Photo of Hiral Motta

Partner in the Real Estate Team at the Mumbai office of Cyril Amarchand Mangaldas. Hiral advises developers, investors and large corporates on core conveyancing and real estate matters. She can be reached at hiral.motta@cyrilshroff.com.

Dissolution of a partnership firm

Introduction:

Dissolution of a partnership firm entails closure of the business of the partnership, settlement of books and accounts of the partnership and distribution of the surplus property (i.e. remaining property of the partnership after settlement of debts and liabilities of the firm) among partners as per their respective shares in the partnership firm.

Continue Reading Distribution of Assets of a Partnership Firm upon Dissolution – Is Registration of Deed of Dissolution or an Arbitration Award mandatory when Immovable Property is involved?

Development Manager as ‘Promoter’ under RERA regime - Deconstructing MahaRERA’s order in Shapoorjee Pallonji’s Case

1. INTRODUCTION

The Development Management Model (“Model”) has risen exponentially to meet the pace of growth and ensure expansion of real estate projects. The Model typically involves a Development Management Agreement (“DMA”) between a promoter and a development manager, wherein the latter is appointed for project execution, designing, marketing and sales of a project in consideration of a share of the revenue/profit or management fees.
Continue Reading Development Manager as ‘Promoter’ under RERA regime: Deconstructing MahaRERA’s order in Shapoorjee Pallonji’s Case

2017 is upon us, but many readers seem to have missed some very important and progressive changes to the Maharashtra Tenancy and Agricultural Lands Act, 1948 (Act) made last year on 1 January 2016! Two sections (63, and 63-1A) of the Act govern the ability to sell and buy agricultural lands (AL) for non-agricultural (NA) use.

Here is a comparative note on the pre-amendment and post-amendment law under Section 63-1A affecting AL bought for NA bona fide industrial use.
Continue Reading Using Agricultural Lands for Non-Agricultural Purposes in Maharashtra – Important 2016 Amendments