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Getting fair market value through government approved valuer

Saturday, March 31, 2018
By Ramesh S. Prabhu

Q. How to allot, or decide area in case where there is one complex, there are many Buildings, Each Building is separate Co-op Hsg Society? In this case, how is conveyance obtained?
In the case of layout in which there are two or more societies, they may obtain the conveyance in the following ways:

(1)    Each society may obtain the conveyance of their building with the right, title and interest in the land proportionate to the FSI consumed by the respective building in the layout.

(2)    All the societies may come together and obtain the conveyance jointly and define each society's percentage of undivided right, title and interest in the property as per the FSI consumed as per the approved plan

(3)    If there are more than 5 societies, they may form the Federation of Housing Societies and obtain the conveyance of the land and building in the name of the Federation.

Q.In a composite building under SRA (Slum Rehabilitation Authority) which also has a saleable building, what are the rights of the slum developer & allotee in the rehab building and allotee in the sale building under Real Estate(Regulation and development ) Act, 2016 (RERA)?
In the case of SRA, the existing slum dwellers who are entitled to get the rehab houses are protected and regulated by Slum Rehabilitation Authority. The Maharashtra Real Estate Regulatory Authority (MahaRERA) does not get the jurisdiction over the dispute between the existing slums dwellers and the promoter. Such disputes need to be referred to SRA or the authority delegated powers under SRA. However, the persons who are buying the property in the sale portion of SRA scheme, are entitled to file a case before MahaRERA for any violation of RERA provisions and to get justice for any grievances.

Q.How does one do Valuation (Fair Market Value) of the plot, land in Mumbai Register?
In order to get the fair market value, there are many government approved valuer. The valuer normally goes through the agreements and the transactions made near to the date of valuation and also refers to the ready recknor value published by the stamp office for collecting the stamp duty. 

Q.How to arrive/ derive Fair Market value, of Residential & Commercial property on the basis of rental income?
Normally, 3% to 4% of the investment in the property is considered to be rental return for such properties. The same is also provided by the government approved valuer who refers the ready recknor or other transactions done near to the transaction date and gives the detailed valuation report. 

Q.How is MahaRERA useful for borrower who purchases that as property from builder and though purchase is resale flat from estate agents?
MahaRERA protects only the consumers who have purchased the under construction property from the developer or a property which is purchased under RERA during under construction and which are registered with MahaRERA. If the property is already in the possession of the person and is not registered with MahaRERA, such purchaser of resale flats are not protected under RERA. The estate agents who are registered under MahaRERA sells any registered projects of MahaRERA by giving wrong information may be tried before MahaRERA and not any other agents who facilitate resale flats.

Q.For 100 % Commercial Development from residential property FSI is 5, it means 2.5 is as per Law & 2.5 is TDR.
1 FSI is a base FSI without any premium and additional 4 FSI is out of the premium FSI to be loaded by paying the applicable premium to Municipal corporation of Greater Mumbai as per the Proposed Development Control Rules, 2034.

(Ramesh S. Prabhu is Chairman, Maharashtra Societies Welfare Association)

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