Indian real estate falls under the purview of a combination of State-specific and Central laws. The reason behind such an arrangement is the definition of ‘land’ in the Indian Constitution. As per Article 246, ‘land’ is the subject matter of List 2 or State List of the Seventh Schedule that covers subjects on which only States can legislate. On the other hand, ‘transfer of property other than agricultural land', 'registration of documents and deeds’ and ‘contracts other than agricultural land’ fall under List 3 or Concurrent List of the Seventh Schedule to the Indian Constitution, that are subjects on which both the Centre and the State can legislate. As properties are closely related to land-related concerns; real estate in India is associated with varied laws.
Another aspect adding to the formation of the laws is that India is a country with multifaceted sects, and regulations regarding inheritance and devolution, among others. This draws a major influence from differing practices and customs, on top of codified laws. Over the decades, several judgements and judicial precedents have also been adjudicated on different real estate dynamics. These verdicts have either improved the sector’s reliability or made it more binding, depending on the court/forum passing the adjudication.
Real Estate Laws in India
Indian Stamp Act, 1899 and Registration Act, 1908
These Acts regulate the registration of various documents related to the transfer of immovable property and ensure that the required stamp duty is paid on it.
Real Estate (Regulation and Development) Act, 2016 (RERA)
Real Estate (Regulation and Development) Act, 2016 (RERA) looks into the development, marketing and sale of realty projects to safeguard consumers’ interests when investing in the sector. The Act also established an adjudicating method for the speedy redressal of disputes via the Real Estate Regulatory Authority and the Appellate Tribunal. It also mandates compulsory registration of real estate projects under its ambit. Many States have adopted corresponding RERA regulations to make sure that the Central Act is implemented at a local level.
If you are looking for an easy way to check project details, 99acres brings a step-by-step process to check project details on State RERA website of top metro cities-
State | URL | Guide to check project details on State RERA |
---|---|---|
Uttar Pradesh | https://www.99acres.com/articles/how-to-find-project-details-on-up-rera-website.html | How to check project details on UP RERA? |
Delhi | https://www.99acres.com/articles/how-to-check-rera-status-in-delhi.html | How to check project details on Delhi RERA? |
Maharashtra | https://www.99acres.com/articles/how-to-find-project-details-on-maharera-website.html | How to check project details on MahaRERA? |
Karnataka | https://www.99acres.com/articles/karnataka-rera-how-to-check-registered-projects-agents-in-bangalore.html | How to check project details on K-RERA? |
Tamil Nadu | https://www.99acres.com/articles/how-to-check-rera-project-status-in-tamil-nadu.html | How to check project details on TN RERA? |
Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013
This Act ensures that families and individuals are compensated equitably in the event of the acquisition of private land parcels by the Government for a company or specific public purposes. It broadly lays out the remuneration and rehabilitative measures to be taken by the government in the case of property or land acquisition.
Transfer of Property Act, 1882
The Transfer of Property Act, 1882, is a Central Act and lays down the general principles of ownership of immovable assets, such as exchange, sale, lease, mortgage and gift of property.
Indian Easement Act, 1882
The Indian Easement Act, 1882, defines and governs the law related to easements. An easement is a right that a property owner can use a part of another's property for a specific purpose. It outlines specific conditions under which the Act can be enforced or dissolved. It also delves into the various aspects of non-possession of a property, despite using it.
Indian Contract Act, 1872
This Act governs the laws regarding contracts in India, including but not limited to the capacity to enter into a contract, its execution, implementation, breach, and remedies available to the signees in case of any discrepancies. The sections and chapters of the Transfer of Property Act, 1882, that are related to contracts are treated as a part of this Act.
FEMA (Foreign Exchange Management Act), 1999
The Foreign Exchange Management Act, or FEMA, came into force in 1999 to monitor the foreign exchange transactions. It replaced the existing Foreign Exchange Regulation Act, (FERA). The primary objective of FEMA is to track and control transactions related to capital, current account and foreign exchange. FEMA is the only regulator of investments made by NRIs across India.
Also Read: What is Foreign Exchange Regulation Act, (FERA)?
Land Revenue Codes
Numerous States across the country have formulated their own land revenue rules that govern regulations regarding land revenue, tenancy types, agricultural land holding, and other associated matters. The specified code comprises the division and classes of immovable property in a State, transfer restrictions, duties and powers of revenue officers, and rules and penalties for violating the code.
Besides the laws stated above, the Indian real estate sector is also governed by multiple State or local or municipal laws, customs and policies. These include nuances concerning slum rehabilitation and redevelopment, rent control, urban development, property tax, ownership of property, Special Economic Zones (SEZs), land pooling, land ceiling, land zoning and land use, among others.
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