Upcoming Residential Apartment in Mumbai
Mumbai, which provides high paying job prospects has a lot to offer in terms of real estate investment opportunities. Residents are gradually transitioning to become first-time property owners from temporary tenants. Safeguarding the future would entail various aspects that contribute to a secured future. Godrej Retreat Kharghar by Godrej properties is a residential project located to perfection at Kharghar in Navi Mumbai. With the Mumbai-Pune expressway in close proximity, residents can get around to other parts of the city with effortless ease and comfort. The inclusion of RERA and tax reforms such as GST has redefined the Mumbai property market. Developers are devising new strategies to release their unsold inventory and formulating strategies that help maintain transparency in regards to project features and legal constraints. Customers are now expecting land-related documents that would help them have a piece of in-depth knowledge about the history of the land acquired and ownership transfer details. There are various building bylaws that have to be strictly adhered to by potential property developers before they go about releasing project details out to the public.
What is a Benami Law and what do you call a Benami Property?
One such law is the “Benami Law”. The law clearly states that if a resident is purchasing a property or transfers the ownership, he wouldn’t be able to register the property under his name. However, they can register the property under someone else’s name and go about financial transactions from their end. “Benami Property” is the property that is being dealt with in such cases. There are complications involved as the person who pays for the property is a different entity. On legal grounds, it becomes difficult to determine the authenticity of the person under whom the property is registered after property purchase. Godrej Retreat Kharghar has maintained clear grounds wherein legal documents are shared with prospective investors that disclose every detail in order to maintain and establish long-standing relationships. Rest assured, partnering or associating with Godrej Kharghar Mumbai is sure to help one analyze and implement a cognitive approach for a sustainable future.
Things to know before entering to purchase Benami properties
Be it any product or service offering, customers would like to know what is the value associated with the purchase and what are the implication involved in doing the same. There are several aspects to Benami properties. The law clearly clarifies that these are properties that are not registered under the name of the person planning to purchase. In other words, you purchase and own properties under someone else’s name. However, there is a catch here. On no legal levels, it is possible to transfer the ownership back to you. Once purchased, the owner of the property would be solely the other party involved. On the contrary, can the owner of the Benami property continue to own and use the property as per their convenience and requirement? That wouldn’t be possible and 2016 law amendments clearly signify that such properties are liable to attachment and confiscation by legal bodies.
How does the Benami property owner represent themselves?
There are many complications when it comes to Benami properties. The authenticity and originality of the Benami property owner should be proved in the court of law. Otherwise called as the Benamidar, one needs to present themselves physically to ensure that the property has been registered under their name. On the flipside, a Benamidar can appoint someone else to represent them on legal terms. Now, who can a Benamidar appoint to present them? These are questions that often pose ambiguity. The person representing the Benamidar can either be one of these.
- They should be related to the Benamidar or in case the Benamidar is an employer, the person representing them should be an active employee.
- If the person maintains/holds a bank account along with the Benamidar, they would qualify to act or represent them.
- A legal guardian or a person who is a current law practitioner in the civil court of law.
Considering all these factors, we can come to the conclusion that to get into Benami properties, one should cordially adhere to the above-mentioned regulations in order to avoid serious repercussions.