The Corporate Resource Cell of Asian Law college organised a Guest lecture of Mr. Manish Lamba, Senior Vice President (Legal) DLF on 22.9.2018. The speaker having a considerable years of experience and decorating a dignified position in DLF inaugurated the session with his unique style of first inviting questions from the audience which consisted of students of BA LLB and LLB of Asian Law College.
The speaker addressed legal profession as noble profession as it provides an opportunity not only to fight for one’s own right but also to raise voice for others and to secure justice for them. The questions were answered by the speaker in a very informative and diligent way which reflected the commendable experience he has vested in real estate sectors. The speaker gave a historical evolution of the concept of property wherein he mentioned the relevance of Harappa and Mohenjodaro civilization. The speaker gave a brief scenario of past where the King used to make law and the maxim King can do no wrong was also dealt by him. He brought forth the series of invasion which continued till the Mughal period and only during the reign of Akbar, Raja Toddermal maintained the land records and from there the concept of having a documented the title ownership of piece of land originated. The concept of Zamindari system was also discussed in the lecture and the speaker also pressed on the fact that most of words used in real estate are of Persian origin like Dakhil kharif, Jama bandhi etc.
The lecture helped to understand the wrong notion of being able to evade stamp duty as stamp duty is charged on circle rate, and even if the transferor and transferee with mutual consent decide to bring on record an amount less than actual agreed sale consideration, they are not immune from paying stamp duty which is fixed by the government on the current circle rate of the place where the property is being sold or purchased. The speaker also touched on the real estate investment trust (REIT), its role and importance in helping the prospective buyers to purchase the property of their choice. The speaker opined not of imposing criminal sanctions in real estate sector as that would defeat the ultimate purpose and justice will not be done, instead the speaker advocated specific performance of the projects in which default is being committed. The speaker also highlighted the grey areas of real estate sector and urged the audience to be very vigilant while entering into property transactions. The role and importance of Indian Registration Act 1908, Transfer of Property Act 1882 and Indian Stamps Act 1899 was also brought forth in the lecture.
The lecture concluded with inviting the future legal professional of country seated as audience of the lecture to explore and have a career in real estate sector, which has a promising future with ample of opportunities.