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| Home > Real Estate, Wills, Probate and Trust > Real Estate in India- An Attractive Venture For Non-Residents Indians. |
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| Introduction |
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Introduction: By: Anupam Srivastava, Advocate
Though the expression "Real Estate" has not been defined in any statute in India, broadly speaking this expression would mean lands and buildings.
Real estate is stated to be the second largest sector in India with about 250 industries dependent upon the real estate. Despite this it is indeed sad that this industry is not organized. The prospective transferor and transferee have to depend upon half baked information about the legality etc of the transaction. There is no full proof method to determine the title of the transferor and genuineness of records provided to the intending transferee in regard to lands and buildings proposed to be transferred. No doubt it is possible to legally determine the validity of the transaction; however the parties to the transaction choose to rely more on the information and assurances of the property dealers rather than professionally checking the records.
The statute governing the transfer of immovable property in India is known as The Transfer of Property Act, which came in force in the year 1882.
The other ancillary laws to support the transfer of property in India are the Indian Registration Act and Indian Stamp Act.
Besides the resident Indians, non-resident Indians and other foreign nationals are also showing interest in acquiring the immovable property in India. The Indian government is encouraging investment in foreign exchange in India in the real estate sector and has made regulations under the Foreign Exchange Management Act. 1991.
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