Real Estate Laws: Every Buyer & Seller Should Know!

The term "real estate" refers to land and includes air above that land and the ground below that land. The concrete structures built on it are also real estate. Many also use the term realty for real estate. Real estate includes homes, offices, government buildings, restaurants, trading spaces etc. It also comprises of sale, purchase and development of land and built properties.

There have been over 100 laws that govern the real estate in India but these laws were enforced in the 19th century. Over the years several amendments have been made and some of them are following:

Indian Contract Act, 1872: According to the legislation a contract related to real estate can be entered by a person, a corporate body, a foreigner, partners of a firm, a trust, a manager of any undivided family etc. The contract should be valid and as per the land laws.

Transfer of Property Act, 1882: According to this act, legislation provides provisions to deal with property via mortgage, gift, sale, exchange, lease and lien.

Registration Act, 1908: This act aims at preventing fraud by promoting a way of acquiring properties that is by publication of documents; conservation of evidences, title, assurances etc.

Special Relief Act, 1963: In an event a person’s property is illegally possessed, he/she can file a suit to repossess his/her property.

Urban Land (Ceiling And Regulation) Act (ULCRA), 1976: According to legislation there is a fixed ceiling (500-2,000 square meters (sq. m).) on the vacant urban land, which a person, a firm, a company, a family, an association etc. can acquire.

Land Acquisition Act, 1894: As per this act the government can acquire land for various public purposes such as for education schemes, rural planning provisions, residential purpose provisions for landless etc.

The Indian Evidence Act, 1872: In an event anyone questions a person’s (owner of the property) acquisition claim over the property, it is the person who questions has to prove that the person (owner of the property) is not the owner.

There are many more acts like Rent Control Act and state laws governing real estate that one must have knowledge about. One must also keep knowledge about the taxes, stamp duty rates and land market issues. Before buying or selling a property it is also imperative to consult an experienced property lawyer.

Hello, I am Anurag. I have been in the Real Estate Portal writting fields for more than 10 years. You can get knowledge about Rei Portal, Indian Property Portal, Real Estate Portal, Residential Property. Please visit: http://www.realestateindia.com