The Real Estate (Regulatory and Development) Act of 2016, generally known as the RERA Act, was passed on March 26, 2016, and came into effect on May 1, 2016. It is considered a milestone piece of legislation since there was no specific law governing the Indian real estate sector prior to this. RERA Lawyers in Chandigarh have expertise to deal your real estate related disputes for home buyers as well as buiilders.
Real estate laws govern the purchase, sale, and registration of land property. Investment by a foreign person in the real estate industry in India is permissible under the automatic route under the FDI policy, which implies that no clearance is necessary from the Government of India or the Reserve Bank of India; nonetheless, such investment must be in accordance with the FDI policy. Land in India is divided into several types such as residential lands, industrial lands, commercial lands, and so on. Whether or whether the land is located in a residential area, the person who owns it in India is obligated to pay various taxes in line with State regulations.
The landowners, on the other hand, try to shift the weight of their accountability onto the person to whom the property is leased through contractual stipulations; nonetheless, the principal responsibility remains with the property owner. The regulations that apply to a real estate property vary depending on the type/category of land as well as whether the property is under construction or finished and ready to move in. RERA Lawyers in Chandigarh understand all the rules and regulations governing RERA disputes and remain updated with the latest judgments of Appellate tribunal and the Hon’ble Supreme Court.