REAL ESTATE LAW AND ITS WORKING IN INDIA BY MANVI SINGH @LEXCLIQ

Real estate mean the development of land and construction in relation to immovable properties.Some key aspects of real estate incluing lease, sale,licence,mortgage,title check Etc relating to immovable properties. In India, it is a combination of Federal and state specific Law which is governed according to article 246 of the Constitution of India Transfer of Property except for the agriculture land registration of deeds and documents and contract falls under the concurrent list of the Constitution of India which gives power to centre and state to legislate them.

LAWS AND LEGISLATION  : THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT ,2016 (RERA) 

1. This act is the most important act of real estate .It  facilitates the development sales activity of real estate project to safeguard the interest of consumer in this sector.

2. Real estate regulatory established and adjusting mechanism and the appeallate Tribunal conduct compulsory registration of project and key players in real estate sectors.

3. These are three tiers of law and regulations that apply to this Sector namely,union territory Law,State Law and Municipal Law. Specific law as per the requirement of particular state or area are necessary as India is a vast country.

TRANSFER OF PROPERTY ACT 1882 AND INDIAN EASEMENT ACT,1882 : 

These act provides general principle of movable and immovable property such as sale, exchange, mortgage,lease etc.

SOME MORE ACT INCLUDE : 

Registration at 1908 and Indian stamp act 1899,The Indian Contract Act 1872,The Transfer of Property Act 1882.

REAL ESTATE JURISDICTION IN INTERNATIONAL ARENAS IN INDIA : 

The foreign exchange management Act 1999 and the foreign exchange management regulation 2000 facilities the sale and purchase of immovable property in India by foreign and entitles.

A foreign corporate have a branch office in India is allowed to acquire immovable property in India.Foreign direct investment is not allowed in real estate business that work with immovable property and land focusing on earning profit for from such business .It expands the role of private developers as well.

CONCLUSION : 

The real estates laws are interpreted by the Judiciary to provide a pathway for homebuyers  in obtaining possession of their home for which they invest their income.

WRITTEN BY MANVI SINGH

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