Besides the RERA Act that affects the real estate sector, several laws passed by the state and central governments are in vogue locally. These laws are helpful in ensuring that the real estate transactions take proper direction. They are useful to safeguard the rights of the owners of property while selling and buying properties.
- These laws protect the legal agreements.
- Besides, they are helpful in preparing plans of the real estate project
- Giving possession of the real estate property or its distribution or resolution of the disputes that may arise in a transaction
- Drafting deeds of real estate transactions and agreements
- Foreclosure sales of the real estate and other pertinent legal aspects
- Property purchase, sale, acquisition and its leasing
- Complex tax matters related to real estate
The following legislations are enacted by the Center:
1. The Indian Contract Act, 1872
2. The Indian Evidence Act, 1872
3. The Transfer of Property Act, 1882
4. Power of Attorney Act, 1882
5. The Indian Assessments Act, 1882
6. The Land Acquisition Act, 1894
7. The Co-operative Societies Act, 1912
8. The Wealth Tax Act, 1957
9. Income Tax Act, 1961
10. The Indian Stamps Act, 1899
11. The Specific Relief Act, 1963
12. The Urban Land (Ceiling and Regulation) Act, 1976
13. The Arbitration and Conciliation Act, 1996
14. Foreign Exchange Management Act, 1999, Foreign Direct Investment Policy
15. The Multi State Co-operative Societies Act, 2002
16. Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
17. Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Rules, 2002
18. Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013
19. The Real Estate (Regulations and Development) Act, 2016
20. Insolvency, Bankruptcy Code, 2016 (Insolvency Act)
21. GST Act, 2017
22. The Consumer Protection Act, 1986, 2019
23. Real Estate Mutual Funds SEBI Regulations
