Tuesday 14 June 2011

The New Benami Transaction Act

The government is in the process of amending the Benami Transaction Act, which will give it the power to confiscate any property that is declared benami. Under the new Benami Transaction Act, women will be able to acquire assets in the name of their husbands without running the risk of the property being declared benami. Under the existing law, property acquired in the name of the husband by his wife from undisclosed income is considered benami, although the husband could hold a property in his wife’s name. The law defines a benami transaction as a deal in which a property is transferred to one person while the consideration is paid or provided by another person. The new law will set up an authority and empower it to confiscate an asset deemed to be benami if the owner fails to provide proven source of earning. But assets of family members declared benami will not be confiscated. Such a property, however, will remain benami and cannot be claimed as a genuine purchase later by the person who holds it in his name. (Indian Realty News, May 26, 2011)

Tuesday 7 June 2011

Indian Real Estate Show

Indian Property show, its eighth edition is scheduled from June 16 to 18 at Dubai World Trade Centre. About 250 Indian Projects worth $2200 million will be featured in the show. Show is organized by Sumansa Exhibitions, and is expected to generate business worth $58 million. Visitors can look at a spectrum of properties available, different investment options, financing sources, Vaastu consultations and sort out legal queries. The show will definitely meet potential customers and we may witness rise in property prices in the near future. Hence, this is the right time for the investors to buy the property. (Indian Realty News June 6, 2011)