The Hindu Succession (Amendment) Act, 2005


wealthymattersThis Act was passed to address the inequalities in succession to agricultural land, Mitakshara joint family property, parental dwelling house and certain widow’s rights.

One of the most significant amendments in the Hindu Succession (Amendment) Act, 2005 is the deletion of the gender discriminatory Section 4 (2) of the 1956 HSA. Section 4(2) exempted from the purview of the HSA significant interests in agricultural land, the inheritance of which was subject to the devolution rules specified in State-level tenurial laws.In States where these laws were silent on inheritance, the HSA applied by default, as also where the tenurial laws explicitly mention the HSA. But, in Delhi, Haryana, Himachal Pradesh, Punjab, Jammu and Kashmir and Uttar Pradesh, the tenurial laws specified inheritance rules that were highly gender unequal. Primacy was given to male lineal descendants in the male line of descent and women came very low in the order of heirs.Also, women got only a limited estate and lost the land on remarriage.Moreover, in U.P. and Delhi, a “tenant” is defined so broadly that these inequalities effectively covered all agricultural land. U.P. alone has 1/6 of India’s population. This clause thus negatively affected innumerable women farmers.The 2005 Act brings all agricultural land on par with other property and makes Hindu women’s inheritance rights in land legally equal to men’s across States, overriding any inconsistent State laws. This can benefit millions of women dependent on agriculture for survival. Read more of this post

Find Your Style


wealthymattersEach businessperson must find a style, that voice that grows clearer and louder with each success and failure. Observing your own and your competitors’ successes and failures makes your inner business voice more sure and vivid. -Estee Lauder

Focus On Your Target


wealthymattersI’ve always believed that if you stick to a thought and carefully avoid distraction along the way, you can fulfill a dream. My whole life has been about fulfilling dreams. I kept my eye on the target, whatever that target was. Whether your target is big or small, grand or simple, ambitious or personal, I’ve always believed that success comes from not letting your eyes stray from that target. Anyone who wants to achieve a dream must stay strong, focused and steady.-Estee Lauder

 

Sell Your Way To Success


wealthymattersI have never worked a day in my life without selling. If I believe in something, I sell it, and I sell it hard.-Estee Lauder

Kamal Khetan’s Way


wealthymattersIn 2007, when the MMRDA invited bids for its plots in the Bandra-Kurla Complex (BKC), Sunteck was the only company that opted for residential plots – all others bid for plots to build commercial projects.

Here’s how Kemal Khetan explains his action:“My observation was that in any business district, the residential segment always commands premium over commercial, whether it’s Manhattan, Hong Kong or NCPA in Mumbai.” 

One of the BKC plots which he bought for 140 crores in 2007 and converted into a residential project, Signature Island, is valued at 1,000 crores by analysts. He has two more similar projects at BKC, each valued around  700 crores. About 65% of the inventory is already sold – buyers include former Citigroup chief executive Vikram Pandit, industrialist Gautum Adani and investment banker Nimesh Kampani – and the remaining is held by the company as it believes the premium will go higher once the projects are completed.

Kamal Khetan is very smart in land acquisition. His land cost to total sales is one of the lowest among Mumbai realtors.He has never gone for trophy properties but has still managed to create high luxury projects.