Real Estate Rules And Regulations: There is no denying that buying a home is a dream for most people in India. However, purchasing a home includes a lot of paperwork as per India’s real estate rules and regulations. The whole purchasing process can be a little problematic to understand for the individual real estate home buyers. Therefore, it is always best to seek expert’s assistance while preparing to purchase any property in India. Although, even getting expert’s support couldn’t be enough if you don’t know the basics of real estate rules and regulations.
So, suppose you’re planning to purchase a new home for yourself. In that case, it is always best to know the basic property rules in india even after appointing an expert. Below are the 5 essential property rules for home buyers that can help you for sure. Read on to check them out!
Real Estate Rules And Regulations During a Property Purchase
Well, while purchasing a property for yourself, you must know the nature of the property and the area of grievance redressals for raising any disputes. For instance, if you’re buying an incomplete property still under construction, Real Estate Regulatory Authority (RERA) will take care of all the associated disputes. However, you must seek legal assistance from the district-level consumer dispute redressal tribunals for ready-to-move constructions. So, the nature of the construction will determine the place for raising disputes as per the Indian real estate rules and regulations act, 2016.
Investment Property Rules During the Registration of Properties
According to Indian Stamps Act, 1899, a home buyer won’t be allowed to become an owner of the property until the legal registration is completely done after the purchase. While registering the property, the buyer has to pay 1% of the registration fee for the total property value as per the property rules in india. Additionally, the buyer has to pay 4% – 10% stamp duty depending upon several factors. However, suppose you fail to pay associated stamp duty for a real estate purchase. In that case, it may cost you 10 times of the total stamp duty for violating rules as per the investment property rules in India.
The New Rules Of Real Estate During the Transfer of a Property
As per the transfer of property act, 1882 you’re allowed to transfer the ownership of your property through gifting or selling. However, during the ownership transfer, you have to keep in mind that you can’t demand legal ownership for the same property once it is transferred.
During Selling of the Properties Must Follow These Rules
You have a right to sell your own property as per the property rules for home buyers in India. However, the tax can be applied to be deducted from the source amount against your property. But you can be exempted from paying taxes if you invest the whole amount again for purchasing a property as per the new rules of real estate in India. Meanwhile, if you wish to get advice from experts, you can contact any real estate experts to know about the process in detail.
Real Estate Rules During Renting The Properties
According to the new rules of real estate in India, any homeowner can rent their property to the tenants. However, the renting process must be as per the real estate rules and regulations. The tenants are liable for paying their rents on time to the landlord. Similarly, the landlord is liable to provide receipt of the recurring rents. Apart from that, the landlord may have restricted visiting the rented premises without prior notice. Even for any renovation work, the landlord can perform the job only after getting permission from the tenants.
The Bottom Line
Well, not only owning a home can make you feel great. Even if you wish to invest your money, Indian real estate can be the best option to get good returns. However, before investing in properties, you must make sure that you’re well aware of the aforementioned basic property rules for real estate home buyers in India. Our property experts will put their best efforts into answering all of your queries for sure! Knowing the basics of investment property rules will ensure a secure and hassle-free property deal for you.