Real estate laws are the important laws that govern the real estate sector of India.
Real Estate Laws in India: A Framework for Growth and Development
Among the biggest expanding industries keeping the country ahead is real estate.
For many citizens of the nation, this industry not only offers homes but also investment possibilities and jobs.
But the problems the industry faces grow along with its expansion in India.
Real estate is run under a set of real estate laws to handle such difficulties.
The Essentials of Indian Real Estate Laws:
The core principles and regulations that shape the real estate sector in India were established to enhance accountability, efficiency, and transparency in the market.
Here are a few of the most noteworthy ones:
The Real Estate (Regulation and Development) Act, 2016 (RERA) ensures the safety of investors and homeowners through strict rules regarding project schedules and financial disclosures.
The 1882 Transfer of Property Act outlines the rules for sales, home loans, leases, and exchanges, while also governing the transfer of property.
The Indian Contract Act of 1872 ensures that all real estate transactions are legally binding.
The Registration Act of 1908 mandates that every property transaction must be documented to prevent fraud.
Indian Stamp Act, 1899, ensures proper documentation and tax compliance for all property transactions,” shares P Gopalakrishnan, managing director, Southeast Asia and Middle East, Green Business Certification Inc. (GBCI), India.
State and Municipal Laws: The Backbone of India’s Real Estate Sector
Besides these, real estate laws from the state and local governments also help make the real estate market run more smoothly.
These include, among other things, building codes, bylaws, special economic zones, benami transactions, environment protection, land ceiling policies, land pooling policies, apartment ownership, rent control, and real estate investment project regulations.
Real estate buyers have a place to voice their concerns under the Consumer Protection Act, 2019. It is needed to adequately address all the problems of buyers and promoters in that sector.
Sustainable Real Estate Laws: Towards Energy Efficiency
There are clear and inadvertent ways that the real estate industry adds to pollution.
This made sustainable measures more important, and buyers became interested in eco-friendly projects.
This gave developers even more reasons to use sustainable building methods.
The Energy Conservation Building Code (ECBC) establishes criteria for energy efficiency in structures, encouraging the implementation of energy-saving solutions.
The National Building Code of India (NBC) outlines sustainable construction standards and environmental issues.
The Environmental Protection Act of 1986 assures that real estate projects adhere to environmental rules, thereby promoting sustainable development.
Ratings such as LEED (Leadership in Energy and Environmental Design) supplement ECBC, and stakeholders that use LEED for their assets can attain ECBC more efficiently.
LEED credit categories also include references to NBC rules.
Some LEED versions include the following codes and standards in addition to ECBC and NBC:
- CPCB’s National Ambient Air Quality Standards.
- Bureau of Indian Standards (BIS) SP 41: Handbook on Functional Requirements of Buildings.
- BIS IS 3646: Code of Practice for Interior Illumination.
- National Wetland Atlas.