Real estate is a form of real property that belongs to an individual/legal person and is a physical asset. It consists of land, structures, and developments. It also includes utilising the property and all modifications made to it.

With private property ownership development, real estate has become a significant business area. It is one of the most critical sectors, and the fate of the Indian economy depends upon it in so many ways.

The attorneys with us at Lex Conseiller have a comprehensive and detailed understanding of the real estate law, which empowers them with the knowledge and skills necessary to offer advice and legal assistance in the purchase, sale, or renting of real estate, development and redevelopment projects, investment in real estates and the settlement of property disputes. Our team incorporates skilled professionals to assist our clients throughout the complete life span of real estate projects, from the first due diligence to the exit plan.

Laws Governing Real Estate in India

Since there were no strict laws governing the real estate sector, it experienced numerous challenges. On and from May 1, 2016, the RERA Act was put into effect.The meaning of “Real Estate Project” under the Act covers the construction of apartment buildings, the renovation of existing buildings into flats, and the development of land into plots for the sale of all or a portion of the apartments mentioned above to fulfil the Act’s objectives.

The other acts which govern real estate laws are as follows:

  • Indian Stamp Act, 1899, and Registration Act, 1908
  • Real Estate (Regulation and Development) Act, 2016 (RERA)
  • Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013
  • Transfer of Property Act, 1882
  • Indian Easement Act, 1882
  • Indian Contract Act, 1872

In addition to the laws listed above, several state, local, or municipal laws, customs, and guidelines also apply to the real estate industry in India. These issues relate to, among other things—Special Economic Zones (SEZs), rent control, urban development, property tax, ownership of property, land pooling, land ceiling, land zoning, and land usage.

Real Estate Appellate Tribunal

Most states have developed regulatory power under the RERA, which includes a system for efficient dispute resolution.

Additionally, the appellate authority has acknowledged the establishment of the appellate tribunal, which will hear cases from the RERA and the adjudicating officer’s judgments, instructions, or directions, as well as any additional or accidental matters.

For different areas in the State or UT, the State Government may constitute one or more Real Estate Appellate Tribunal benches.

Penal Provision Under RERA

In case of violation of the provisions, the Promoter,

  • Shall be punishable with 3 years of imprisonment, a fine, or both
  • Fine of 10% of the estimated cost of the building if the project is not registered under the real estate guidelines,
  • Fine of 5% of the estimated cost of the building or project if false information is provided

In case of violation of the provisions, theAgent,

  • Shall get punished with a fine of upto 5% of the estimated price of the building if the authority’s directions were not followed
  • Punishable with imprisonment extended to 1 year or with a fine, if orders by the tribunal were not followed
  • Fine of Rs. 10,000 0r 5% of the cost of the project if it is non-registered under RERA

Registration Procedure for RERA

The state does the RERA’s registration process; it varies from state to state. The application is submitted through the state’s official web page, where registration is necessary, and is entirely online.

  • Every real estate developer or Agent must submit an application to their state’s RERA for registration with the required payments and the paperwork.
  • The state government will provide a RERA registration for the desired state following application renewal. However, the authorities may even deny the registration, if there are errors. Additionally, it is stated that the applicant will have a chance to be heard before the rejection of the application.
  • Within 30 days of the registration date, the administration must provide the RERA registration number and the certificate. The application is, nevertheless, deemed to be approved, if the applicant does not receive a response from the authorities.

Real Estate Services Includes

The legal landscape of real estate is highly complex because it has a lot of compliance to be taken, such as registering RERA with authorities, managing funds and audits, advising promoters and developers etc. At Lex Conseiller our real estate lawyers are skilled in a variety of services –

Initial Due Diligence

The real estate sector, has the chances of developing fraudsters who take advantage of the purchaser by faking documents, property that has been transferred in another name, multiple buyers for one property, etc. Conducting a title search before finalising any transaction and avoiding such fraud is essential.

Lex Conseiller has dealt with such fraudsters over ownership rights and the existence of property. Our skilled team handles different variations of search in due diligence.

Transfer Deeds

Investment in real estate is long-term secured returns. However, the acquisition, sale of property deals with a complex legal process that requires specific instruments, drafting, transaction of the property, etc.

Lex Conseiller helps draft deeds with a wide spectrum of circumstances and requirements, including freeholds, partial interest, settlement and ensuring the secured property registration.

Property Investment Agreements

Investing in property is an easy and stable investment. But without knowing the market and regulations, it can be riskier than any other investment. The risk from such problems needs to be safe, and compliance must create a well-drafted detailed investment agreement to invest safely.

Lex Conseiller assists you with every stage of your agreement, from negotiating the terms to agreeing on the parties. Our team execute the agreement draft, which protects the rights and interest of the client.

Builder- Buyer Agreements

A builder promises many things to buyers, such as timely delivery, refund guarantees and amenities. If the builder fails to provide such promises, therefore, to ensure protections for the buyers before the sale and purchase, the negotiation and drafting of builder buyer agreement is very important. Lex Conseiller has the best-trained team to provide builder-buyer agreements to secure the right and liabilities of the party.

Contact Us for the Best Assistance

It is an enormous task to purchase real estate and register it with the appropriate authorities.

Our professionals at Lex Conseiller will help plan efficiently and affordably, ensuring the procedure is completed successfully. You’ll realise that, despite being somewhat complex, Indian real estate law is manageable if you have a basic understanding of the system.

There are many legal problems you face in the field of real estate, such as ownership of property, fake buyers, and presenting illegal documents, etc. Our efficient team helps you to avoid such legal hassles and gives you a proper solution to your problem.

Our professional lawyers handle the entire reach of corporate real estate, such as agreements, compensation, possession of the property, residential and commercial projects etc. For any kind of issue, whether it is the registration process, verifying documents, or transactions, we at LexConseillor present your case with the utmost experienced lawyers and give proper guidance in handling your issues.