Real Estate Law

The following are some of the key pieces of legislation governing real estate in India:

• Transfer of Property Act, 1882.
• Indian Easement Act, 1882.
• Registration Act, 1908 and Indian Stamp Act, 1899.
• The Indian Contract Act, 1872.
• Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013.
• Land Revenue Codes.
• The Real Estate (Regulation and Development) Act, 2016 (RERA).
• Foreign Exchange Management Act, 1999 (FEMA) and Foreign Direct Investment Policy (FDI Policy).

In India, real estate is governed and influenced by a combination of federal (central) and state-specific laws. This is because, according to Article 246 of the Indian Constitution, 'Land' falls under the State List or List-II of the Seventh Schedule to the Constitution of India, which enlists subjects on which only States can legislate, whereas 'Transfer of Property other than agricultural land, registration of deeds and documents' and 'Contracts other than for agricultural lands' fall under the Concurrent List or List-III of the Seventh Schedule to the Constitution of India.

Furthermore, because India is a multi-sectarian country, laws governing various aspects such as devolution, inheritance, and so on are frequently based on various customary principles and practises applicable to different sects, in addition to codified laws. Over the years, India's higher judiciary has also issued a number of judicial pronouncements on real estate law issues, which serve as judicial precedents and govern the interpretation of applicable laws.