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Ramalingam

Ramalingam Kalirajan  |7201 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 17, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Akula Question by Akula on Apr 13, 2024Hindi
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Construction of +3 house wad done 5 years ago. But permission is there for g+2.? Is its illegal to buy that property? What steps need to fellow to get permission of constructed floor?

Ans: In India, there can be legal ramifications for buying a property with unapproved construction. Here's a breakdown of your situation and the recommended steps:

Legality of Buying the Property:

Buying a property with an extra floor built without permission might be risky.
Steps to Take:

Verification:

Check with the local authorities (municipality, panchayat) to confirm the sanctioned plan for the property. This will reveal the approved number of floors (G+2 in your case).
Decision Making:

Based on the verification:
If the additional floor is unauthorized, you need to assess your risk tolerance. Legalization might be possible, but it could involve penalties and construction modifications.
If you decide to proceed, factor in the potential costs of legalization.
Legalization Process (if you decide to buy):

Consult a lawyer specializing in property law. They can guide you through the legalization process, which may involve:
Applying for permission for the additional floor.
Paying fines and penalties for unauthorized construction.
Getting structural stability certificates from engineers.
Potentially modifying the unapproved floor to comply with regulations.
Important Note:

Local regulations for building permissions can vary across India. The specific process for legalization will depend on your location.
Recommendation:

Before buying the property, it's crucial to understand the implications of the unapproved floor. Consulting a lawyer can help you make an informed decision and navigate the legalization process if needed.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7201 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Asked by Anonymous - May 08, 2024Hindi
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I am a seniior citizen, husbsnd & wife residing in own house and taking care of siper cirizen (90 yrs) My neibour taken up extension of the building by adding 2 more floors to his existing gf + ff units. Site measuring 30'× 26' ( divided portion of 30'× 53 ' Only 3' to 4' gap is there betwen the stricture now cinstruction & our portion exposing us of falling out of contruction materials on us and Parked vehicle & putting us in lot of risk and axiety . The neibouring owner and the The contractorhas provided side protection partially & not taken safety measures to prevent falling if constn material which would cause damger to us. Reminders to them to provide sufficient protection & safety measures has fallen on deat ears. They are even adament. Suggest a best way to resolve the issue without affecting the relationship with each. other afterall we neibours.
Ans: I understand the concern you're facing with the construction activity next door and the potential risk it poses to your safety and property. It's indeed a challenging situation, especially when dealing with neighbors.

Here are some steps you can consider to address the issue without straining your relationship:

Open Communication: Initiate a conversation with your neighbor in a calm and respectful manner. Express your concerns about the safety hazards caused by the ongoing construction activity. Approach the conversation with empathy and understanding, acknowledging that you both share the same neighborhood.
Collaborative Solutions: Instead of placing blame, focus on finding collaborative solutions that ensure the safety and well-being of both parties. Propose practical measures such as installing additional safety barriers or netting to prevent debris from falling onto your property.
Seek Mediation: If direct communication doesn't yield positive results, consider involving a neutral third party, such as a community leader or mediator, to facilitate a constructive dialogue between you and your neighbor. Mediation can help find mutually acceptable solutions while preserving the relationship.
Legal Options: As a last resort, you may explore legal options to address the safety concerns if all attempts at resolution fail. Consult with a legal expert to understand your rights and options under local laws and regulations governing construction activities and property disputes.
Remember, the goal is to resolve the issue amicably while safeguarding your safety and well-being. Maintaining a positive relationship with your neighbor is essential for a harmonious neighborhood environment.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

..Read more

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Milind

Milind Vadjikar  |741 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Dec 03, 2024

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What happens when a Mutual Fund company shuts down / gets sold off?
Ans: Hello;

If a mutual fund company gets sold or fails, the process is prescribed by SEBI:

In case MF company is Sold,
The new fund house may:
1. Continue the scheme with a new name and management.

2. Merge the scheme with similar funds and offer investors the option to exit without any exit load.

In case MF company shuts down,
The fund house will:
1. Pay out investors based on the fund's last recorded Net Asset Value (NAV) and the number of units the investor holds, after deducting expenses.

2. If the company is not in a position to do so then SEBI may liquidate the funds assets and distribute the proceeds to unit holders.

It is also pertinent to note that mutual fund regulation in India is one of the most stringent and hence best, from investor's point of view, globally.

This is not just in theory. We have seen how the Franklin Templeton abrupt closure of debt funds was handled with surgical precision, by SEBI, with no loss to unitholders.


Skin in the game regulation mandates that 20% salary of key mutual fund personnel and fund managers is paid in terms of units of their funds with a 3 year lock-in.

The stocks and bonds purchased by the AMC for the fund are held by a custodian, appointed by the trust that administers the fund.

The trust engages into a investment management agreement with the AMC for managing the fund as per their mandate and within regulatory guidelines.

Registrar and Transfer Agents handle the investor registration,kyc, maintaining records, providing account and tax statements etc.

Happy Investing;
X: @mars_invest

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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