ILN: BUYING AND SELLING REAL ESTATE - AN INTERNATIONAL GUIDE

[BUYING AND SELLING REAL ESTATE IN INDIA]

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KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER INDIAN LAW

INVESTMENT AND CONVEYANCE OF REAL ESTATE IN INDIA The contents of this chapter are purely for informational and educational purposes and are not intended to be exhaustive nor to be a binding legal opinion. It is clarified that this chapter is not intended as a substitute for consultation with a licensed practitioner in the field of Real Estate or Law. The use of this book implies your acceptance of this disclaimer. The author of this chapter is providing the conte nt herein on an “as is” basis and makes no representations or warranties of any kind with respect to this chapter or its contents. The author hereby disclaims all such representations and warranties, including but not limited to warranties related to law or real estate for a particular purpose. In addition, the author assumes no responsibility for errors, inaccuracies, omissions, or any other inconsistencies herein. The author hereby gives no guarantees or a conclusive opinion as to the eventual or practical success of any transaction undertaken based on this chapter. This chapter offers an overview with respect to investment in and conveyancing of real estate in India. The contents of this chapter are not intended to create and do not constitute, an attorney-client relationship, or its equivalent in the requisite jurisdiction. This chapter describes the law and procedure in force in India at the date of preparation of this chapter and the contents, statutes, regulations, and/or rules are subject to amendments and alterations in due course. The author hereby does not assume any duty to update the contents of this guide. The information in this guide may also not be considered as legal advertising in any manner

whatsoever. Neither the International Lawyers Network or its employees, nor any of the contributing law firms or their partners or employees accepts any liability for anything contained in this guide or to any reader who relies on its content. Before concrete actions or decisions are taken, the reader should seek specific legal advice. The contributing member firms of the International Lawyers Network can advise in relation to questions regarding this guide in their respective jurisdictions and look forward to assisting. Please do not, however, share any confidential information with a member firm without first contacting that firm. 1. INTRODUCTION TO REAL ESTATE IN INDIA Since the liberalization of Indian economy, the real estate sector has been gradually growing and adopting to technologies that improve the market access, efficiency, quality, and consumer experience. In the last fifteen years, post liberalization of the economy, Indian real estate business has taken an upturn and is expected to grow multifold in the next decade. The developments in real estate sector has been influenced by the all-around developments in the retail, hospitality, entertainment, education, and information technology sectors. Major factors contributing to this development are favorable demographics, increased purchasing power, existence of customer- friendly banks and housing finance companies and favorable reforms initiated by the government to attract global investors. Further, increase in the business opportunities and migration of the labor forces acting as a fuel has increased the demand for commercial and residential space.

ILN Real Estate Group – Buying and Selling Real Estate Series

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