Real Estate and Property Law in India

Regulation of Real Estate

Real Estate (Regulation and Development) Act, 2016

An Act to establish the Real Estate Regulatory Authority[RERA] for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.

Maharashtra Real Estate Regulatory Authority

Real Estate Regulatory Authority Karnataka

National Real Estate Development Council (NAREDCO)

The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry. It seeks to be the leading advocate of developing standards for efficient, effective, and ethical real estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success.

Appellate Tribunal

Section 43 (4) of the Real Estate (Regulation and Development) Act, 2016 reads as below:

Provided also that until the establishment of Appellate Tribunal under this Section, the appropriate Government shall, designate by order any Appellate Tribunal functioning under any law for the timeTime Where any expression of it occurs in any Rules, or any judgment, order or direction, and whenever the doing or not doing of anything at a certain time of the day or night or during a certain part of the day or night has an effect in law, that time is, unless it is otherwise specifically stated, held to be standard time as used in a particular country or state. (In Physics, time and Space never exist actually-“quantum entanglement”) being in force, to be the Appellate Tribunal to hear appeals under the Act.

Government of Karnataka appoints Karnataka Appellate Tribunal as Interim Appellate Tribunal

Odisha Real Estate (Regulation & Development) Rules, 2017

Effect of GST  and tax regime on Real Estate transaction

1. GST rate on under-construction properties is 18 per cent but could vary 12-18%
2. Rental income  from residential use will not be taxed under the GST
3. 18 %  GST tax in case Rent from Commercial property if earning over Rs 20 lakh P.A
4. Real estate covers 5% of GDP
5.  Purchasers are not liable to pay any indirect tax for the purchase of ready-to-move-in properties

Bye a Vacant Land

Bye an Old House

     Bye a Flat

                   Government Housing

Purchase from co-operative society

     Purchasing property by Court Auction

     Searching the Title

     Bank loan for purchasing a land or flat

Sale a Vacant Land

  Sale an Old House

Sale a Flat as owner

Salling of flats by Developer

Development agreementContract An agreement enforceable by law is a contract. All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. Indian Contract Act. with Promoter

Power of attorney in the name of Promoter

Bank loan by Promoter

                     Construction quality check

Failure to delivery in time

Insolvency of the promoter

Consumer action against the Promoter

Transfer through registered sale Deed and साफ बिक्रय कोबाला

Transfer without Registration

Value of Baina nama(बाई नामा पत्र ) or agreement to sale deed on Rs Ten stamp paper

Handing over Peaceful possession

Stamp Duty and Registration Charges on Market Value differs from State to State

Consideration money

Brokerage : 1-2% valuation

Lawyers Fees: 1-2% of valuation

Legal remedies in case of disputes

Declaratory suit

Injunction

Possession of the property

Eviction Suit

Investment Scenario in Real estate

1. Return
2. Risk Cover
3. Fund Security