Indian Real Estate Industry

Relief to Affected Home Buyers For Delay In Possession

Delays in handing over the possession of flats has become a rampant practice in the Indian real estate industry, due to which numerous innocent home buyers are being penalised. With developers indulging in the delay tactics in handing over possession of flats, home buyers are not only left in the lurch, but are also being forced to pay ‘equated monthly instalments’ (“EMIs”) on home loans.  However, over the years various forums have come to the rescue of the flat buyers.Continue Reading Relief to Affected Home Buyers For Delay In Possession

Tamil Nadu Tenancy Law Post

The law relating to tenancy in the state of Tamil Nadu was earlier governed by The Tamil Nadu Buildings (Lease and Rent Control) Act, 1960 (TNLRC Act). The said act was enacted for achieving three purposes[1]: (a) to regulate the leasing of residential and non-residential buildings; (b) the control of rents; and (c) to prevent unreasonable eviction of tenants.

This sexagenarian old TNLRC Act was enacted when the real estate industry was evolving. At that point of time, the supply of rental assets was limited and the ownership of assets was concentrated in the hands of few landlords. Therefore, the TNLRC Act was enacted as a piece of social reform to protect tenants from exorbitant rent and frivolous eviction but it was quite often tainted as a law as it was unfairly tilted towards the tenants.
Continue Reading Paradigm Shift: Tamil Nadu’s New Tenancy Law

State Real Estate Authorities Powers

The Indian Real Estate industry is experiencing a major overhaul on account of the strict implementation of the Real Estate (Regulation and Development), Act, 2016 (RERA), the Prohibition of Benami Property Transactions Act, 2016 (PBPT Act) and the Insolvency and Bankruptcy Code, 2016 (Insolvency Code).

While implementation of RERA is gaining momentum across the country with each passing day, the State Real Estate Authorities (Regulator) established under the RERA have emerged as a powerful tool for ensuring proper and effective implementation of RERA by the states across India. This article aims to provide an overview of the powers and functions of the Regulator and how it is using these powers to protect the interests of property buyers in India.
Continue Reading Revolutionary in Nature: How State Real Estate Authorities Enjoy Powers Akin to Civil Courts