Sunday, May 25, 2014

CONDOMINIUM (CONCEPT with a foreign origin ); DLF an Opdate, et al

Turns down firm's plea for stay on CCI order; final order pending

Following a petition by flat buyer associations of two DLF projects in Gurgaon — DLF Park Palace and The Belaire — CCI had in 2011 found DLF abusing its dominant position. The competition watchdog had imposed a penalty on the company and asked it to modify apartment buyers’ agreement. The buyers had alleged delays in project completion and claimed there was an increase in the number of floors over that planned earlier.

Meanwhile, in another case, DLF has again come under CCI’s scrutiny for allegedly drafting a one-sided agreement with buyers of its flat in Gurgaon’s New Town Heights project. CCI has not yet taken a decision in this matter.



Guest Post: COMPAT upholds CCI order in DLF Belaire Owners Association Case

 Banking Code

'Banks are duty bound to give a copy of banking codes to every customer'

CHS X Corp. Board of Directors 

Similarities >

A brief history of the evolution and
purpose of the board of directors

Having a Board of Directors eliminates the socio-economic costs of shareholders having to meet and approve each decision of the
corporation. In turn, the shareholders, by approving the charter
documents of a corporation and its by-laws, establish the constitution
within which the directors may function.
<< Home Insce. 
(a known concept but unknown implications)

The concept of CONDOMINIUM  commonly known as building complex (mostly comprising UNITS- Flats / Apartments) is a concept with a foreign origin.(- imported / borrowed, same way as many more of the kind); so is also its related concept of 'insurance'. 

That can be no justification for the main concept itself, though borrowed, and rightly or wrongly adopted, after having been given a formal shape and legal recognition , also being in vogue for several  decades now,  should continue to be given a step-motherly, or orphan- like treatment. Reference is to the numerous pitfalls, deficiencies, so on, obtaining in the most of the attendant aspects, thereby impairing gravely the very basic health of the system, jeopardizing the very 'property rights' to the core.

For instance, consider the well known concept of 'insurance". To get to know why insurance of house property is a must, and inevitable, read:

    2          Insurance - Wikipedia, the free encyclopedia
         o    History|
o    Principles|
  3.       Why insuring your newly bought apartment is a must - Business ...
    4.       Why Do I Need Homeowners Insurance? | eHow

The write-up @the link  below, even a superficial reading, might help in knowing the economic importance attached to the subject aspect in foreign soil :


   (Alert worthwhile echoing)

Among several other aspects, what an apartment buyer / owner ought not to ignore, impudently or otherwise, but must know is the concept of property “INSURANCE”. A random survey, to begin with say, in the hub city, Bangalore,  is bound to reveal that the utmost need to have a suitable and adequate insurance cover is hardly realized. So much so, no serious steps are noted to be taken even after the buyers have formed an association and an elected (or selected !) governing body (call it a core group, MC, or by any other name) in place. It could not but be simply the natural or ordinarily prevailing human trait of imbecility, callousness, impudence, ignorance , impertinence, so on. By and large, those are attributable to the buyers; so also their common body, in essence entrusted with the onerous responsibility to keep the property in the building complex, not merely 'maintained' but duly protected against all “odds”, for the common good of the community.

Suggested to browse the material on popular websites for knowing more ...

KEY NOTE: Should in any building complex, there happen to be  no adequate insurance cover, then it is not the concern of just the owners or the common body in governance, but assumes the significance of common concern to whomsoever is connected directly or indirectly e.g, the lending banks, and the auditors as well.

As stressed, “Along the way this inevitably becomes related to other concepts ...”


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