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Adverse possession is a term used in the Indian legal system to describe a situation wherein an individual or group of individuals acquire a right to ownership of an immovable property by virtue of continuous use of it. The Limitation Act of 1963, functions on the principle that ‘limitation extinguishes the remedy, but not the right’, meaning that in the case of an adverse possession the original owner may continue to have the title over the property but he loses the right to claim such a right in a court of law.
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not create any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
Joint Tenancy occurs when two or more people hold title to real estate jointly, with equal rights to enjoy the property during their lives. If one of the partners dies, their rights of ownership pass to the surviving tenant(s) through a legal relationship known as a right of survivorship. Tenants can enter into a joint tenancy at the same time. This usually occurs through a deed.
A property Index II document is automatically generated on the registration of transfer documents pertaining to immovable properties. It is issued and maintained by the Sub registrar’s office and the Stamp Duty & Registration Department. It contains a short description of the registered documents and details of the immoveable property. It is a public document, certified by the government and available to any member of the public.
The Malmatta Patrak or the Property Index Card is an extract obtained from the urban land records register of the Government of Maharashtra. It is recognised as a record-of-right, certified by the government and is considered an important proof of ownership. It contains details of the history of ownership of the land and the encumbrances attached to it. This card can be obtained from the city survey officer or downloaded from the official government website for land records.
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Zoning is a type of planning control tool used to regulate the use of land in a particular area. It is used when creating Development Plans for a region. This tool allows authorities to stimulate or slow down development in specific areas, regulate property markets and ensure complementary use of land. It also helps in defining density by way of FSI / FAR. Each state may have its own method of zoning.
Agricultural land is land that is used for the purpose of agriculture which includes the cultivation of crops, fruits, vegetables, grass, trees, horticulture, poultry farming, breeding of livestock, breeding of fish, bee keeping, etc. It also includes land used for any purpose which is ancillary to its cultivation, e.g. land used for grazing cattle.
Appreciation refers to an increase in the value of an asset over time, such as a stock, bond, currency, or real estate. For example, the term capital appreciation refers to an increase in the value of a property which can occur for several reasons including increasing demand or weakening supply, or as a result of changes in inflation or interest rates. Appreciation is the opposite of depreciation, which refers to a decrease in value of an asset over time.
Force majeure is a French term that literally means “greater force.” It is related to the concept of an act of God; an event for which no party can be held accountable. A builder usually includes this clause in the sale agreement to give each party more time to fulfil any obligation in case such an event occurs.
Escrow is a legal concept describing a financial agreement whereby an asset or money is held by a third party on behalf of two other parties that are in the process of completing a transaction.
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