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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make...

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make sure you have at least six months of living expenses saved in a bank fixed deposit or a debt mutual fund. This reserve will serve as your emergency fund for unforeseen situations and ensures you are prepared for any rainy days. Review Your Asset Allocation Revisit your investments to ensure they align with your goals. For short-term goals within three years, bank fixed deposits, recurring deposits, or debt mutual funds are appropriate. For long-term goals beyond three years, a diversified combination of hybrid/equity mutual funds, direct equities, and gold should be preferred. Do Sufficient SIPs Systematic Investment Plans (SIPs) are the backbone of disciplined investing. At least 25-30 percent of your in-hand monthly income should ideally be invested through SIPs in mutual funds, equities, and gold. This consistent approach will steadily build wealth over time. Make Lumpsum Investments Along with SIPs, voluntary lumpsum contributions into long-term assets whenever you have surplus funds can accelerate wealth creation. Even occasional lumpsum additions make a significant difference to the overall corpus. Increase Your SIPs Annually As your income increases, make sure your investments grow as well. Increasing your SIP amounts every year helps your wealth stay in line with inflation and your rising lifestyle needs. Increase your SIPs yearly and anchor them to at least 30 percent of your monthly income. Stay Invested Remain invested until your financial goals are achieved. Avoid redeeming investments unnecessarily. Frequent withdrawals disrupt compounding. If liquidity is required, consider taking an overdraft loan against your investments rather than breaking them prematurely. Health Insurance Safeguard your family with adequate health insurance. Opt for a minimum cover of 25 lakhs per family member with comprehensive features. Remember that relying only on employer-provided insurance is risky. Independent health insurance is essential. Term Life Insurance Protect your loved ones with a pure term life insurance policy. Ensure a cover of at least ten times your annual income, along with provisions for any outstanding loans. Stay away from mixing insurance with investments. A simple term plan is the most effective solution. Consult a Financial Advisor A full-time, well-qualified financial advisor can simplify your financial journey. Professional guidance ensures disciplined planning, correct product selection, and proper execution of your financial strategy. May this festive season bring abundance and lasting financial peace. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

HC: Builders want to ‘bite the cherry’; fined Rs. 1 lakh

Quaid Najmi
Apr 1, 2025
3 min read

Mumbai: In a stinging observation, the Bombay High Court said that some builders wanted to “bite at the cherry” when they failed in one of a bunch of petitions filed by cooperative housing societies (CHSs) in Bhayander (Thane) seeking ‘unilateral deemed conveyance certificate’.


Coming down heavily on the two concerned builders – Janata Housing Pvt. Ltd. (JHPL) and its sister-concern Sheth Land Development Corporation (SLDC) – Justice Sandeep V. Marne sharply noted that the latter was seeking “another bite at the cherry” in the Divine Blessings CHS case, in the Jesal Park residential layout.


The judge said that both JHPL and SLDC appear to be ‘promoters’ in the project and so, cannot ‘split’ themselves by filing multiple petitions challenging the earlier orders of the Thane Cooperatives Department District Deputy Registrar & Competent Authority (DDR&CA) on the societies’ demand for unilateral Deemed Conveyance.


Later, the Divine Blessings CHS was granted the unilateral Deemed Conveyance, but the builders challenged it, leading to the current order.

Incidentally, official sources reveal that the JHPL-SLDC have reportedly challenged the critical document granted by  DDDR-CA to around a dozen local societies.


“The court does not appreciate the conduct (of the builder) in keeping the Respondent-Society in the continuous course of litigation by filing multiple proceedings raising the same issues…. The petition is gross abuse of process of law,” ruled Justice Marne, slapping a fine of Rs. One-Lakh on the builder as costs to the Society payable within a month.


In a similar vein, Justice Marne reversed a contentious order of the Thane DDR&CA Kishore N. Mande (on March 28, 2024), rejecting several applications by a bunch of CHSs seeking ‘unilateral Deemed Conveyance certificate’.


The landmark verdicts in these separate but related matters, could benefit nearly a 100 such Societies in Bhayandar and many hundreds more in Maharashtra, said experts.


Coming to the aid of the beleaguered Society members awaiting redevelopment, on March 20, 2025, Justice Marne provided relief to “Vandana”, “Prarthana”, “Prerana” and “Upasana”, all CHSs, located in the 40-year-old Jesal Park layout, adjacent to Thane Creek.


Council for Protection of Rights (CPR) President and Barrister Vinod Tiwari lauded Justice Sandeep Marne' “courageous verdict which is a severe warning” to all crooked builders and conniving government officers.


"Due to this evil nexus, hundreds of revamp projects are stuck in Mumbai and other big cities, spelling misery for lakhs of society members," Tiwari told The Perfect Voice.


Hailing the judgement, the four societies’ Coordinator Pankaj Gupta, claimed it will green-light the Deemed Conveyance and allow revamp of these and other dilapidated old buildings, which languished for years thanks to multiple litigations for flimsy reasons.

 

Gupta said the judgement is a boon to all CHSs desperate for redevelopment, but are stuck in avoidable legal quagmire, mostly initiated by the conniving builders-officials, to harass the society members.


In the judgement, Justice Sandeep V. Marne said that one of the reasons cited by the Thane DDR&CA of Cooperative Societies, for rejecting the application for unilateral Deemed Conveyance was ‘incomplete layout’.


However, once the Occupation Certificate is issued to the building constructed in the layout and a CHS formed, then the Society can ask for unilateral Deemed Conveyance, said the judge.


The judge alluded to a GR (June 22, 2018) which clearly indicates granting of unilateral Deemed Conveyance of the land and building where several buildings are under construction on a single plot or work on all has yet to be completed.


The high court overturned the DDR&CA’s ground for rejecting the unilateral Deemed Conveyance that the sanctioned plan copy was not ‘legible’, saying the CHSs could have been easily asked to produce a clearer copy of the same.


On the DDR&CA argument of an alleged ‘mismatch’ of the area in the Certificate of Architect – Justice Marne said the architect or the builder could have been asked to submit a fresh Certificate.


Setting aside the order (March 28, 2024), the judge remanded the four CHSs’ proceedings back to the DDR&CA to decide them, as per the GR (June 22, 2018), and give full opportunity to the aggrieved societies plus the developer along with the relevant documents submitted by them.


Counsel Bishwajeet Mukherjee and Advocate Humera Syed appeared on behalf of the middle-class petitioner-Societies – unitedly fighting against the powerful builders JHPL and SLDC.

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