Legal Aspects

Buying any type of property, be it a commercial property or a residential property, is a once-in-a-lifetime experience to many buyers; so, it is imperative that you be extrememly watchful while you take a step forth to buy any form of property in India. There are many legal aspects of real estate in India which you should be thoroughly acquainted with before buying any type of property in India.

With a huge amount of Indian land area still remaining untapped, furnish yourself with all the notable aspects of the Indian Legal system if you are aiming to begin with your new housing project in India. If you are planning to build flats, then you need to properly check all the mandatory legal regulations that are stipulated by the local government civic authorities.

There are many real estate formalities, including sanction of building plan, its approval, undivided share, completion certificate, taxes, scope, which come into play and and are required to be accurately scrutinized. The present Indian property seems to be more vibrant as people from all classes of society are involved in the real estate deals in India.

Concerning the legal contract or privilege through which the property holder is able to bet his allege, the potency of the title is discovered by properly going through the previous activities of the concerned property. Generally, it is not very much essential for the title owner to have ownership of the property, and vice versa holds good too.

The legal aspects of real estate in India are broadly categorized into the following sub-divisions:

• Registry

• Survey

• Land Law

• Reclamation

• Rights

• Securities

• Acquisition

• Policy

• Land Act and

• Reform

Any buyer, who is looking forward to buying a property in India should know about the above-mentioned aspects that are related to buying any form of property in India.

Procedures and Formalities in the Land Buying Process

In the following sections, we will discuss about the land buying process in India in detail. Once all the initial examines are done, the property/land to be purchased is correctly verified and negotiation of the property price is completed, the actual process of purchasing the land begins.

The very first step in buying a piece of land in India is to sketch an agreement in between the parties that are involved in the property transaction. The agreement has to be done on a stamp paper of Rs. 50 or higher, which is provided by the Indian government. Any land buying agreement in India should include the following basic elements:

• Agreed cost of the property between the purchaser and the seller

• Advance amount details given by the purchaser

• Duration in which the actual transaction should take place

• Legal procedures to follow in case any of the parties violate the norms of agreement

• Ways in which losses have to be recovered if any of the groups default on the agreement

• Exact particulars of the land (scheduled premises)

You should contact an experienced lawyer in order to prepare the agreement covering all the above mentioned elements. After agreement is properly prepared, the registration of the land is the next imperative is land buying process.

The transfer of land has to be recorded in the concerned sub-register office. If there are any errors in the submitted documents after registration is completed, the new set of correct documents have to be registered again; the registration expenses will have to be repeated depending upon the specifics of the incorrectness – just a small error in name, or details of the property may not require you to re-register the property, but addition of a name in the ownership, or similar requirements may require re-registration.

The documents that are required for registration process include original title deed, property tax receipts, previous deeds and 2 witnesses.

Tip: While you are carrying out the legal proceedings of the land buying process in India, do make sure that you interact with the staff and officers of the registration department who always have valid government ID proof with genuine government seal.

There are lots of rules and prerequisites that you need to follow before you can buy land in India. Ensure that you comply with every rule to save yourself from any harassment in future.