Real estate law is a branch of civil law that covers the right to possess, use, and enjoy land and the permanent man-made additions attached to it. Real estate law directly or indirectly impacts most of us on a daily basis, affecting homeowners, renters, landlords, home buyers and home sellers. One of the primary things that need to be understood in the real estate sector is a comprehensive and diligent understanding of multi state issues and local laws/norms. India being a multi-states country, norms and regulations as to land ceiling, zoning and permitted usage, construction and development permissions/approvals, stamping (franking) and registration of documents, regulatory and approval issues varies state to state. Besides, states also have their own land owning and developing agencies which also have varied framework and policies to regulate the land parcels owned/allotted by them. This coupled with the absence of any land titling law (whereby the state guarantees the validity of the title of the property/land) makes proper legal advice in real estate transactions/investments an indispensable exercise to avoid potential pitfalls and future high cost and time consuming litigation.
Although, attempt has been made to address some of the shortcomings of the system especially issues related to the builder/developers and consumers/allottees(buyers) such as non negotiable or one sided agreements, lack of transparency, delayed delivery of projects, fund diversion, alleged corrupt activities by builders/developers and the real estate agents, by enactment of The Real Estate (Regulation and Development) Act, 2016 (RERA), which became applicable w.e.f. 1st May, 2017 and is being touted as much needed reformative law. And no doubt effective implementation of RERA will improve home buyer’s sentiments helping clearance of piled up inventory and boost investments in the real estate industry in long term. But RERA is applicable only on projects being developed by the builders and the purchases from builders/developers and does not regulate the purchases made directly from individual, or resale purchases or even purchases from small time builders constructing buildings on smaller sized plots (less than 500 sq mtrs) or buildings with less than 8 units which is a common feature in small colonies. Further RERA will not govern purchases from owners of independent houses which still form major chunk of real estate sector, nor will the same govern the inter se relations or disputes of investors or the disputes/relations between investors and builders, which are still largely governed by the contractual, civil and other branches of law.
Real estate team at R&P Legal has an expert knowledge in this sector. We regularly provide advice covering wide spectrum of real estate transactions such as project investments, collaboration and joint development, lease and sale and purchase of commercial, warehouse, institutional, residential and agricultural properties. Our services include:
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