PROPERTY LAWS

VARIOUS TYPES OF PROPERTY LAWS IN INDIA:

1.     The Indian Contract Act, 1872:  

The purpose of the Indian Contract Act is to control contract laws in India, entering into a contract, their execution, and implementation; not only this, but it also protects the rights and provides remedies in the event of a violation of applicable Land ownership laws in India (in case of a contract of land) and supplied as per legal document.

2.     Transfer of Property Act of 1882:

One of the primary Acts that govern the sale, lease, exchange, mortgage, and gift of immovable and movable property, as well as part performance and lis pendens. 

3.     The Indian Stamp Act of 1899: 

One may approach legal advice to determine the stamp duty to be paid and the procedures for the registration of different documents and deeds.

4.     Indian Registration Act, 1908: 

Under this regulation, it is mandatory that all properties involving transactions over Rs.100 and purchased in India must be registered to prevent fraud, protect evidence, and establish ownership. 

5.     The Real Estate Regulation & Development Act (RERA) 2016: 

Consumer protection is one of the government’s motives, and hence such law was framed to govern the real estate industry; this Act oversees the marketing, development, and sale of real estate developments. The Act mandates the registration of projects and significant players in the real estate sector. To effectively implement central laws at the local level, states have adopted RERA rules. 

6.     The FEMA or Foreign Exchange Management Act of 1999 and the Foreign Direct Investment Policy (FDI Policy):- 

Transactions in different countries are turning out to be a boom in India, and hence protection of foreign investors is necessary; so to oversee the purchase and sale of immovable property in India by foreign persons or corporations who are not Indian residents, various Land ownership laws in India were implemented.