Tag Archives: property

Last Man in Tower

Aravind Adiga’s “Last Man in Tower” is a story about desperate people – desperate lower middle class people wanting to go up in society, wanting the riches, dreaming of a rich future and to achieve that they will throw all the scruples to the wind. Its a story of a old middle class metropolitan housing society in a suburb of Mumbai. The building is old, needs urgent repairs, the residents are all middle class with aspirations for more. In comes a corrupt, wealthy, ruthless builder who offers more than the market price for each flat in the society. Everybody agrees but for a couple of residents – old couple Pintos whose children are abroad and a widower Masterji a retired teacher whose only son is residing in a posh swanky flat in South Mumbai. He is a principled man with lots of attachment to the flat because of his late wife and daughter. He digs his heels in and refuses to accept the lucrative offer, the other residents get desperate because of the impending deadline, while the builder is sweating because of the potential loss of his reputation, when other builders are ready to pounce upon the property. The book is too long, but the narrative is quite brilliant. Aravind Adiga has written beautifully, his prose is superb. Towards the later part of the book, it starts getting depressing and the ending is a huge anti climax. Reminded me of the 80s movie “Mohan Joshi Haazir Ho” a sort of similar story about house owners who are unable to vacate their tenants and the matter goes to courts and stays there for decades, while the lawyers start getting rich, the plaintiffs become poorer and poorer by the day.  

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Change in calculation of stamp duty – property

http://timesofindia.indiatimes.com/city/mumbai/Stamp-duty-on-registrations-to-go-up-fine-for-delayed-payment-to-double/articleshow/46869158.cms

MUMBAI: A delay in payment of stamp duty after property registration will now result in the state imposing a fourfold fine on the defaulter instead of the previous twofold.

Experts in registration matters said people may face a certain rise in stamp duty on property registrations, sale deeds and other agreements as the government had changed the method of calculation of stamp duty.

“Instead of calculating in parts of some thousands, the stamp duty will be charged at a percentage of the total value of that property as per the new amendment,” a veteran in the sector said.

The stamp duty of Rs 100 on certain transactions such as undertakings, agreements or administration bonds is to be increased to Rs 500 on each transaction.

In this season of increase in costs, the relief is that now transfer of property to a blood relation will attract a very nominal stamp duty.

If a person living abroad sells his property, he can pay the stamp duty online.

These measures will help the state earn about Rs 300 crore, said revenue minister Eknath Khadse.

The minister said that these decisions would bring in simplicity and clarity in the registration processes.

The legislature on Thursday passed all the above decisions as amendments to the Maharashtra Stamp Act. The move will increase revenue but put some burden on buyers, investors and businessmen. “Most importantly, it will bring efficiency and clarity in transactions,” Khadse said.

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