NRI investors, numerous numbers of MNCs boosting up each passing day, upgraded form technology and what not! Contemporary economical structure of India is in an ever development mode. From financial investments in number of real estate dealings to any other business form has a dazzling effect of the present GDP. Most obvious fact associated with is the proper improvisation of law and legal proceedings linked with it. Those in search of some wonderful property dealings; following a lawful path is a must here.
Types involved:
- Personal property laws
- Real estate property laws
- Land use agreements
- Rental and contractual laws
- Jurisdictional laws
- Civil and customary law
- Inheritance laws
- Implementation of “Hindu Succession Law 2015”
Traits of lawful property dealings in India:
From serene natural beauty to ultramodern facilities and amenities; India is simply blessed with all. Best part is the high rising demand of purchasing and selling of the same; making it one of the unique forms of business process all together. Either to acquire the property on a complete ownership mode or on a lease; every bit of it is attested with a lawful and authentic procedure. Legitimate perspectives of which involves:
- Buy and sale property; remains unorganized and at the same time is considered to be illegal if a proper easement, covenant and equitable servitude is not maintained.
- Lawful land dealing is also deficient if the proceedings of mortgage loans are not followed properly (in case of mortgaged property dealings).
- In case of property transfer (through sale or gift), legal and consensual venture is a must. The nominated beneficiary must also be taken into account in these cases.
- Prior knowledge about the present financial structure of both the buyer and the seller is yet another characteristic feature associated with it.
- Each and every bit of laissez-faire ideologies is well followed here.
- The consumer protection law and the legislation for the protection of the tenants are very well maintained here in India. Those dealing with affordable home rental facilities thus also need to follow these laws.
Transactional costs for property dealings in India:
- Stamp Duty
- Registration fees
- Real estate agents fees
- Legal fees
- Commission and tax as per the individual buyer and seller
Some of the basic documentation required:
- Pan card
- OCI / PIO cards (for NRI)
- Passport (must for NRI)
- Residential address proving documents
- Land titles
- Construction permits
- Sale and purchase agreements
- Proper permission from the authoritative bodies
- Income tax clearance documents
- Stamp registration and duty
Buy and sale property; the term might sound easy; but the minute facts and features associated with it are not so. Even simple to simpler most dealings needs to be well considered. India being the largest democratic country in the worlds the tits and bits associated with the legal process and proceedings is a bit vast. Hence effectively efficient following of the same is of utmost importance. With the proper following of which; one can acquire their dream property at ease.