[BUYING AND SELLING REAL ESTATE IN INDIA]
150
primarily on immovable property and then on the development thereupon. 2.5. The Real Estate (Regulation and Development) Act, 2016 The Central Government, through the Ministry of Housing and Urban Poverty Alleviation, has enacted the Act. It is an enactment to establish the Real Estate Regularity Authority for the regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, or a real estate sector project in an efficient and transparent manner and to protect the interests of the consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. 2.6. The Bharatiya Sakshya Adhiniyam, 2023 Under the Act, in the event status of any person as the owner of a piece of immovable property is questioned, of which such person is shown to be in possession of, the burden of proof clarifying that such person is not the owner lies on the person who asserts that person in possession of immovable property is not the owner.
transfer or lease) in accordance with the local regulations. In its strict interpretation, sale of such estate will not require any prior legal or government consent and thus has less paperwork attached. For such reasons, a freehold asset is more expensive when compared to a leasehold asset.
3.1.2. Leasehold Property
Refers to an estate which has been leased to a person for a certain number of years but the estate at all times remains under the ownership of the state. Utilization of the Leasehold estates if affixed to the purpose for which it was obtained. Since the person is possession of such estate is not the owner and property is not freehold, transfer of such estate requires prior state consent (obtained at the land office).
3.2. On the basis of land use 3.2.1. Residential
Such land is utilized exclusively or intended to be used for family dwelling or associated uses for residential purposes. Zoning for residential use may permit some services or work opportunities or may totally exclude business and industry. It may permit high density land use or only permit low density uses.
3. CATEGORIZATION OF REAL ESTATE 3.1. On the basis of ownership 3.1.1. Freehold Property
Refers to an estate which is free from the hold of any entity, besides the owner. In its true essence the owner alone enjoys the complete ownership and can utilize the estate for any purpose (renovate or
3.2.2. Commercial Such land
is for development of such structures or office buildings, medical centers, utilized
ILN Real Estate Group – Buying and Selling Real Estate Series
Made with FlippingBook Online newsletter