Real Estate Law
Real Estate Laws in India are governed by both State-specific laws and Federal laws. This is because, according to the Constitution of India, ‘Land’ falls under the State List while ‘Transfer of property and registration of deeds and documents’ falls under the Concurrent List. Due to this, the process of buying and registering a property can seem complicated. First, let us understand the basics of real estate law in India.
The purchase of property in India falls under RERA.
Registration of Real Estate Projects: The Act under Section 3 mandates prior registration of real estate project with the Real Estate Regulation Authority (RERA). The said bars the builders and promoters from advertising or marketing or inviting any one for purchase of any plot, apartment or building in any real estate project without registration with the RERA.
In which cases Real Estate Projects can be exempted from Registration?
The Act under Section 3(2) states that no registration of real estate project would be required:
The Act under Section 3(2) states that no registration of real estate project would be required:
Where the project admeasures 500 or less than 500 sq m. The number of apartments inclusive of all phases proposed to be developed is less than 8 Where promoter has received completion certificate for real estate project prior to commencement of the Act For the purposes of repair or renovation which does not require marketing or any new allotment under the project.
The Real Estate (Regulation and Development) Act, 2016, and the body under it, the Real Estate Regulatory Authority or RERA governs the development, marketing, and sale of real estate projects. It was established with the aim to protect the interests of the consumers in the real estate sector.
The Indian Stamp Act, 1899 governs the payment of stamp duty relating to land. It forms a major component of costs involved in property registration and is to be paid to the state governments by the buyer. Since it is collected by the state government, the rates vary from state to state. In most states, stamp duty is paid in terms of a percentage of the total transaction value.
Transfer: In matters of transfer, provisions of the Transfer of Property Act, 1882, apply. According to the Act, “property of any kind may be transferred” by a person “competent to contract and entitled to transferable property, or authorised to dispose of transferable property not his own”. This could be done via sale, gift and relinquishment. However, the law states that you can never make a contract to gift a property which you are hoping to own in future.
Real Estate Disputes : In the even if a dispute, homebuyers can now go to special real estate courts that are set up in every state. This is dose to speed up the redressal process and has proven to be successful over the last few years.
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