India: Online Property Registration Search Introduced In Delhi (Real Estate, Infrastructure And Hospitality: October 2016 – December 2016)

REAL ESTATE, INFRASTRUCTURE AND HOSPITALITY

Online Property Registration Search introduced in Delhi

Delhi government's revenue department has introduced a web portal which enables the user to check the status of an immoveable property registration with the concerned sub-registrar of assurances.

An e-search on the said web portal will reveal not only the status of the immoveable property registration, but also the documents related to it, including sale deed, mortgage and lease deed.

The said web portal will have data for all immoveable properties that fall under the urban peripheries of Delhi, including all colonies and plotted settlements to which the urban property registration system applies.

Landowner's permission not required for erecting power transmission lines

In a matter filed by a cement manufacturer from Chhattisgarh, the cement manufacturer challenged the Power Grid Corporation's decision to erect towers for power transmission lines on its limestone mine lease area without its consent. The of Justices A. K. Sikri and R. Banumathi hearing the matter said, "As per the provisions of the Indian Telegraph Act, unobstructed access to lay down telegraph and/or electricity transmission lines is an imperative in the larger public interest."

Removing roadblocks in reaching electricity to every village, the Supreme Court has ruled that no prior consent of landowners was required to lay overhead power transmission lines and erect towers to support these lines. Through the judgment, the Supreme Court settled the issue which gave rise to conflicting judgments from various High Courts.

Project Settlement Policy for exit of builders from unfinished projects in U. P.

On the directions of the government of Uttar Pradesh (U. P.), the three authorities of Noida, Greater Noida and Yamuna Expressway Industrial areas have approved the Project Settlement Policy which provides an exit to the builders from development projects in case construction has not yet been started by the builder on the project land or in case the projects have not been completed in stipulated time and are still at an unfinished stage.

As per the said Project Settlement Policy, in case where a builder has not started construction on a project land and no third party rights have been created, the project will be cancelled and such builder can surrender the leasehold land back to the relevant authority. In such a case, 30% of the amount deposited by the builder for the project will be forfeited by the relevant authority, while 70% will be put into an escrow account, with the relevant authority also as a party to the escrow account. The amounts paid by the prospective buyers to the builder at the time of making bookings in such project will be distributed amongst such prospective buyers from the amounts deposited in escrow account. The amount returned to such prospective buyers will be the initial amount paid without including interest. If there is an existing agreement between the builder and such prospective buyers regarding the interest amount, it will have to be borne by the builder in terms of such agreement.

In case a builder has completed the project but is unable to procure the completion certificate due to any outstanding dues payable by such builder to the relevant authority towards the project land, in such a scenario in order to facilitate registry of the units in the project in favour of the prospective buyers, a fresh rescheduled payment policy with respect to such dues payable by the builder to the relevant authority will be initiated, subject to fulfilment of certain conditions by the builder, such as the lease deed with respect to the project land must be registered in the name of the builder, 25% of the total rescheduled payment shall be made by the builder to the authority immediately and the remaining 75% amount may be paid by the builder to the authority in six monthly instalments, and in case of any further default in repayment by the builder a 3% penal interest shall be payable by the builder to the authority on the outstanding amount for which there is a default in repayment, etc.

In case the builder has deposited the full premium amount with the relevant authority but has defaulted in paying the lease rent for the project land and the construction of the project has been completed, such builders will be permitted to grant the sub-lease rights in the project to the prospective buyers of the units in the project, provided that such builders pay an additional 10% amount above the due lease rent together with the due lease rent to such authority.

Further, subject to conditions imposed by the relevant authority, the builders have also been permitted to sell the unutilized floor area ratio (FAR) to a co-developer and utilize the money so received for completing their projects.

Union Cabinet approves Merchant Shipping Bill, 2016

The Union Cabinet has approved the new Merchant Shipping Bill, 2016 for tabling in Parliament.

The Merchant Shipping Bill, 2016 is a revamped version of the Merchant Shipping Act, 1958. The Bill provides for repealing of Merchant Shipping Act, 1958 as well as for the repealing of the Coasting Vessels Act, 1838.

The Merchant Shipping Act, 1958 had become a bulky piece of legislation over the years as a result of various amendments carried out in the Act from time to time. It was amended various times between 1966 and 2014 resulting in an increase in the number of sections to more than 560 sections. These provisions have been meticulously shortened to 280 sections in the Bill.

The provisions of the Bill will simplify the law governing the merchant shipping in India. Further, certain redundant provisions will be dispensed with and remaining provisions will stand consolidated and simplified so as to promote case of doing business, transparency and effective delivery of services. Some of the salient features relate to the augmentation of Indian tonnage, the promotion of coastal shipping, the introduction of welfare measures for seafarers, and the registration of certain residual category of vessels not covered under any statute.

NITI Ayog to launch 3-year plan for economic growth

Government think tank NITI Aayog will come out with three-year action plan with a view to accelerate economic growth and make it more inclusive by focusing on the health sector. The three-year action plan will replace the over six decade old five-year plans. The three-year action plan will not contain revenue projection for 2017-18, though it will have the details for 2018-19 and 2019-20.

NITI Aayog has also been entrusted with the work on the 15-year Vision Document and a seven-year strategy which would guide the government's development works till 2030.

The Ministry of Power has issued guidelines for cross-border electricity trade between India and the neighbouring countries of Bangladesh, Bhutan and Nepal. The guidelines provide a detailed framework on trade agreements, tariffs, trade through power exchanges in India, transmission system scheduling and accounting, grid operation and security, etc.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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