SEO Simplified By Gabs Gaurs & Geets: Prajna Capital

Saturday, May 2, 2015

Prajna Capital

Posted: 02 May 2015 01:56 AM PDT

Bajaj Allianz Life has launched Young Assure, a non-linked, participating plan to help people fund their children's education. Its premium waiver feature takes care of continuity in case of any unfortunate event. A policyholder can select a minimum of `1 lakh as the guaranteed maturity benefit and there is no limit on the maximum amount.The entry age is 18 years.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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Real Estate Regulator

Posted: 01 May 2015 09:19 AM PDT

Property buyers will soon be able to check details about a project online. They can also monitor progress of construction and lodge a complaint if it is not completed on to schedule. These are some measures outlined in the proposed Real Estate Regulatory Bill, cleared by the Union Cabinet last week.

The Bill will facilitate setting up real estate regulators at the state level. Only projects registered with the regulator can be sold, both residential and commercial.

The Bill will apply to projects where the plot size is 1,000 sq mt or if it has at least 30 units. This, according to experts, will cover most projects.

However, in the long term, the measures will help buyers.

According to the Bill, builders should deposit 50 per cent of the amount received from bookings for a particular project in an escrow account within 15 days of receiving the money. This will ensure the money is used only for that project and cannot be diverted to any other.

This will ensure no delays due to lack of funds. Though the amount has been reduced from 70 per cent to 50 per cent, even this is good as earlier there was no such provision at all.

Another proposal is that a developer will not be able to launch or market any project unless all approvals are in place. Today, developers sell units, saying some approvals are awaited. If these don't come through, it is the buyer who suffers.

Developers will have to mandatorily disclose all details on the regulator's website, such as layout, design, approvals from various authorities, details about brokers, etc. This will bring transparency, as only registered properties can be marketed or sold.

Any change in the design or structure of a building will have to be approved by two- thirds of buyers. Cases of buyers being promised property of a particular area or design and being sold something different will come down.

Even online marketing players such as IndiaProperty. com might not be allowed to showcase projects not registered with the regulator. We're awaiting the final document to understand how players like us will be impacted.

While the judicial route was always available to buyers, it used to take long time. The Bill calls for setting up of a Tribunal, which will have to decide a case within 60 days. The Bill also prescribes punitive action in the form of penalty or fine and/ or imprisonment for builders who fail to meet the norms. A standard format for the agreement is another proposal which will make life easier for buyers.

Anil Harish, partner with law firm D M Harish and Company, points out that the Centre's Bill is not binding on all states. For instance, the Maharashtra government had proposed a similar Bill earlier, which is still to take effect. It had some proposals which were better than the Centre's.

For instance, the condition of the 50 per cent of funds being locked in an escrow account, may work in places where land cost is not very high. But in a place like Mumbai where land cost is very high, holding 50 per cent of funds might not work. Instead, the Maharashtra government had proposed that 10 per cent of the units cannot be sold until the Occupation Certificate is received. This is a better option to ensure that the project is completed