Are you eyeing a 3 BHK Bungalow in Raipur? How do you feel about the house-hunting
process? Isn’t it overwhelming? What if we said that real estate and immovable property are
subject to numerous laws and regulations? No, we are not trying to add to the agony.
Both state-specific laws and federal laws govern the Indian real estate market. For example,
according to the Indian Constitution, the land falls under the State List, whereas property
transfers and deed registrations fall under the Concurrent List. As a result, buying and
registering a property may seem tricky.
The most important thing you should consider before purchasing a 3 BHK bungalow in Raipur
is to understand real estate laws. However, the language is filled with so many jargons that any
homeowner is bound to feel lost while translating them.
Although the complexity and volume of the real estate laws might intimidate you, a basic
understanding is recommended to identify potential loopholes in the contract and avoid
complicated litigation.
This blog will outline five laws every real estate owner or anyone interested in Indian real estate
should know. Let’s begin.
5 Indian Real Estate laws every Property Owner should know
1. Landlord and Tenant Laws
The law regulates the relationship between the landlord and the tenant of commercial and residential properties. It specifies the rights, limitations, and duties of both parties relating to the property concerned. These include disclosure, privacy rights, taxation, terminations, rent, and more. However, the validity of the terms and agreement may vary from state to state.
2. Disclosure Laws
According to this law, the owner must reveal all the pertinent information regarding the property, such as the location, current shape, restrictions, and toxic substances, if any. The law protects buyers from hidden problems that could compromise their enjoyment or use of the property.
3. Zoning Laws
These laws are enacted by municipal governments or other local authorities and dictate the land-use policy. For instance, the law prohibits commercial property construction inside residential zones, thereby ensuring the safety of pedestrians, passersby, and residents. Some zoning laws also limit the number of pets and the types of animals a household can own. For example, cows or buffaloes may be prohibited as pets in an urban residential area due to zoning restrictions but may be allowed in a rural area.
4. Contract Laws
Real estate transactions should be backed by a written agreement to make the deal official. The contract outlines all the terms and conditions of the agreement and is a legal binding between the buyer and seller regarding the property’s title.
5. Insurance Laws
Property insurance provides businesses and homeowners with either property protection or liability coverage. It protects the owner from unforeseen events or incidental expenses resulting from most property risks, such as fire, theft, and some weather damage. Having a real estate lawyer assist you in sorting out variables and concerns regarding buildings and real estate is highly recommended.
Wrapping Up
We hope this article helped you realize that although the Indian Real estate laws are a little confusing, they are not impossible to understand.
Whether you are a potential or established real estate owner, you should consult an experienced and knowledgeable attorney before closing a real estate deal to understand the nuances of the law or resolve a dispute.
Having said the above, The Vardhhman Group is fully aware of the above-mentioned Real Estate laws. Our prestigious clients trust us, and we have been able to preserve the same by
providing complete transparency in all dealings. Hence, as long as you finalize one of our 3 BHK Bungalows in Raipur, our team will ensure that these laws are complied with.
