What are some of the real estate laws in India that investor should know about?
Investment is a legal process, jump in prepared
Rent / Buy / Sell real estate in India is a legal process thus there are many technical and legal conundrums that are involved in the process. Hence, not only it is important to undertake the process under the mentorship and guidance of a real estate agent. It is also important that one is also aware of some of the important laws that can help him in the property investments in the Indian real estate forum.
In this article, let us look at some of the major Indian Real Estate Laws and how they can affect the investment of the clients?
Indian Contract Act, 1872
This legislation allows that the contract can be entered with others by an individual or partners of a firm or a corporate body or a trust or a sole corporation or a manager. In this contract the details pertaining to the land must be satisfied.
Transfer of Property Act, 1882
This legislation is for the dealings in property related to sale, exchange, mortgage, lease and gift to another individual or party. The signatures and authentication of both the parties in such a dealing is very important.
Registration Act, 1908
This legislature acts as an evidence so that there is prevention of fraud in the case of property dealings. It is mandatory to get your property registered even if it is a gift and there is sale, purchase, mortgage or lease of the property involved. All the documents pertaining to the property investment should be in writing.
However, in section 17 of the act there is a provision for optional registration. And an unregistered document will not affect the property comprised in it nor it can serve as an evidence of any transaction that is affecting such a property.
Land Acquisition Act, 1894
This act works in favor of the government rather than the government as it allows the government with the power to acquire land for public purposes such as developments carried out in education, housing or health schemes of the government. This act hinders speedy acquisition of land at reasonable prices
The Indian Evidence Act, 1872
Under this act, the possession of the property can be questioned by the government. Here, the burden of proving that he is in fact the owner of the property lies on the candidate.
The above mentioned are just some of the technical legal know how’s of the industry and while the knowledge of these can be really helpful for the candidate, hiring the top real estate consultant from the industry as the mentor can be the real savior for the candidate. A good Real estate property advisor will not only help you with the processing, documentation and filing process but will also help you choose the best option for the investment out of all the options available. For assistance, you can contact us at info@pinnacleproperties4U.com