Real Estate Law

All the legislations in India have been influenced by the British rules and the real estate law is no different. During the British occupation there were many conflicts of landholders and taxation. Landowners in Indian were not happy with the increasing loss of property, high taxation rates and other constrains on entrepreneurship. Despite all this conflict the British successes in strengthening their stronghold in India. The Transfer of Property Act of 1882 was enacted in India to regularize the property exchange in India.

Real estate law is that branch of law which deals with all the transactions governing a property. The real estate transactions might seem to be simple and straightforward but then that is not case. These legal documents with regard to all the real estate transactions have to be verified in detail. Prior to finalizing any sale it is important to verify all the back documents of the property so that the manner in which the property has devolved upon the current seller can be identified. The tax receipts and other related documents have to be checked and analyzed properly. It must also be verified if there are any dues on the land.

Thus at the outset it might look like real estate transactions only involves simple transactions and that it is a simple sale and purchase, but that is not the case. Real estate law is a branch of law wherein detailed verification of land documents is a necessity and any failure to do the same might turn out to be very costly.

Real Estate is an area where investment is growing day by day. Real estate industry is closely associated with all and almost everyone is involved in purchasing real estate. Many legal aspects are involved in the real estate transaction. From verifying the land documents and determining the manner of evolution of property, to verifying the kind of alienation rights which the seller has with regard to the property, to drafting the purchase deed and all the other legal transactions involved in registration of the property can be effectively done with the knowledge of real estate law.

Indian Stamp Act 1899
The Act specifies the stamp duty which is payable at the time of registration of the transactions.

The Registration Act 1908
The Act specifies the manner in which the registrations of all the real estate transactions are to be made.

Income Tax Act
The Act contains a few provisions which make it mandatory for the purchaser of a property to inform the Income Tax Department.

Transfer of Property Act 1882
The Act governs the manner in which property is sold or transferred.