2. Objective of this chapter
• This chapter gives you an insight into the various laws
governing real estate transactions in India. A greater
knowledge of these laws would help you in ensuring safer and
better transactions in the future.
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3. Importance of the legal aspects
•
•
•
•
Avoid property disputes
Avoid property demolition
Solve ownership issues
Avoid unexpected impediments leading to loss of property
appreciation
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4. Relevant laws in real estate: Central Acts
Transfer of Property Act, 1882
Indian Contract Act, 1872
Essential Elements of a Valid Contract are
– Proper offer and proper acceptance
– Lawful consideration
– Competent to contract or capacity
– Free Consent
– Lawful Object and Agreement
– Agreement not declared void or illegal
– Intention To Create Legal Relationships
– Certainty, Possibility of Performance
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– Legal Formalities
– By surety
5. Relevant laws in real estate: Central Acts
Other laws
– Registration Act, 1908
– Specific Relief Act, 1963
– Urban Land (Ceiling & Regulation) Act, 1976
– Land Acquisition Act, 1894
– Indian Evidence Act, 1872
State Acts:
– Rent Control Act
– Ownership of Flats Act
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– Land Revenue Code
– Regional and Town Planning Act
6. Assignments
1. Read up and analyse the key points of Registration Act and
Land Acquisition Act.
2. What are the legal remedies available to buyer of a property?
3. What are the responsibilities of a builder towards a buyer?
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