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Real Estate - Legal Aspect
By Ethane Shields
Today, the Indian economy is growing at a rapid pace and no doubt real estate sector is the major contributor. Real estate in India has evolved as a huge industry in past few years and as per industry sources this boom will continue for a good time to come. Indian government is also making huge revenues by selling the land to builders for various development projects. On the other hand, government is also contributing by way of providing the infrastructure support and promoting the investment in real estate sector. Certain policies have been formulated to facilitate the real estate transactions and make the system more transparent. Allowing Foreign Direct Investment (FDI) and encouraging NRI investment in the real estate market of India has provided major boost to the industry. Most of the real estate development can be witnessed in the big cities like Delhi, Mumbai, Bangalore, Pune etc. where huge shopping malls, swanky offices, and multi-storey apartments are quite common. There is a never-ending demand for residential and commercial properties in such big cities having huge population.
Such a huge growth is the result of growing companies and employment opportunities in the cities.
With the increase in number of transactions of sale, purchase and renting cases the importance of keeping in mind all property laws or lease laws has increased manifold. The landlords and tenants should be aware of their right and duties. The documentations or paper work involved in property transactions should be done with utmost care. One need to ensure it has been executed as per the laws related to property. It is very important for all the parties involved in property transactions to exercise their due diligence and make sure that all legal aspects are being covered. This would help in avoiding any kind of litigation in future. Professional assistance of expert lawyers in real estate laws and property agents can be taken to ensure that all important factors are covered. So, investors are encouraged to make gains by investing in property while keeping in mind the legal aspects. A safe environment would be congenial for further growth of real estate sector.
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