The real estate market of India is estimated to grow to USD 1 trillion by the year 2030. India is also on its way to becoming the world’s most populous country. It is natural that the housing and residential real estate market is booming and builders and developers are trying to keep pace with the demand . With such phenomenal growth, however, comes concerns about consumer protection and this can be ensured only by a robust legal framework.
The Indian legal system has some of the most sturdy yet diverse laws protecting the rights of land and property owners, developers, and buyers. It is important to remember that land and property issues can be governed by Central laws, State laws and rules, regulations, and guidelines of local bodies such as the Village Panchayat or Municipal Corporation. The nature of land ownership, transfer, inheritance, construction, and property sales makes real estate fall under the jurisprudence of several administrative and judicial bodies. To understand this better, let us take a look at some of the key legislations that you should know about as an investor.
The Real Estate (Regulation and Development) Act 2016 is one of India's newest and most salient real estate laws. Passed by the central legislature, it aims to promote the real estate sector while protecting the rights of the end consumers or the home buyers at the same time.
The RERA Act makes provisions for establishing a Real Estate Regulatory Authority at the state level to ensure transparency and efficiency in the sale of land, buildings, and flats. It protects the buyers from delays in project completion, deviation from sanctioned plans, and disputes. This is done through a mechanism that provides complete transparency in terms of pricing, quality, and project delivery timelines. The RERA act aims to promote transparency, accountability, and efficiency in the real estate sector.
This central act provides the framework that states can adopt and customise to suit local conditions. It makes provisions for establishing a regulatory authority and legal recourse in case of disputes. RERA-registered properties have taken the stress out of home buying. Investors can now undertake this major financial decision and remain assured that the property shall be delivered in time without any delays or fear of fraud.
Now depending on the location of the property, you will also want to learn more about state laws related to real estate and property sale and transfer. For example, the Co-operative Societies Acts and Rent Control Acts relate to the establishment of co-operative societies and renting or leasing your property.
Local governments like the Municipal Corporation or Village Panchayat also have regulations about the documentation and registration of land and real estate. It is always a good idea to learn more about these.
As a homebuyer in Mumbai, if you are looking for clarity on real estate laws, you have expert guidance available. Your Blox relationship manager will help you understand more about the stamp duty applicable in Mumbai, and also help you understand the registration process after you book your home.
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