You can inform the developer of construction defects up to five years after you receive the keys, and he must fix them.įEMA act helped to facilitate payments and external trade in India. To ensure timely delivery of completed projects, the government has made it mandatory for all developers to register their projects with the RERA act.īoth residential and commercial properties are subject to RERA laws, which means all types of developments are now governed by this law.Įach builder is required by this act to disclose the details of the property on the RERA website. Also, the builder can not charge the homebuyers for both the built-up and super built-up area according to the rules of this act.Īs said earlier, both laws have impacted and made the real estate industry more reliable, Here are some benefits of both the laws. ![]() By selecting a RERA registered project, there is an assurance of timely completion of the project, handing over the property key on the given date, and abiding by every rule of RERA to hold accountability. After RERA was introduced, the home buying process was safeguarded. Many times there used to be lots of project delays and property fraud. Back then, before this act was introduced some builders and contractors used to change the infrastructure, and project plan without the consent of the customer. RERA, (i.e Real Estate Regulatory Authority) was introduced for maintaining transparency in the real estate industry. Non-residents may not do business directly. However, an investment through an LLP, partnership firm, branch, or any other method is not permitted. Investment in real estate development is allowed by non-residents through Indian companies. ![]() Under FEMA and FDI (i.e Foreign Direct Investment) Indian residents can own, transfer, or invest in immovable property outside India if it was acquired, held, or owned by the resident while he/she was outside India or inherited from a resident outside India. This law outlines all the foreign exchange transactions in India. Thus, all economic reforms were evaluated under the FEMA act. FEMA was intended to fix all the loopholes and shortcomings of FERA. What is FEMA Act (1999)?įEMA ( i.e Foreign Exchange Management Act) was introduced in the year 1999 to replace its earlier version FERA (i.e Foreign Exchange Regulation Act). These laws have to some extent changed and improvised a lot of real estate norms. However, when cases of fraud such as money laundering, theft, and corruption gradually started occurring, things changed and became a hassle.īut RERA and FEMA were the 2 laws that changed the real estate industry in a significant way. The fast-paced development of new properties and the ownership of property happened in the last few years, since there are no limitations or rules to how much property a person can own. With changing times, the real estate laws have also changed and have impacted the real estate industry in different ways. Now, however, real estate in India is together governed by the federal (central government) and the state legislature. In India, the right to own property was part of the fundamental rights section.
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