Real estate laws regulate the purchase and sale of real estate properties, which are typically land parcels or structures built on them. Because it is fixed in stature and cannot be moved or replaced, real estate properties are also known as “immovable property.”
Definitely yes, you should hire an attorney. Because a real estate lawyer will ensure that the seller has clear and transferable ownership rights over the property being sold. The property should be free of pending litigation and the title should be transferable.
In India, there are a few legislation governing real estate laws. Below are some of the laws.
The Transfer of Property Act, which deals with both movable and immovable property
Stamp duty is collected by the state government in order to authenticate your registration agreement. A registration document bearing a stamp duty paid tag serves as a legal document in court to establish your ownership of the property. One cannot officially claim ownership of a property without paying stamp duty. As a result, paying the full stamp duty fee is mandatory. The stamp duty fee varies state-wise. In most states in India, 5% to 7% of the total market value of the property is charged as stamp duty while 1% is charged as a registration fee.
The objective of the RERA is to protect buyers from unfair builders’ practices. RERA establishes certain standards for the construction and development of real estate that will improve the openness of real estate transactions. RERA ensures transparency, ensures fair play, and reduces fraud and delays.
The indexation factor is computed by dividing the Cost Inflation Index of the Sale Year by the Cost Inflation Index of the Purchase Year. After that, multiply the initial purchase price of the house by the indexation factor to get the indexed acquisition cost of the house.
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Government agencies aggregate parcels of property, construct or install infrastructures such as roads, schools, hospitals, community centers, and sports facilities on part of the land, and then return a portion of the land to the original owners, who can sell it or build residences. The primary advantage of a property pooling strategy is that the original titleholder retains ownership. It lowers the likelihood of legal battles and compensation payouts.
Foreign individuals of non-Indian ancestry who reside outside India are not entitled to acquire immovable property in India unless they inherit it from a person who was a resident of India. In accordance with FERA / FEMA laws, a foreign firm that has established a Branch Office or other place of business in India can acquire any immovable property in India that is required or incidental to carrying on such activity.
Bangalore Development Authority (BDA) is a regulatory organization that regulates infrastructure planning and development, site and service provision, and the housing needs of Bangalore’s poor inhabitants.
A gift deed is a legal document that documents the act of donating a gift and is signed by the donor (the person giving the gift) and the taker (the person receiving the gift) (person receiving the gift). Though executing a gift deed is not required when gifting any asset, it does produce a valid documentary record.