Experts have projected real estate businesses to contribute to 13% of India’s GDP by 2025. 

It is en route to becoming a trillion-dollar industry within 30 years. 

Now, what laws govern an enterprise of such magnanimity?

Property Law

Property law governs the entire real estate market in India.

It includes the procedure and limitations in ownerships, transfer, transactions regarding the tangible property.

The regulations also extend to rights affecting the actual items, like ownership rights or rights to enforce a due.

Know Your Legislation

India displays diversity across the states.

Owing to the different sects and cultures, laws regarding inheritance and transfer follow both Centre and State legislation.

There is no single unified code for property law like the Indian Penal Code.

Here are some key legislations regarding real estate in the country –

Transfer of Property Act, 1882 –

General Rules and regulations for movable and immovable property.

It includes sales, lease, mortgage, gifts, etc.

Indian Easement Act, 1882 –

Regarding easement rights for immovable property.

Indian Contract Act, 1872 –

Governs laws, including the capacity to implement a contract and consequences regarding breaching it.

Land Revenue Codes –

State-level laws regarding land holding, land revenue, tenancy, etc.

Right to Fair Compensation –

Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 – regulated private property acquisition by the government for a specific use.

State and local laws also monitor policies and customs about urban development, slum improvement, rent and ownership, Special Economic Zones, etc.

Both civil and common law controls the scope of property law in India.

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