There are multiple laws that ensure compliance, transparency, and legal protection in transactions involving properties. Following are major legal provisions that regulate real estate transactions in India:
The Real Estate (Regulation and Development) Act, 2016 (RERA)
RERA guarantees transparency in the sale of property, with the need for agent and project registration to keep pace with deadlines and disclosures. RERA also resolves complaints through a dedicated authority, building trust for real estate transactions.
The Transfer of Property Act, 1882
This Act regulates property transfer through sale, mortgage, lease, gift, or exchange, establishing rights and duties of sellers and buyers to clarify ownership and settle disputes.
The Indian Contract Act, 1872
Regulating contracts in property transactions (e.g., sale agreements, lease deeds), this Act enforces contracts and settles disputes due to contract violations.
The Registration Act, 1908
Compulsory for property deeds (sale deeds, lease agreements, etc.), this Act makes the documents legally valid, safeguarding buyers from false claims.
The Indian Easements Act, 1882
This Act defines easement rights, such as the right of way, to settle disputes when the use of a property infringes upon another's rights.
The Land Acquisition Act, 2013
Guiding government acquisition of land, this Act provides reasonable compensation and rehabilitation to landowners, harmonising development with citizen rights.
The Hindu Succession Act, 1956 & The Indian Succession Act, 1925
These Acts outline the laws of inheritance for various religious communities, facilitating hassle-free transfer of property to lawful successors upon the owner's demise.
The Benami Transactions (Prohibition) Act, 1988 (Amended in 2016)
This Act forbids property purchases in fictitious names, enabling authorities to confiscate such properties and inhibiting the circulation of black money.
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