An Alert >
Submitted by vswami on 1 May 2015 - 8:40am.
Is your (or your or...) apartment building secured by Property Insurance Cover ?
Not to Bother ! But , anyway, Read , for whatever its worth :
Is your property insured for a Nepal-like earthquake?
Comment (reproduced):
If diligently scouted around, any place/location across the country, with special focus on multi-storeyed buildings, - ongoing in the name of vertical expansion, considered by and large , rightly or wrongly as inevitable,- one is sure to find that, it is rather an exception than a rule, that most such properties stand insured or fully insured.
Going by information personally elicited from a leading insurance company official, the wisdom of why insurance cover -for properties, despite being called 'immovable' properties, either during construction, or later after its completion,- is most essential / imperative, no less than individual's 'life cover', has remained unrealized /to percolate through.
In many states, e.g.in Karnataka, in the special enactment governing apartments, there is a clear provision for having such insurance cover. And under the scheme of the law, the elected or selected people (call it managing committee or any other), who are acting in a representative capacity for and on behalf of the apartment owners, are entrusted with the duty and responsibility to, as part of the overall 'maintenance', to have and keep alive an adequate insurance cover.
Further, having regard to the otherwise far reaching consequences, it is the duty of the appointed 'auditor' to make a proper inquiry, and have this aspect,- of course being one among the several others,- specially covered in his annual report to the body of the apartments owners (residential or commercial)in a building complex.
It is, however, anybody's guess as to how many of the mushrooming apartments’ buildings / or anyone or more of the owners are even aware or conscious of, the foregoing aspects, so as to be fully or even adequately taken care.
For that matter, so far as is known, even the lending institutions, not barring leading banks,- providing finance to the builders and the buyers, hence having vested interest / stakes,- do not seem to have ever seriously thought of, so as to safeguard and keep protected their own interests.
In short, by and large, the reality of life is rested on the ingrained human /commonly ruling belief, - ignorance is bliss.
KEY NOTE: If remember right, as personally opined on previous occasions (see old Posts), most hassles and hurdles commonly faced in apartment complexes in Bengaluru could possibly have been avoided/obviated, or a tleast been consderably mitigated, had every other concerned, such as the advising professiinals (including the CAs auditing the accounts of the builders, and after take over, of the 'society' (RWAs) or apartment owners' association) acted dutifully and diligently in discharging their official functions.
Though at the cost /pains of repetition, in the context herein, attention needs to be drawn to the viewpoints repeatedly shared on the potential significance and vital importance of the several mandatory formalities requiring compliance .As repeatedly urged, in cases commonly come across, in which the promoter /seller of apartments has left unfulfilled- even in those instances in which the purchasers are, in compelling circumstances, left with no other option, coerced / obligated to resort to what is known as 'financial take-over' - it is one such requirement, being the ultimate formability of 'FINAL CONVEYANCE’ remaining unfulfilled, that should be of immense advantage and hoped to bring succour to the aggrieved purchasers. For knowing more, refer the previous posts on this specific topic of most concern; so also the related (personal) Google blogs @'swamilook'.
For Ready Reference >
Final Conveyance of Property in Apartment Building > When ...
· FINAL CONVEYANCE OF PROPERTY IN A BUIDLING OF ...
· swamilook: "Deemed Conveyance"
· swamilook: MOdern DAy Concepts
· Understanding - Deemed Conveyance - Lawyersclubindia
Tail Note :
Open to Edit; and invite the concerned rest partaking in the discussion, to frankly share own experience and view points, so as to try and serve the intended purpose / avowed objective of own and the common good as well.
Not to Bother ! But , anyway, Read , for whatever its worth :
Is your property insured for a Nepal-like earthquake?
Comment (reproduced):
If diligently scouted around, any place/location across the country, with special focus on multi-storeyed buildings, - ongoing in the name of vertical expansion, considered by and large , rightly or wrongly as inevitable,- one is sure to find that, it is rather an exception than a rule, that most such properties stand insured or fully insured.
Going by information personally elicited from a leading insurance company official, the wisdom of why insurance cover -for properties, despite being called 'immovable' properties, either during construction, or later after its completion,- is most essential / imperative, no less than individual's 'life cover', has remained unrealized /to percolate through.
In many states, e.g.in Karnataka, in the special enactment governing apartments, there is a clear provision for having such insurance cover. And under the scheme of the law, the elected or selected people (call it managing committee or any other), who are acting in a representative capacity for and on behalf of the apartment owners, are entrusted with the duty and responsibility to, as part of the overall 'maintenance', to have and keep alive an adequate insurance cover.
Further, having regard to the otherwise far reaching consequences, it is the duty of the appointed 'auditor' to make a proper inquiry, and have this aspect,- of course being one among the several others,- specially covered in his annual report to the body of the apartments owners (residential or commercial)in a building complex.
It is, however, anybody's guess as to how many of the mushrooming apartments’ buildings / or anyone or more of the owners are even aware or conscious of, the foregoing aspects, so as to be fully or even adequately taken care.
For that matter, so far as is known, even the lending institutions, not barring leading banks,- providing finance to the builders and the buyers, hence having vested interest / stakes,- do not seem to have ever seriously thought of, so as to safeguard and keep protected their own interests.
In short, by and large, the reality of life is rested on the ingrained human /commonly ruling belief, - ignorance is bliss.
KEY NOTE: If remember right, as personally opined on previous occasions (see old Posts), most hassles and hurdles commonly faced in apartment complexes in Bengaluru could possibly have been avoided/obviated, or a tleast been consderably mitigated, had every other concerned, such as the advising professiinals (including the CAs auditing the accounts of the builders, and after take over, of the 'society' (RWAs) or apartment owners' association) acted dutifully and diligently in discharging their official functions.
Though at the cost /pains of repetition, in the context herein, attention needs to be drawn to the viewpoints repeatedly shared on the potential significance and vital importance of the several mandatory formalities requiring compliance .As repeatedly urged, in cases commonly come across, in which the promoter /seller of apartments has left unfulfilled- even in those instances in which the purchasers are, in compelling circumstances, left with no other option, coerced / obligated to resort to what is known as 'financial take-over' - it is one such requirement, being the ultimate formability of 'FINAL CONVEYANCE’ remaining unfulfilled, that should be of immense advantage and hoped to bring succour to the aggrieved purchasers. For knowing more, refer the previous posts on this specific topic of most concern; so also the related (personal) Google blogs @'swamilook'.
For Ready Reference >
Final Conveyance of Property in Apartment Building > When ...
· FINAL CONVEYANCE OF PROPERTY IN A BUIDLING OF ...
· swamilook: "Deemed Conveyance"
· swamilook: MOdern DAy Concepts
· Understanding - Deemed Conveyance - Lawyersclubindia
Tail Note :
Open to Edit; and invite the concerned rest partaking in the discussion, to frankly share own experience and view points, so as to try and serve the intended purpose / avowed objective of own and the common good as well.
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
Apropos previous Post
Submitted by vswami on 2 May 2015 - 8:54pm.
On the aspect of CAs’ crucial role in relation to audit of ‘housing societies’ :
Ref. [PDF]Audit of Co-Operative Societies - ICAI Knowledge Gateway
Going by common experience, and as often criticised, by and large, just an any other field of professional-, besides business-, activity, there has always been a cavernous gap between theory (rules book) and actual practice, One such field pertains to audit of housing societies e.g. in Maharashtra CHS , in Karnataka AOA.The ICAI as the apex supervisory body , having control over its members acting as appointed external auditors of such HSs, do seem to have comprehensive and valuable guidance material to such CAs. What calls for a special noting is the special course meant to give a useful training to them, with a view to equip them suitably and adequately so as to enable them to duly discharge their audit functions and responsibilities, diligently and in the matter as desired and ideally expected of them; more so, from the view point of investors/owners of ‘units’, being stake holders, in a residential building (s) complex. On that premise , one personally feels that the referred practical course/certification, in order to serve the intended objective, may have to be made, if not already so done, compulsory and necessary qualification / precondition for CAs to be appointed as auditors of HSs.
Over to, besides others concerned, the ICAI for due consideration of the suggestion herein above; and if agreed, acceptance and implementation at the earliest, – sooner than later.
NOTE: A copy of this link is being forwarded as a feedback, in view of the usefulness, directly, also to the ICAI, HO .
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
Updates >
Submitted by vswami on 3 May 2015 - 12:52pm.
The 'Certificate Course' conducted by ICAI is availabe for viewing HERE -
And the Blog contents may serve the purpose of keeping a tag /broad check and control by the CHS / Owners' Association / its Members, besides any other concerned alike, of the quality , in general, of the performance of CA auditing the accounts of the housing society.
Updates since posted @Is your property insured for a Nepal-like earthquake? may be usefully kept a track.
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
A 'PEP' talk
Submitted by vswami on 5 May 2015 - 3:48pm.
Afternoon Musings:
How to protect your assets from natural disasters - The Economic Times
You can’t stop natural calamities but you can minimise their impact on your finances by taking adequate...
Here is an informative write-up, for use if mind to !
Reaction (Facebook-ed) :
“You can’t stop natural calamities but you can minimise their impact on your finances by taking adequate insurance cover. Find out the best ways to protect your home and valuables.”
Is it not easier done than said? Of course, if listen to common sense, the nature given most valuable of all gifts, sane answer can only be , - YES !
To dilate a bit, with remorse:
In the aftermath of recent Nepal earthquake of devastating intensity, spelling disaster to lives and properties of a significant magnitude, the whole town, rather the country, is talking (though not walking the talk) about the need for ‘home insurance’, including high-rise buildings. The tragedy /sad commentary is, the high-rise buildings who should be the most concerned of all, in any city or elsewhere, are the least perturbed and worried; reason is basically sheer callousness, ignorance and imbecility of the highest level.
The special law almost every state has in force mandates the obligation to have blanket insurance for a building complex. And the duty and responsibility, as a package of ‘maintenance’, is entrusted to the managing or governing body to stick to and abide by the mandate, no sooner the property gets conveyed to and becomes the property of the joint owners of the complex. Until that point in time, it is the promoter/seller who owes it, as a legally enforceable responsibility, to his/its customers, and keep protected fully under an insurance cover. The said responsibility, thanks to the low aroused in majority, has been, and continues to be, allowed to remain simply on paper for ages. Reasons behind are illusions /misconceptions of sorts. For intimately knowing at least some, if care and will to enlighten self, use the all powerful mouse on your table top, to Google search the plethora of material on the very same and related topics, by click, using a couple of fingers.
Poor Mrs Grundy, a native for decades, however, is simply aghast, more worried than annoyed; for, knows not, whereto?
How to protect your assets from natural disasters - The Economic Times
You can’t stop natural calamities but you can minimise their impact on your finances by taking adequate...
Here is an informative write-up, for use if mind to !
Reaction (Facebook-ed) :
“You can’t stop natural calamities but you can minimise their impact on your finances by taking adequate insurance cover. Find out the best ways to protect your home and valuables.”
Is it not easier done than said? Of course, if listen to common sense, the nature given most valuable of all gifts, sane answer can only be , - YES !
To dilate a bit, with remorse:
In the aftermath of recent Nepal earthquake of devastating intensity, spelling disaster to lives and properties of a significant magnitude, the whole town, rather the country, is talking (though not walking the talk) about the need for ‘home insurance’, including high-rise buildings. The tragedy /sad commentary is, the high-rise buildings who should be the most concerned of all, in any city or elsewhere, are the least perturbed and worried; reason is basically sheer callousness, ignorance and imbecility of the highest level.
The special law almost every state has in force mandates the obligation to have blanket insurance for a building complex. And the duty and responsibility, as a package of ‘maintenance’, is entrusted to the managing or governing body to stick to and abide by the mandate, no sooner the property gets conveyed to and becomes the property of the joint owners of the complex. Until that point in time, it is the promoter/seller who owes it, as a legally enforceable responsibility, to his/its customers, and keep protected fully under an insurance cover. The said responsibility, thanks to the low aroused in majority, has been, and continues to be, allowed to remain simply on paper for ages. Reasons behind are illusions /misconceptions of sorts. For intimately knowing at least some, if care and will to enlighten self, use the all powerful mouse on your table top, to Google search the plethora of material on the very same and related topics, by click, using a couple of fingers.
Tail piece:
“Earthquake: Israel advises nationals to leave Nepal”
» Read morePoor Mrs Grundy, a native for decades, however, is simply aghast, more worried than annoyed; for, knows not, whereto?
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
Clue ? Elusive to ...
Submitted by vswami on 6 May 2015 - 8:18am.
Stuck/stay-put @cross roads - Reason is,- the mutually confusing ‘sign boards’; no clue as ever, which one to take to, for intended (?!) destination!
Dr Swamy replied to a volley of questions on a wide range of issues like* black money, hawala, taxation,...
*none mutually un -related (-connected)
Dr Swamy replied to a volley of questions on a wide range of issues like* black money, hawala, taxation,...
*none mutually un -related (-connected)
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
"Class Action" - contd.
Submitted by vswami on 22 May 2015 - 7:50am.
For in-house Activists/Participants
To draw Spl. Attention TO>
India to get own version of class action lawsuits
Amendments to BIS Act to be tabled during next session
To draw Spl. Attention TO>
India to get own version of class action lawsuits
Amendments to BIS Act to be tabled during next session
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
Class Action -contd
Submitted by vswami on 22 May 2015 - 3:23pm.
One more HERE
Protect consumers: Class action law suits will step up efficiency of courts and reduce litigation costs - TOI Blogs
Again, no attempt made at throwing light to supply any clarity ; but only renders the already commonly prevailing confusion(s), worse confounded. Worthwhile to have a look at the original 'text' of the subject enactment (amendments) itself, in order to get to know on a first hand basis, should the provisions as drafted / structured selves suffer from deficiencies / lacunae !
Mentiions repetitively , - 'law suits' - does that refer to regular proceedings before the Authority to be set up, just as /parallel to civil courts; and not before or coresponding to the extant consumer courts as imagined !
Is the lawyers' circle, by chance, better informed / equipped, to clarify ?
Protect consumers: Class action law suits will step up efficiency of courts and reduce litigation costs - TOI Blogs
Again, no attempt made at throwing light to supply any clarity ; but only renders the already commonly prevailing confusion(s), worse confounded. Worthwhile to have a look at the original 'text' of the subject enactment (amendments) itself, in order to get to know on a first hand basis, should the provisions as drafted / structured selves suffer from deficiencies / lacunae !
Mentiions repetitively , - 'law suits' - does that refer to regular proceedings before the Authority to be set up, just as /parallel to civil courts; and not before or coresponding to the extant consumer courts as imagined !
Is the lawyers' circle, by chance, better informed / equipped, to clarify ?
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
Insurance of Apartment complexes in Bengaluru
Submitted by vswami on 12 June 2015 - 10:20am.
An Update
This is follow-on of the previous posts on the subject matter.
Information since gathered from a so-believed reliable source is to the effect that Insurance company (ies) , when approached, refuse to provide insurance cover and issue a policy for an apartment complex . The reason said to be given is that unless and until the promoter/seller has affected the mandated “Formal Conveyance” as per the KAOA (the special State law )- (what that really means and are its legal implications, refer the requirement as set out in detail in previous posts) the buyers, as a collective body of association of persons, do not have an “insurable value”. .
Going by one’s limited knowledge , and understanding, of the scope/amplitude of the concept of “insurable interest” , however, and as personally viewed, such an excuse is prima facie misconceived and logically faulty; has no leg to stand on.
The field reality is , invariably, rather mostly, promoter/seller never cares , though lawfully obliged, to take and maintain insurance cover for the property , in the interim; that is, after the apartments have been sold; but the ‘final conveyance’, through handing over of the title and other related property documents, to the Association, for no fault of it, is pending /deliberately delayed.
What needs to be noted is that, should the mentioned excuse be taken to be valid, wrongly so, but were ignorantly conceded/ yielded to, then most of the apartment complexes, including the RWAs, in Karnataka would be left with no insurance protection; thereby remain exposed to great peril.
The intention in sharing above is with a view to eliciting information on what has been the common experience of the apartments’ complexes all around.
KEY NOTE:
On the concept of, - INsurable Interest in relation to a 'proerety' , if scouted around, one can readily find a host of material of positive guidance. HERE is one: http://legal-dictionary.thefreedictionary.com/insurable+interest
This is seen to amply support the viewpoint shared and stressed herein above; if so, a denial by insurer to underwrite the co-purchasers' - ASsociations' 'risk' in an apartment complex is, to say the least, highly offensive, irregular and illegal.
NOTE:
As anyone is expected to be aware (refer posts before), largely prevailing absence of or inadequacy of property insurance cover has provoked the most concern; and been openly given went . Further that, the IRDAI, as the empowered Regulatory authority has lately proposed certain measures to bring about the long desired but outstanding discipline in the insurance sector – See HERE : Insurers must correct pricing anomalies: IRDAI
(Left open/ Invited to EDIT/share)
For an Update on STP, the ongoing struggle of old apt. complexes with BWSSB, refer the recent Post http://bangalore.citizenmatters.in/articles/42
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