Table of Contents
Is real estate brokers legal in India?
According to estimates by real estate brokerage firm RE/MAX India, around two million real estate agents currently operate across India. Under the Real Estate (Regulation and Development) Act 2016 (RERA), which came into force on 1 May, all property brokers must register with regulators in their states.
Do real estate brokers need license in India?
However, to become a property agent in India, it is necessary to register under the Real Estate (Regulation and Development Act), 2016 (RERA) and obtain a professional license. Other than this, there are no other requirements, as far as licenses are concerned.
Who regulates real estate sector in India?
The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.
Is real estate commercial law?
Commercial property (or real estate) lawyers act for a variety of domestic and international clients – including investors and developers, governments, landowners and public sector bodies – on a wide range of transactions, involving everything from offices to greenfield and retail developments, infrastructure projects …
What is real estate rules?
The Real Estate (Regulation and Development) Act, 2016 (RERA): This Act governs development, marketing and sale of real estate projects to protect the interests of consumers in the real estate sector.
What is commercial property law?
What is Commercial Property Law? Commercial property law is a practice area that involves the legal, contractual, and transactional issues or procedures that concern property and land owned or rented by commercial clients.
Why is real estate law important?
Real estate laws protect buyers from unscrupulous sellers who might attempt to misrepresent the property to a potential buyer and it could also protect the environment from a buyer who wants to make alterations that are damaging to the land or natural environment.