The development, marketing, and sales of real estate developments are managed by the Real Estate Regulatory Authority Act of 2016. The statute protects buyers’ interests when they want to buy real estate. To be deemed legitimate, all developers must register all real estate properties in accordance with this statute. As a result, many state governments established their own RERA bodies to oversee the act’s implementation.
Rehabilitation and Resettlement Act, 2013
The development, marketing, and sales of real estate developments are managed by the Real Estate Regulatory Authority Act of 2016. The statute protects buyers’ interests when they want to buy real estate. To be deemed legitimate, all developers must register all real estate properties in accordance with this statute. As a result, many state governments established their own RERA bodies to oversee the act’s implementation.
Transfer of Property Act, 1882
A key law governing the ownership of immovable property, such as land, through gifts, swaps, mortgages, leases, and other agreements is the Transfer of Property Act. This legislation governs any property that is being bought or sold by a buyer.
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Indian Contract Act, 1872
In India, contracts are governed by this statute. The statute also addresses contract breaches and their execution, implementation, and remedies. The Indian Contract Act contains the parts that are contained in the Transfer of Property Act.
Foreign Exchange Management Act, 1999
FEMA was established to assist foreign nationals wishing to buy land in India. All foreign investments in the real estate industry are covered by the FDI policy.
Can an NRI buy a residential property in India?
If someone wants to buy a residential property, there can be certain limitations. Those who reside outside of India fall into three categories:
- Non-resident Indians
- Indian-origin foreign nationals
- Non-Indian-origin foreign nationals
Any residential property in India inherited by non-resident Indians or foreign nationals of Indian descent may be owned by non-resident Indians or foreign nationals of Indian origin. Foreigners who are not Indian citizens are prohibited from buying real estate. Since no foreign firm is allowed to purchase land in India on its own, all of these regulations apply to both residential and commercial properties.
Conclusion
If one is aware of all the applicable property and real estate rules in India, buying a house there is not difficult. You can check AsstHub for quality residential homes. It provides a range of properties across many cities in India for real estate investment. To find out more about all the real estate regulations and other factors to take into account when buying a home, visit the AssetHub website.
