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Investments, Developments and the Road Ahead in th...

IntroductionThe sector that has earned the optimal global recognition is the real estate sector. The real estate sector is comprised of four sub-sectors including housing, retail, hospitality, and commercial. The rapid growth of this sector can be ascribed to the equally rapid expansion of the corporate ecosystem coupled with the need for office space on-demand along with urban and semi-urban accommodations. The construction industry ranked third among the 14 major growth areas of this sector is adequately complemented by the burgeoning corporate environment causing the demand for office space in regards to direct, indirect and induced effects across sectors of the Indian economy.Speculations and predictions are rife that this sector could potentially attract NRI investments in both the short term and the long term alike. Market SizeRetail, hospitality and commercial real estate are growing rapidly, providing the badly-needed infrastructure catering to the growing needs of India. Demands for office space have peaked in recent times in sectors like IT and ITeS, retail, consulting and e- Investments/Developments in the Indian Real Estate sectorThe Indian real estate sector has been booming these days owing to demand both forOffice and residential spaces skyrocketing. Both Private Equity and Venture Capital investments in the sector have peaked.The Department of Industrial Policy and Promotion has released data on the construction development industry in India which reveals that it has received equity inflows as Foreign Direct Investment (FDI). Institutional investments in the real estate sector are slated to peak in a decade.The Indian Government along with the state governments have initiated sectorial development of India along with the governments of the respective states has taken several initiatives to encourage the development in the sector. Road AheadWith The Securities and Exchange Board of India (SEBI) approving for the Real Estate Investment Trust (REIT) platform investors indiscriminately would be permitted to invest in the Indian real estate industry creating hugely worthwhile opportunities in the Indian market in due course. In response to a consumer base that has done their homework and is progressively well-informed owing to globalization, the Indian real estate developers have been able to equip themselves in accepting newer challenges. The most notable change has been shifting from family-owned and operated businesses to businesses that are professionally managed. Real estate developers, to fulfill the increasing requirement for managing several projects in all cities, are investing in centralized processing systems for sourcing material and organized personnel and recruiting qualified project management professionals in other areas including architecture and engineering for example.Call 7604047601 for consultation with registered expert real estate lawyers on Vidhikarya.

Posted By

Avik Chakravorty

4 weeks ago

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All you need to know about Property Law

Property law is the guideline defining the underlying principles of ownership of property including land and personal items; how they can be used and what the prevailing conditions are. Property law is applicable to both real and personal properties. The area of law that deals with owning and using property create a huge impact on society. Property law is a vital aspect of estate law, family law as well as municipal law.The difference between real property and personal propertyReal property and personal property are the two types of properties. The land along with everything attached to it including house, commercial buildings, a garage or barn is essentially real property also known as immovable property. Personal property, on the other hand, is something that one is in possession of or owns. A car, for example, is personal property and so is a chair, a computer and anything that cannot be categorized as land or building are personal property. The vast majority of people own at least some sort of personal property.Transfer of property It's essential for property owners to be aware of how they can be owners of properties and the steps that they need to take to ensure that there is a legal transfer of ownership by selling or gifting by consulting the expert property lawyer registered on Vidhikarya What is a deed? A legal document stating the owners of real property is essentially what a deed is. The extent of the legal interest of a person depends on the nature of the deed that a person possesses. A warranty deed, for example, is an assurance for the purchaser that there aren’t any encumbrances on the property and that there is free and clear ownership. Compulsory AcquisitionAs and when required for public use, the government can grab private property. The government’s right to taking real property from an owner of private property is known as eminent domain. The government’s acquisition of private property overrides any possible objections. In other words, regardless of any possible objections, the government has the right to acquire private property on the condition that the property owner is amply and fairly compensated. Restrictions apply to Compulsory Acquisition and are quite often the crux of legal challenges. Adverse possession People have the right to legally claim ownership of property without making any payments in one-off cases. To claim ownership or acquire property as though it's one’s right requires a person to be staying or occupying the property for a considerable period of time. Adverse possession is a common issue when property owners who may be neighbors use inaccurate boundaries for far too long a time. The intent of adverse possession is settling disputes over land and ensuring that there isn’t any vacant land without a claimant.EasementEasement empowers a person to use property that’s owned by someone else. A right of access or easement is the right of using the property even though the owner maybe someone else. If there isn’t any direct access to one’s property then the only way out is trespassing. A trespasser as we all know can be prosecuted, however, because of an easement that one may have over a property, one is deemed to have legal protection from prosecution. How an easement can provide relief to an otherwise trespasser oftentimes is a contentious issue resulting in litigation. 

Posted By

Avik Chakravorty

4 months ago

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Consult Top Real Estate Lawyers in India

Akshat  Mittal

Akshat Mittal

Advocate
Exp
Panchkula , Haryana

Specialization

  • Real Estate
  • Civil
  • Family
  • Cheque Bounce
  • Property
Advocate Akshat is a 5th generation lawyer in his family and their Mittal Law Offices has been providing expert legal services in the fields of Property and Real Estate (RERA),Criminal matters (with expertise in BAIL), Cheque bounce matters and various other matters. View Full Profile
Nithin  Chinnappa

Nithin Chinnappa

Law Associate
Exp
Bangalore , Karnataka

Specialization

  • Real Estate
  • Property
  • Registration
  • Contracts and Agreements
  • Documentation
Experience in Title verification of land, Real estate Law, Civil law and Criminal law. View Full Profile
Punit  Kachalia

Punit Kachalia

Founder
Exp
Mumbai City , Maharashtra

Specialization

  • Real Estate
  • Cheque Bounce
  • Arbitration and Mediation
  • Bankruptcy and Debt
  • Contracts and Agreements
A young and experienced lawyer currently providing services in the fields of real estate, debt recovery, franchising, contract drafting, wills, probate, trademark registration and labour laws. View Full Profile
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  • What is Real estate?
  • Which Laws Govern Real-estate?
  • Where to File a case in case of Developer not following the Real Estate laws?

Real Estate Regulatory Authority (RERA) Bill was presented by the Indian National Congress government in 2013.In December 2015, the Union Cabinet of India had affirmed 20 noteworthy amendments to the bill in view of the proposals of a Rajya Sabha committee that analyzed the bill. The Bill had been alluded to a select committee, which had given its report in July 2015. However, Congress, Left and AIADMK had communicated their reservations on the report through difference notes. The bill got endorsement of the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.

What is Real Estate?


Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this also an item of real property, more generally buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings, or housing.

Laws Governing Real-estate


  • The Real Estate Act,2016.
  • Consumer Protection Act,1986.

What Does Real Estate Act,2016 states?


  • As per Section 3 of the act, prior registration of a real estate project with the Real Estate Regulation Authority (hereinafter referred to as the RERA) is mandatory.
  • Section 3(2) provides for certain types of real estate projects to not be compulsorily registered.
  • The promoter needs to present an application for registration of real estate venture along-with recommended charge. Some of the documents to be encased with the Application include brief specifics of Promoter’s enterprise, declaration by a promoter with his affidavit, brief specifics of the project, and so on
  • The promoter has to necessarily make certain declarations in his application itself
  • RERA has the power of taking suo moto decision of revoking a registration under certain grounds
  • Section 9 of the Real Estate Act makes registration of a real estate agent a mandatory activity.
  • The alottee/homebuyer has the right to access information regarding stage-wise time schedule of completion of project, being informed about sanctioned plans, claim allotment’s possession, etc.
  • The Act entails punishment on inability to register real estate venture. It states that if promoter fails to register the undertaking as gave under Section 3 of the Real Estate Act then he shall be subject to a punishment which may stretch out to 10% of the estimated cost of real estate venture.
  • The Act provides punishment for furnishing of false data i.e. details furnished by promoter while registering a real estate venture.

What does Consumer Protection Act,1986 govern in Real Estate?


Consumers in the real estate industry are prone to a higher degree of risk than they are in the other sectors of the economy. Though progressive, the real estate industry is immensely unregulated. It lacks regulations, it lacks the required ethics. Consumers are exploited by taking advantage of these limitations that plague the real estate industry. The housing sector is immensely opaque, due to which consumers are unable to procure complete information or enforce accountability against builders and developers. There exists no binding regulatory body to the industry, which affects it by delaying completion of projects, diversion of funds collected from buyers; one-sided contracts in the absence of adequate supply; reneging on contractual commitments by both the developers and the buyers; and constraints in financing and investment options available to the sector, thereby affecting its long-term growth.

Therefore, the consumer Protection Act,1986 protects consumers from such risks as huge money is involved in real estate matters. Where a purchaser can file a suit if the purchaser finds that the Developer is trying to cheat or take to fraudulent means to gain extra from the pockets of intended purchaser or deviating from the Agreement as made.

In the last couple of years, there has been an enormous upsurge in the real estate sector and buildings are mushrooming everywhere of metropolitan cities in India. Inferable from this extensive development of the sector and consumers' willingness to invest in real estate, the builders have possessed a position of predominance and the arrangement of standard shape contracts or uneven agreements has additionally worsened the situation.

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