, one partner is not responsible or liable for another partner’s misconduct or negligence unlike a traditional partnership in which each partner has joint and several liability.
All these three forms of business have the feature if Limited Liability and Separate Legal Entity, ie, the members or partners have no personal liability. Yet, they are different from each other in various aspects.
 One Person Company (OPC) – A corporate form of Proprietorship.
One Person Company (OPC) has been recently introduced in India to promote business enterprises that are owned and managed by a single Entrepreneur. OPC allows for a single individual to own and manage the business. One Person Company is therefore a viable option for those looking to start an unregistered Proprietorship.
 Documents required for Private Limited Company Registration
For Directors/Shareholders
• One Photograph.
• Copy of PAN Card.
• Copy of Address proof – Aadhaar Card/Driving License/Passport/Voter ID.
• Copy of Bank Statement/Mobile Phone/Landline Telephone Bill.
• Copy of Aadhaar Card.

For Company Address
• Proof of Registered Address – Sale Deed/Rental Agreement
• Copy of Utility bill – Electricity/Landline telephone/Gas Bill – not older than two months.
• No Objection Certificate for use of premises, if required

It usually takes 15-20 days to Register a Private Limited Company through SPICe INC-32 (A single application for Reservation of Name, Incorporation of Company and Allotment of DIN), subject to ROC processing time.
These are four major steps:
• Acquiring Digital Signature Certificate(DSC)
• Acquiring Director Identification Number(DIN)
• Filing an e-Form or New user registration
• Incorporate the company

It’s necessary to get registered yourself to run your business without any legal problem. India is a land of opportunity, no matter in which field your business is operating the chances of getting success is very high, so it just needs a start. starting an entrepreneurship in India would fetch you great success. fallow this post sincerely till you incorporate your final claim for your company. We assure one will end up in getting their business registered after following this procedure.
Private company may have two directors, but a public company must have at least three directors.
 Lets start the registration procedure: 4 Steps
Step 1: Acquire Director Identification Number (DIN)
This is the first process in registration that each director of the company should obtain their identification number. As per the amendment act 2006, acquiring a DIN is compulsory for every director i.e. as such every existing and intending directors have to obtain their DIN. To get DIN one need to file a eForm DIN-1. The DIN-1 form is available on Official site of the ministry of corporate affairs the link is DIN-1 Form.
• Register yourself on MCA Website first and have a login id. After filling DIN-1 Form, one should upload the filled form by clicking to eForm upload button on MCA website and should pay applicable fees.
• After getting generated DIN one should intimate their company about DIN. The director can intimate their company about DIN by using DIN-2 Form.
• Then company should intimate the Registrar of Corporates(ROC) about all director’s DIN through DIN-3 Form.
• If there is any change in DIN or need for any updation like change of address, personal details etc, then director should intimate this change by submitting the eForm DIN-4 Form.

Step 2: Acquire Digital Signature Certificate (DSC):
In order to ensure the security or authenticity of documents filed electronically the information act 200o demands a valid digital signature on the documents submitted electronically. This is the only and safest way that one can submit their documents electronically. The digital signature certificate should be acquired by only those agencies which are appointed by the controller of certification agencies (CCA). One should not use DSC given by any other agency which is not approved and it’s illegal to use others DSC as yours or the false one.
If you already have a digital signature then you can use the same, no need to apply for another. But do check for your digital signature validity, agencies issue DSC’s with one or two year validity after expiry you have to renew it.
One can acquire his/her Digital Signature certificates from these government listed agencies like TCS, IDBRT, MTNL, SAFESCRYPT, NIC, NCODE Solutions etc. to check out their price details of these Govt approved agencies, Go to this link.
Step 3: Create a account on MCA Portal – New user registration
This is about having a registered user account on MCA Portal for filing a eForm, for online fee payment, for different transactions as registered and business user. Creating an account is totally free of cost. To register yourself on the MCA portal, click on the register link.
Step 4: Apply for the company to be registered.
This is the final major step in a registration of your company which includes incorporating company name, Registering the office address or notice of situation of office and notice for appointment of company directors, manager and secretary. And also regarding the take and pay for their qualification shares.
• Form-1: Form-1A: Application form for availability or change of a company name. Once you apply for new company name, the MCA will suggest four different form of your company name; you have to choose one among them. To do the same you have you have to fill Form-1A and submit.Form-1: This is for application or declaration for incorporation of a company, in this form you have to fill the same name which you have chosen during application of form-1A.
• Form-18: This form is for notice of the situation of a new company office or change of situation of previously registered office. For a new company you have to fill the form with genuine office address and submit.
• Form-32: For a new company, this form is for notice for appointment of new Directors, Managers and Secretary. For an existing company, this form is for a change of directors, Manger, Secretary or company head.

After submitting these forms, once the application has been approved by MCA, you will receive a confirmation email regarding the application for incorporation of a new company, and the status of the form will get changed to Approved.

 Detailed procedure for approval of the proposed company name:
For obtaining name for your new company, An application in Form-1A needs to be filed with the Registrar of Companies (ROC) of the state in which the Registered Office of the proposed Company is to be situated to ascertain the availability of a name along with an official service fee of Rs.500/-.
You have to provide four alternative names for the proposed company. Your company name shall not resemble the name of any other company already registered or violate the provisions according to Act, 1950.
In this form you have to fill name and addresses of directors (minimum 2 for a private company and 7 for a public company). You have to mention main objects of the company and authorized capital.
In about 10 days, the ROC will inform you about approval or objections. If there are any objections then ROC will suggest you with some available names and let you choose among them. If your company name is approved then you will receive a formal letter regarding the confirmation of the same. Keep the same which will be required during registration process of the proposed company.
If you find any difficulty or encounter any problem while obtaining the company name then do contact us, We will help you to sort out your problem.
 Check these documents before submission of a company:
1. DIN of all those directors of a proposed company.
2. DSC – Digital Signature Certificate
3. Original copy the of formal letter issued by ROC regarding availability of Company name.
4. Form-1 for incorporation of a company.
5. Form-18 for situation or address of the proposed company.
6. Form-32 for particulars of proposed directors, managers and secretary.

 Formalities to be followed while incorporation of a company:
1. Obtain a TAN card
2. Obtain a Permanent account number (PAN) from income tax dept. India
3. If required: Documents obeying shop and establishment acts.
4. If required: For foreign trade, Registration documents of import export code from Director General of foreign trade.
5. If required: Registration documents of Software technologies Parks of India (STPI).
6. If required: RBI approval for foreign companies investing in India and FIPB approval.
7. Both Indian and foreign directors need to have valid Digital Signature Certificates from authorized agencies.

 Company Registration Process:
1.DSC (Digital Signature Certificate).
All Propose directors of the private limited Company should have a digital signature and digital signature will use to file the registration, ROC compliance forms, and Tax returns.
2.Director Identification No (DIN).
When a Digital signature is approved, and you will get an approval email from the Registrar of companies that you are now eligible to be a director of a company. It takes one working days to approve DIN.
3. Company Name Approval.
After a Trademark search, we will proceed to file a Name approval application to ROC on your behalf.
4.Final Incorporation & CIN.
After Name approval from the Registrar of Companies, we will file final incorporation e-form with all supporting documents like registered address proof, Declaration from directors. Registrar of companies takes 3 working days to complete the approval process of a company.
 Documents Required
From All Directors And Shareholder.
• PAN Card or Passport or Election ID Card.
• Latest Bank Statement/Telephone or Mobile Bill.
• Voter’s ID/Passport/Driver’s License.
• Passport-sized photograph of all directors and shareholder.
• Scan copy of Signature (signature should same as on PAN Card).

 Registration Procedure
A private limited company is the most common form of business entity in India. It is easy to maintain and raise funds, offers limited liability to its members, offer flexibility, easy bank loan accessibility. Read Advantages of Private Limited Company. Following are the steps involved in the registration of private limited company.

Basic requirement
There must be at least 2 members in the company.
The company shall be made for legal business and must not harm the society. The company object should not be illegal.
In case, if the registrar issue the certificate of incorporation to such business entity , then certificate will be void and registration will be itself cancelled by the Central Government and appropriate proceeding will take place against the entity and the Registrar.
Read in detail Pre-Requisites for Registration of Private Limited Company
Step 1: Obtaining Director Identification Number (DIN) & Digital Signature
The First step is
1. Obtaining Director Identification Number (DIN) for the proposed Directors in the Company
2. Obtaining Digital Signature for one of the Directors of Company.

After this, application for name of Private Limited Company must be applied.
Step 2: Applying for the name
The promoters should propose one or more suitable name for the name of company as it offers the flexibility and choice to registrar to select the name in case some names are identical or similar to registered business entities or trademark.
1. The name should not be similar or identical to any registered company or trademark.
2. The name should not be one prohibited under the ‘Emblems and names Act, 1950’.
3. The name of company must have suffix “Private limited Company”.

After submission of name, registrar will review and approve one of the name .It usually takes 3 to 5 working days to approve the name for company .
Read tips for Choosing the right name for your company registration for easy approval of name by ROC.
Step 3: Filing for Incorporation of Private Limited Company
After the name approval, promoters should submit the application, prescribed fees and below said following documents to the registrar.
1. Articles of Association, if any.
2. Memorandum of Association.
3. Declaration from Directors.
4. Affidavits of the Directors.

A declaration stating that the requirements of the Act and the rules framed there under have been compiled with. This declaration is required to be signed by an advocate of the or Supreme Court or an attorney or a pleader having the right to appear before or a High Court or a Chartered Accountant in whole time practice in India who is engaged in the formation of a company, or by a person named in the Articles as a Director, Manager or Secretary of the Company.
Besides the aforementioned documents, the company must provide relevant information regarding of its registered office within 15 days of registration or during filing of incorporation documents.
Step 4: Subscribing to the Private Limited Company
As per the Companies Act 2013, a subscriber must sign their names and must be subscribed to the shares of the company incorporated. It means each subscriber must have at least one share of the company. Each subscriber should sign the memorandum in presence of at least one witness and must clearly state the following:
1. Address
2. Personal Description
3. Occupation
4. No of shares subscribed
5. Nature of shares etc.

Likewise both (Article and Memorandum of association) must be duly signed and stamped.
Step 5: Certificate of Incorporation
After filing the above-mentioned documents and payment of necessary fees, the certificate for Company incorporation would be issued by the Registrar of Companies. Upon Incorporation, the company becomes a legal person separate from its members.
The process to register a private limited is complex and time-consuming. Our team atLegalRaasta can help startups and Entrepreneurs Register Private Limited Company in 14-15 days @ 13,999/- only (inclusive of government fee) saving 40% compared to typical CA/CS.
Registering new business in India, some official procedures a company has to follow in order to register them in Indian official records, MCA (ministry of Corporate Affairs) has to made registration process online few years back.
The registration includes some must follow rules and some registration like Digital Signature Certificate (DSC), Director Identity Number (DIN), Filing an eForm or New user registration and Incorporate the company.
1. A private limited company should have a minimum capital of Rs 1 lac. The registration fee and stamp duty depends on the capital of the company and the state in which the company is registered. The company name should reflect the business objects of the company. It should be such that it does not resemble the name of any existing companies. If the proposed names resemble any existing business entity, the Registrar of companies may reject the name application.

2. Partnership firms are not a separate legal entity; hence the partners and the partnership firm are the same. However, for income tax purposes, partnership firms are treated as a separate entity and hence need to obtain PAN from the income tax dept and file income tax returns.

3. Only a natural person can form a One Person Company. A private company or an LLP can NOT start an OPC. The member should also be a resident on India.

For more details on registering Pvt ltd,Partnership,NGO,Trust,Sole Proprietorship firm contact
HG Corporates, hgcorporates.com
To Register a Startup company in India you’ll need to take help of professional & licensed company registration service providers like us.
 Procedures for Private Limited Company Registration:
Minimum Requirements for Private Limited Company Registration
• Minimum 2 Directors (The directors and shareholders can be same person)
• Minimum 2 Shareholders.
• No Minimum Capital Required.

 Documents Required For Private Limited Company Registration:
1. Colour PP Photograph.
2. PAN Card – Self Attested.
3. Identity Proof – Any One Self Attested.
(Driving License / Passport / Aadhar Card / Voter ID Card).
4. Address Proof – Any One Self Attested.
(Latest Bank Statement / Electricity Bill / Telephone Bill / Mobile bill).

Submit the documents to Licensed & Professional Company Registration service providers like HG Corporate Advisors.
Legal procedure for registering a company as Private Limited in India:
STEP 1 :Getting a Digital Signature & DIN:
In lay man’s language Digital Signature is a kind of password which authenticate the user.DIN refers to Director Identification Number; Anyone who is proposed to be a Director of the company needs to have a DIN.
STEP 2 : Name Availability Check & Application for Name Reservation/ Approval:
We will apply for Name Approval with the ROC. A maximum of 6 Names can be provided for Name approval.
STEP 3: Drafting of Memorandum of Association (MOA) & Article of Association (AOA). , Filing & Uploading of Incorporation Forms:
• We consult with you and draft your Memorandum of Association & Article of Association for your kind perusal so that your Company is incorporated with the best drafted Memorandum & Articles.
• Form 1 has been replaced with Form INC-7: For Application of Incorporation of Company.
• Documents Required: Memorandum of Association (To be prepared by us.
• Article of Association (To be prepared by us).
• Affidavit from Subscriber (Non Acceptance of Public Deposit – Format to be provided by us).
• Id Proof of Subscriber (/Passport/Voter Id/Aadhar/Driving License – Any ONE).
• Residential Proof of Subscriber (Latest Bank Statement/Latest Mobile Bill/Latest Telephone Bill / Latest Electricity Bill).
• INC 9 & INC 10 as attachment in Notarized Stamp-paper (Format shall be provided by us).

STEP 4 : Company Address Form 22 for situation of Office Address
STEP 5 : DIR-12 for information regarding the Directors:
Declaration by Director (Format to be provided by us). Consent Letter by Director (Format to be provided by us)
STEP 6 : Getting Incorporation Certificate:
After Uploading the Forms, generally within 3-7 working days, a Company Incorporation Certificate is received.
Private Limited Company Registration Package Includes:
• 2-Digital Signature Certificate (DSC).
• 2-Director Identification Number (DIN).
• Company Name Approval by Ministry.
• Memorandum of Association (MoA) &
• Articles of Association (AoA).
• Registration Certificate.
• Permanent Account Number (PAN).
• Tax Account Number (TAN).

A guide on how to register Startup or new business in India with documents needed, fees breakdown and time to complete company registration.
A startup is an energy booster for the Indian economy. Whether your startup is a sole proprietorship or a partnership business, it’s better to give your business a legal existence. The reason being, a registered company, can be closed down only by legal authorities in case of any unforeseen issues. Here we look at the steps to register a start-up or a new business in India.
The Ministry of Corporate Affairs has made it convenient for the new startups by introducing the online registration. In May 2015, Ministry of Corporate Affairs introduced a five-in-one form to make the process of registration easier. The new form known as Integrated Incorporation Form INC-29 will require you to fill only one form instead of the tedious process of filling out eight forms. An advantage of the new form is that it reduces the interaction with the authorities at the various levels.
Now you can register your new business from the comfort of your home. There are four steps that you need to do follow.
 Apply for Director Identification Number(DIN)
The first and foremost process is to the registration of the company directors. You should create a login id in the Legal Raasta website.
A nominal amount of Rs 500 for DIN will be charged and normally it takes a day to get this number.
 Acquire Digital Signature Certificate (DSC)
This is important to ensure the authenticity of the documents that you file electronically. Also, understand that the digital signature certificate should be authenticated by the agencies appointed by the controller of certificate agencies.
You would have to pay a nominal amount Rs 1299/-. It will get at least four days to get the certificate.
 Approval of the company name and certificate of Incorporation
The company name will be approved by Registrar of Company (ROC). Once the name is approved by ROC apply for the Certificate of Incorporation. This is done by filling out Form 1, Form 18 and Form 32.
You would have to pay Rs 1000/- for the approval of the name and the Certificate of Incorporation, the amount can be anywhere between Rs 1000 to 4000.
The name approval will take at least two days while the certificate of incorporation will take a week.
The following documents that have to be attached to Form 1 while applying for the certificate of Incorporation.
• Signed copy of the Memorandum of Association (MOA).
• Signed copies of Articles of Association (AOA).

The power of Attorney from the various subscribers on judicial stamp paper worth Rs 100 and finally, the identification of the subscribers.
 Apply for Permanent Account Number and Tax Account Number for the registered company
The PAN card can be obtained from Income Tax Department, India by paying a nominal amount of INR 94. You can apply for the TAN card by visiting the website TIN. You will be charged INR 62.
The total time span to obtain these is seven days.
The other formalities that you can go about during this period include getting a rubber stamp of the company, registering for VAT and professional tax, employees provident fund and health insurance and so on.
 Procedures for Private Limited Company Registration:
STEP 1: Getting a Digital Signature & DIN:
In lay man’s language Digital Signature is a kind of password which authenticate the user.DIN refers to Director Identification Number; Anyone who is proposed to be a Director of the company needs to have a DIN.
STEP 2 : Name Availability Check & Application for Name Reservation/ Approval:
HG will apply for Name Approval with the ROC. A maximum of 6 Names can be provided for Name approval.
STEP 3 : Drafting of Memorandum of Association (MOA) & Article of Association (AOA). , Filing & Uploading of Incorporation Forms:
• HG Corporate Advisors consults with you and draft your Memorandum of Association & Article of Association for your kind perusal so that your Company is incorporated with the best drafted Memorandum & Articles.
• Form 1 has been replaced with Form INC-7: For Application of Incorporation of Company.
• Documents Required: Memorandum of Association (To be prepared by HG)
• Article of Association (To be prepared by HG)
• Affidavit from Subscriber (Non Acceptance of Public Deposit – Format to be provided by HG)
• Id Proof of Subscriber (/Passport/Voter Id/Aadhar/Driving License – Any ONE)
• Residential Proof of Subscriber (Latest Bank Statement/Latest Mobile Bill/Latest Telephone Bill / Latest Electricity Bill)
• INC 9 & INC 10 as attachment in Notarized Stamp-paper (Format shall be provided by HG)

STEP 4 : Company Address Form 22 for situation of Office Address
STEP 5 : DIR-12 for information regarding the Directors:
Declaration by Director (Format to be provided by us). Consent Letter by Director (Format to be provided by HG)
STEP 6: Getting Incorporation Certificate:
After Uploading the Forms, generally within 3-7 working days, a Company Incorporation Certificate is received.
 Minimum Requirements for Private Limited Company Registration
• Minimum 2 Shareholders
• Minimum 2 Directors(The directors and shareholders can be same person
• No Minimum Capital Required
• DIN (Director Identification Number) for all the Directors
• DSC (Digital Signature Certificate) for all the Directors
• Registered Office (You can operate from your residential address. Private Limited can be Registered using your Home address.
You don’t need to invest initially in office setup.)

 Documents Required For Private Limited Company Registration:
1. Colour PP Photograph
2. PAN Card – Self Attested
3. Identity Proof – Any One Self Attested
(Driving License / Passport / Aadhar Card / Voter ID Card)
4. Address Proof – Any One Self Attested
(Latest Bank Statement / Electricity Bill / Telephone Bill / Mobile bill)

 Private Limited Company Registration Package Includes:
• 2-Digital Signature Certificate (DSC)
2-Director Identification Number (DIN)
• Company Name Approval by Ministry
• Memorandum of Association (MoA) &
Articles of Association (AoA)
• Registration Certificate
• Permanent Account Number (PAN)
• Tax Account Number (TAN)
HG corporate can help you with your company registration. They register your company in less than 10 days,
What is the procedure to register a startup company in India and how much will it cost?
 What is a private limited company?
Private limited company is a perfect start for anyone who wants to start their business to give it a separate legal identity. Private limited company can be formed with ease and its procedural compliance are also easy when compared to that of a public company.
 ADVANTAGES
A private limited company can be started off with just two members who will be the shareholders and directors.
A company enjoys separate legal identity unlike partnership firms.
Minimum capital required to incorporate a private limited company is one lakh.
Personal assets of the shareholders will not be at risk, in the event of the company facing financial distress.
A company enjoys perpetual existence unlike other forms of business i.e., the company continues to exist irrespective of the status of the owner.
 Procedure for Registration
With the introduction of form INC29, establishing a company is much easier and less time consuming.
Digital signature for at least one director is required.
If any directors already possess DIN it can be used. Else, application for DIN can be made in INC 29.
Memorandum and Articles of Association should be drafted
Affidavit and declaration by first subscribers and Directors should be prepared
Duly filled INC29 should be filed with the ROC for incorporating the company stating the proposed name of the company which meets the requirements, along with the following requirements.
• MOA.
• AOA.
• Affidavit.
• Proof for registered office address along with utility bill.
• Once the application is duly filed and accepted by ROC, certificate of incorporation is issued and the company is all set to start it’s operations.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 6th, 2018|Uncategorized|Comments Off

FORMATION OF A NEW HOUSING SOCIETY

First general body meeting (before registration)
In this meeting under Society’s Model Bye-law 3(iii), the Chief Promoter (could be the builder) is primarily selected by the promoters, who are members co-signing the registration application before the Registering Authority, under Bye-law 3(xii).
Application for registration
Normally, the name reservation proposal should be accompanied with the society resolutions and signatures of at least 10 Promoters who have attended the meeting. On allotment of name and permission to open a bank account by the Registrar, the Chief Promoter has to collect Share Capital, Entrance Fees from promoters and deposit the same in the branch of the bank permitted by the Registrar. It should be noted that the amount cannot be withdrawn from the Bank till the society is registered or its registration is refused, except with prior written permission of the Registrar. The Chief Promoter should submit registration proposal to the registering authority within a period of 3 months from the date of issue of Letter of Reservation in the name of the proposed society.
Co-operative Societies Commissioner & Registrar’s GR No. SAGRUVO/1094/Pra.Kra 277/14C dated 10 March 1995 says “By exercising the powers in section 7 of the Co-operative Societies Act 1960 the government is pleased to exempt the provision of minimum 10 members for registering co-operative Housing society under sub-clause 1 in Section 6 of the said Act subject to the conditions that the plinth area of each flat in the proposed co-operative Housing Society should not be more than 700 sq. ft and FSI should not be balance for utilization in the proposed societies land/ building.
If builder/ promoter is not co-operating in registering the Co-operative Housing Society, then in that case, the application for registration of society be submitted in Form 6 (Rule 12) before the District Deputy Registrar, who has been given power under section 10(1) of the Maharashtra Ownership Flats Act 1963. While submitting the said proposal, a Notarized Indemnity Bond of the members who applied for the registration of society on the stamp paper of Rs. 200 is required.
Approval by Registrar
It is the duty of the concerned Registrar to register the Co-operative Housing Society, by scrutinizing the proposal submitted after fulfillment of above mentioned documents, and shall make an arrangement of issuing certificate of registration society under Section 9(1) of the Maharashtra Co-operative Society Act 1960, and copy of the registered bye-law, memorandum regarding registration of society to the chief promoter. The order regarding registration of society should have been sent for publishing in government gazette to the Government Printing Press for appropriate action. It is necessary to take decision on the registration of the society within a period of two months from the date of the proposal of the society submitted to the Registrar.
If proposal of society registration is denied or no decision is taken within two months then it is necessary to send that proposal to the Divisional Joint Registrar, Co-operative Societies under Section 152 of the Maharashtra Co. operative societies Act, can be approached.
First General Body Meeting obligatory Agenda (after registration):
• To elect a Chairman for the meeting
• To admit persons to membership who have applied for membership of the society.
• To elect a provisional Managing Committee
• To receive and approve the statement of account as prepared by the Chief Promoter of the society up to 14 days prior to the first general body meeting of the society.
• To authorize the committee to secure conveyance of right title and interest in the property in the name of the society from the promoter builder
• To impose restrictions on raising loan amount from outside
• To appoint internal auditor and to fix his remuneration
• To authorize one of the members of the provisional committee to call the first meeting of the provisional committee
• To take decision about taking membership of District Housing Federation and other institutions
• To give power to one member of provisional management committee to call meeting of the managing committee
• To consider the matters raised by the member except these matters which are necessary for giving advance notice with the permission of chairman and eleventh hour matter and to make resolution in that regard.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 6th, 2018|Uncategorized|Comments Off

Advocates for agreement in Pune

There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.
1) At time of Sale of Immovable Property, we come across the market value of the property. What exactly is the meaning of market value of property?
It means the price which such property would have fetched if sold in open market on the date of execution of such Document or the consideration stated in the document whichever is higher. However the Stamp office uses Ready Reckoner for referring to prevalent value of the property.
Stamp Duty is paid on the Market Value of the property and not on the amount of consideration stated in the Document.
2) Why Stamp duty is required to be paid?
It is kind of Tax like Sales Tax or Income Tax. And it must be paid in full and on time to the government. When there is a delay in payment, penalties are imposed. If it is properly paid as per the approved rate and after ascertainment of market value of the property, then the instrument / document/ agreement is treated as duly stamped document which can be admitted as evidence in any lawful transaction or in the court. if they are not properly stamped, Court or the Competent Authority may impound the same or will not be accepted as evidence.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 5th, 2018|Uncategorized|Comments Off

List of Documents Required for Society Formation

DOCUMENTS REQUIRED:
Further, the application required to be made with the Registrar shall be accompanied by copies of certain 20 odd documents which the society shall have to prepare or get prepared.

The papers required for doing Deemed Conveyance are as follows:
o Application Form 7 to the District Deputy Registrar, Co-operative Societies, affixing a court fee stamp of Rs 2,000 on the application
o Affidavit made before the Notary or Executive Magistrate True copy of the Society Registration Certificate
o Stamp duty paid and registered agreement copy of 1 individual flats/ shops with Builder/Developer
o List of members in prescribed format
o Index-II for each member as issued by the Sub-Registrar of Assurance
o Copy of the Development Agreement between land owner and builder
o Copy of the Power of Attorney between land owner and builder
o Copy of the legal notice issued to the original owner or developer for doing conveyance
o Details of corresponding address telephone number etc. of the original owner or developer
o Draft conveyance deed/ Declaration proposed to be executed in favour of the applicant

Documents to be obtained from City Survey Office, for submission:
o City (CTS) Survey plan
o Property Registration Card or
o 7/12 extract of the land
o Village form 6 (Mutation entries from Revenue Office)

Documents to be obtained from the Collector’s Office, for submission:
o Copy of the Non-Agricultural Order
o Certificate of the exclusion from Land Ceiling Act (ULC) Certificate

Documents to be obtained from the concerned Municipal Authority Office, for submission:
o Copy of the approved plan
o IOD
o Commencement Certificate
o Building Completion certificate
o Occupation Certificate (not compulsory)
o Property taxes paid
o Location plan of the building

Documents to be obtained from other professionals, for submission:
o Search Report of the land issued by the Solicitor/Advocate
o Title Certificate of the Property issued by the Solicitor/Advocate (Search by minimum for last 30 years)
o Land Measurement Map/ Architect’s Certificate (layout plan of the plot)
o Certified copy from Panel Architect about the utilization of full FSI or FSI if any left in respect of the said property /Plot.
After, the Application is heard by the Registrar he may grant an order for deemed conveyance which shall then be produced before a court for execution and hence the conveyance may be done by a court order.
PROCEDURE:
Stage 1- Preparation for Deemed Conveyance
During this stage the Managing Committee prepares the Members of the Co- Operative Housing Society for Deemed Conveyance.
Stage 2- Documentation for Deemed Conveyance
During this stage the Documents Required for Deemed Conveyance are collected/ organized & the Case is prepared.
Stage 3- Legal Case for Deemed Conveyance
During this stage the case is filed before the Competent Authority & after contesting the same the Order & Certificate upholding the right of Deemed Conveyance of the Society is obtained.
Stage 4- Registration of Deemed Conveyance
During this stage the Deemed Conveyance Deed is Adjudicated, properly Stamped & Registered.
Stage 5- Transfer of Property after Deemed Conveyance
During this stage the Society Name is incorporated in the Land Revenue Records.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 5th, 2018|Uncategorized|Comments Off

Advocates for register a new housing Society

ADVOCATES FOR REGISTRATION OF HOUSING SOCIETY:
A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. The builder may also be statutorily obligated to form a society. For example, under Maharashtra Flat Ownership Act, 1963, a builder must form a society within four months of selling 60% of the flats.
But you needn’t wait for the builder to form the society. In many states, including Delhi and Maharashtra, ten flat-owners are enough to promote a co-operative housing society. A building without a housing society usually indicates that there is a dispute between members or a general lack of interest. If you’re considering buying a house in a building where the society has not been formed, find out what the problem is. If the builder does not form a society, rights to the terrace and the compound continue to rest with him.
We, the “VED LEGAL” provide registration and formation services which help you at every step of society formation, right from inception to final handover. We look after all the legal complications involved in society formation and carry out necessary negotiations with developers.
We have also completed the registration process for various projects. We specialize in society formation of housing societies, commercial societies, maintenance societies and large townships. We help developers and societies with complex registration process during society mergers, society split, and federation registrations.
Our specialized services include:
• Initial screening
• Gap identification and ratification
• Process documentation and finalization
• Dispute resolution
• Society name reservation at respective co-operative departments
• Account formation and legal documentation

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 5th, 2018|Uncategorized|Comments Off

CHILD ADOPTION

INTRODUCTION
In India the adoption procedure is governed by various statutes and guidelines provided by the Central government. These statues and guidelines have extensive provisions covering precise and clear definition of adoption, who can be adopted, who can adopt to the rights of the adopted child and other related provisions. Currently the laws of adoption are governed by personal laws as well as other statutes such as Guardian and Wards Act, 1890, The Hindu Adoption and Maintenance Act, 1956, Guidelines Governing Adoption of Children, 2015, Juvenile Justice (Care and Protection of Children) Act, 2015. However, in this blog post, we shall discuss the adoption procedure irrespective of the personal laws. This blog post will talk about the guidelines provided by the Central Government in 2015.
WHAT DOES ADOPTION MEAN?
Adoption is the process through which a child becomes the lawful child of his adoptive parents. He will have all the rights, privileges and responsibility of a biological child.
WHO CAN BE ADOPTED?
According to Section 4 of the latest guidelines provided by the Central Government in 2015 any orphan, abandoned or surrendered child, declared legally free for adoption by the Child Welfare Committee is eligible for adoption.
An orphan is a child who is without his legal parents or guardian or his parents are not capable of taking care of him.
An abandoned child is one who is deserted or unaccompanied by his parents or guardians and the Child Welfare Committee has declared him so.
A surrendered child is one who is relinquished on account of physical, emotional and social factors beyond the control of the parent or legal guardian and is so declared by the Child Welfare Committee.
WHO CAN ADOPT?
o Any Indian, NRI or foreign citizen can adopt a child, though the procedure for all three is different.
o Any male or female irrespective of their marital status is eligible to adopt.
o A single female can adopt a child of any gender but a single male cannot adopt a girl child.
o If a couple is adopting, they should have two years of stable marriage and consent of both the spouses is necessary.
o Age difference should not be less than 25years between the adoptive parents and the adoptive child.
CONDITIONS TO BE FULFILLED
o The prospective parents should be emotionally, mentally and physically stable.
o They should be financially capable to raise a child.
o They should not have more than four kids.
o hey should not be suffering from a life threatening disease.
WHAT IS CARA?
Central adoption resource authority (CARA) is the nodal agency to regulate adoption for in-country and intra-country. It is a statutory body of the Government of India working under the Ministry of Women & Child Development. It deals with adoption of children through special recognized agencies.
PROCEDURE FOLLOWED FOR ADOPTION OF A CHILD
1. Prospective parents register online or can reach District Child Protection Officer (DCPO) to register the prospective parents online.
2. The adoption agency prepares a Home Study report describing the various factors and circumstances of the family within one month of the registration.
3. The home study report shall be posted on the database by the adoption agency.
4. The parents are given chance to choose their prospective child based on their preferences.
5. They are shown photographs, child study reports and medical examination reports of up to six children.
6. The prospective adoptive parents may reserve one child within a period of forty eight hours for possible adoption and the rest of the children would be released for other prospective parents.
7. The adoption agency will fix the meeting of the prospective adoptive parents to access whether they are suitable parents or not. The parents should also be allowed to have a meeting with the child.
8. The entire process of matching should not take more than fifteen days.
9. While accepting the child the prospective adoptive parents should sign the Child Study Report in presence of social worker.
10. If prospective parent do not accept the child or the child do not accept the parent then same procedure will be followed for other chances.
PRE-ADOPTION FOSTER CARE
When the prospective adoptive parent accepts a child and signs on the acceptance form, he is given for foster care within 10 days of adoption.
LEGAL PROCEDURE
o The specialized agency shall then file an adoption petition in the court having jurisdiction within 7 days of the acceptance.
o The Court shall then hold the in-camera proceedings and dispose the case within 2 months.
o The court provides for a certified copy of adoption and the same shall be forwarded by the adoption agency within 10 days.
o After receipt of the order, the prospective adoptive parent becomes the legal parents of the child.
o Constant follow up is required by the specialized adoption agency.
DOCUMENTS REQUIRED
The following documents are required to be produced in original along with two self attested copies by the PAPs.
a. Proof of identity(voter card/pan card/passport/driving license)
b. Proof of address indicating residence in India exceeding 365 days
c. Marriage Certificate
d. Family Photograph
e. Health certificate by a registered medical practitioner certifying that the PAPs are not suffering from any contagious or terminal disease or any such mental or physical condition which may prevent them from taking care of the child.
f. Three recent postcard sized photographs of the adoptive family.
g. Two letters of recommendation from persons who know the family well. Such recommendations should not be from immediate relatives of either spouse.
h. If the PAPs are self-employed, IT statement for the last three years and if they are employed, Income Certificate from the employer also indicating the date of superannuation.
i. Financial statement including copies of bank statement for the last six months, details of movable and immovable property owned by the family and details of loans taken by the PAPs.
j. Written consent of the biological and/or adopted child/children and if they are above 7 years of age.
k. Adoption decree, if the couple have adopted child/children earlier.
l. Divorce/legal separation decree in case of single PAP if applicable.
m. Letter from close relative of single PAP stating that in the event of any unforeseen circumstance, the relative would take care of the child.
(the documents required are described in the Schedule 8 of the Guidelines Governing Adoption of Children, 2015.)

FUNDAMENTAL PRINCIPLES GOVERNING ADOPTION
(a) The child’s best interest shall be of prime importance while deciding any placement;
(b) Preference shall be given to place the child in adoption within the country;
(c) Adoption of children shall be guided by set procedures and in a time bound manner;
(d) No one shall derive any gain, whether financial or otherwise, through adoption.

PERSON COMPETENT TO BE ADOPTED
Any orphan, abandoned or surrendered child can be adopted following due procedure laid down in these Guidelines if such child is declared legally free for adoption by the Child Welfare Committee (CWC).
PERSON COMPETENT TO ADOPT
In accordance with the provisions of sub-section (6) of section 41, the Court may allow a child to be given in adoption, –
(a) To an individual irrespective of his or her marital status; or
(b) To parents to adopt a child of the same sex irrespective of the number of living biological sons or daughters; or
(c) To a childless couple.

ADDITIONAL ELIGIBILITY CRITERIA FOR PROSPECTIVE ADOPTIVE PARENTS (PAPS)
(1) No child may be given in adoption to a couple unless they have at least two years of stable marital relationship.
(2) Couples in live-in relationship are not eligible to adopt a child.
(3) To adopt a child in the age group of 0-3 years, the maximum composite age of the PAPs should be 90 years wherein the individual age of the PAPs should not be less than 25 years and more than 50 years.
(4) To adopt children above three years of age, the maximum composite age of the PAPs should be 105 years wherein the individual age of the PAPs should not be less than 25 years and more than 55 years.
(5) In case a single PAP desires to adopt, he or she should not be less than 30 years of age and shall not be above the age of 50 years. The maximum age shall be 45 years to adopt children in the age group of 0-3 years and 50 years for adopting children above 3 years.
(6) The PAPs should have adequate financial resources to provide a good upbringing to the child.
(7) The PAPs should have good health and should not be suffering from any contagious or terminal disease or any such mental or physical condition, which may prevent them from taking care of the child.
(8) Adoption of a second child is permissible only when the legal adoption of the first child has been finalized but this is not applicable in case of siblings.
(9) An un-married or single male person is not permitted to adopt a girl child.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 4th, 2018|Uncategorized|Comments Off

Advocates for Agreement to Sale

There are various ways through which you can transfer a property that you own. It could be by way of sale, Will or gift. A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient. Though no monetary transaction is involved, it is still necessary to register the gift deed to make the transfer valid.
1) At time of Sale of Immovable Property, we come across the market value of the property. What exactly is the meaning of market value of property?
It means the price which such property would have fetched if sold in open market on the date of execution of such Document or the consideration stated in the document whichever is higher. However the Stamp office uses Ready Reckoner for referring to prevalent value of the property.
Stamp Duty is paid on the Market Value of the property and not on the amount of consideration stated in the Document.
2) Why Stamp duty is required to be paid?
It is kind of Tax like Sales Tax or Income Tax. And it must be paid in full and on time to the government. When there is a delay in payment, penalties are imposed. If it is properly paid as per the approved rate and after ascertainment of market value of the property, then the instrument / document/ agreement is treated as duly stamped document which can be admitted as evidence in any lawful transaction or in the court. if they are not properly stamped, Court or the Competent Authority may impound the same or will not be accepted as evidence.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 4th, 2018|Uncategorized|Comments Off

CONVEYANCE SERVICES FOR SOCIETIES

In most of the cases people believe that a Purchase Agreement is the final document they need to own. However, a mere purchase agreement does not pass on the developer’s rights on the land to the society. Societies need to make sure they have the complete right to the land, and mere society registration and formation does not provide those rights.
A Conveyance Deed helps societies to gain the right of their land. Post this builder relinquishes his legal right on the land.
We the “VED LEGAL” provide end-to-end conveyance services to the societies including execution of Conveyance Deed, Deemed Conveyance, and Deed of Apartments. We work closely with co-operative societies and government officials and make sure the complete process is hassle free.
With our team of legal advisers and professional approach, we have handled more than 100 cases across Pune. We guide our clients through the complete process of transferring builder’s rights, allocation of additional space and finally establishment of society rights, as per the law.
Our conveyance services include:
Apartment formation:
• Deed of Declaration • Deed of Apartment
Co-operative Societies Conveyance:
• Conveyance deed with builder’s consent • Deemed Conveyance – without builder’s consent

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 4th, 2018|Uncategorized|Comments Off

Housing Society Formation Pune

FORMATION OF A NEW HOUSING SOCIETY

First general body meeting (before registration)
In this meeting under Society’s Model Bye-law 3(iii), the Chief Promoter (could be the builder) is primarily selected by the promoters, who are members co-signing the registration application before the Registering Authority, under Bye-law 3(xii).
Application for registration
Normally, the name reservation proposal should be accompanied with the society resolutions and signatures of at least 10 Promoters who have attended the meeting. On allotment of name and permission to open a bank account by the Registrar, the Chief Promoter has to collect Share Capital, Entrance Fees from promoters and deposit the same in the branch of the bank permitted by the Registrar. It should be noted that the amount cannot be withdrawn from the Bank till the society is registered or its registration is refused, except with prior written permission of the Registrar. The Chief Promoter should submit registration proposal to the registering authority within a period of 3 months from the date of issue of Letter of Reservation in the name of the proposed society.
Co-operative Societies Commissioner & Registrar’s GR No. SAGRUVO/1094/Pra.Kra 277/14C dated 10 March 1995 says “By exercising the powers in section 7 of the Co-operative Societies Act 1960 the government is pleased to exempt the provision of minimum 10 members for registering co-operative Housing society under sub-clause 1 in Section 6 of the said Act subject to the conditions that the plinth area of each flat in the proposed co-operative Housing Society should not be more than 700 sq. ft and FSI should not be balance for utilization in the proposed societies land/ building.
If builder/ promoter is not co-operating in registering the Co-operative Housing Society, then in that case, the application for registration of society be submitted in Form 6 (Rule 12) before the District Deputy Registrar, who has been given power under section 10(1) of the Maharashtra Ownership Flats Act 1963. While submitting the said proposal, a Notarized Indemnity Bond of the members who applied for the registration of society on the stamp paper of Rs. 200 is required.
Approval by Registrar
It is the duty of the concerned Registrar to register the Co-operative Housing Society, by scrutinizing the proposal submitted after fulfillment of above mentioned documents, and shall make an arrangement of issuing certificate of registration society under Section 9(1) of the Maharashtra Co-operative Society Act 1960, and copy of the registered bye-law, memorandum regarding registration of society to the chief promoter. The order regarding registration of society should have been sent for publishing in government gazette to the Government Printing Press for appropriate action. It is necessary to take decision on the registration of the society within a period of two months from the date of the proposal of the society submitted to the Registrar.
If proposal of society registration is denied or no decision is taken within two months then it is necessary to send that proposal to the Divisional Joint Registrar, Co-operative Societies under Section 152 of the Maharashtra Co. operative societies Act, can be approached.
First General Body Meeting obligatory Agenda (after registration):
• To elect a Chairman for the meeting
• To admit persons to membership who have applied for membership of the society.
• To elect a provisional Managing Committee
• To receive and approve the statement of account as prepared by the Chief Promoter of the society up to 14 days prior to the first general body meeting of the society.
• To authorize the committee to secure conveyance of right title and interest in the property in the name of the society from the promoter builder
• To impose restrictions on raising loan amount from outside
• To appoint internal auditor and to fix his remuneration
• To authorize one of the members of the provisional committee to call the first meeting of the provisional committee
• To take decision about taking membership of District Housing Federation and other institutions
• To give power to one member of provisional management committee to call meeting of the managing committee
• To consider the matters raised by the member except these matters which are necessary for giving advance notice with the permission of chairman and eleventh hour matter and to make resolution in that regard.

FOR MORE DETAILS CALL:
VED LEGAL,
Adv. Gajanan Rahate
Mob: 9763040088
E_mail: [email protected]

By admin|September 4th, 2018|Uncategorized|Comments Off