“He is not a full man who does not own a piece of land.”
Real estate has emerged as one of the most appealing investment areas for domestic as well as foreign investors. With the development of private property ownership, real estate has become a major area of business. In fact it has evolved into several distinct fields like – valuation services, brokerage, development of property, property management, real estate marketing, etc.
With attractive pricing and innovation in construction technology and variety of designs, NRIs are taking a fresh look at India as a unique market in which they can invest. FDI flows into housing and real estate in April-March 2011-12 stood at US$ 731 million, according to the Department of Industrial Policy and Promotion (DIPP). In fact, housing and real estate sector including Cineplex, multiplex, integrated townships and commercial complexes etc, attracted a cumulative foreign direct investment (FDI) worth US$ 11,168 million from April 2000 to April 2012.
Despite the turmoil that followed the global financial crisis, the Indian real estate sector has remained buoyant and attractive to both foreign and domestic investors due to the robust domestic driven demand.
The Real Estate (Regulation and Development) Bill, 2011 aims to establish a Regulatory Authority and an Appellate Tribunal to regulate, control and promote planned and healthy development and construction, sale, transfer and management of colonies, residential buildings, apartments and other similar properties. Once implemented it is likely to pave the way for a fairer and more transparent scenario.
There is no denying the fact that the growth of the Indian economy has been one of the fastest in comparison to other countries over the world and thereby impacted the real estate sector of India. The ever growing economy and the increasing purchasing power of the people have made real estate the most sought after sector.
An informative handbook offering comprehensive information on real estate has been attached for your reference.
The Book overs the following topics :-
1. Introduction
1.1. Key drivers of real estate growth
2. The term “Real Estate”
2.1. Other important terms
3. Real Estate Sector in India
4. Real Estate Sector in other countries
5. History of real estate
6. Overview of Real Estate laws of India
6.1. The Indian Contract Act, 1872
6.2. Transfer of Property Act, 1882
6.3. The Indian Easements Act, 1882
6.4. The Indian Stamp Act, 1899
6.5. The Registration Act, 1908
6.6. The Land Acquisition Act, 1894
6.7. The Land Acquisition, Rehabilitation and Resettlement, Bill, 2011
6.8. Draft Real Estate (Regulation & Development) Bill, 2011
6.9. Rent Control Act
6.10. Property Tax
6.11. FDI guidelines for real estate
6.12. Income Tax
6.13. Service Tax
6.14. FEMA
7. Real Estate – Deeds/Agreements
8. Authorities and Organisations related to the Real Estate sector
9. Professional opportunities in Real Estate
10. Important websites
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Author Bio
File is working fine……….Thanks to CA Rajkumar S. Adukia
able to download and open
Thanks! Sandeep Kanoi, Now it works. Able to download.
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An error > In para 2, to read ‘not enacted”.
Impromptu >
On a quick reading of the Handbook, in so far it covers matters of special concern in relation to property being in the form of ‘units’ of a building (Flat or Apartment), one has the following observations t o make:
1. PROPERTY TAX
“Property tax is a levy charged by the municipal authorities for the upkeep of basic civic services in the city. In India it is the owners of the property who are liable for the payment of municipal taxes whereas in countries like the United Kingdom, the occupier is liable.”
In Bangalore (Karnataka) , tax is payable by owner or occupier. In respect of common areas and facilities, e.g swimming pool, conceding the validity of representation made, BMMP accepted by a revised Notification, that tax can be paid by individual owners, or by the Owners’ Association (albeit in the ultimate analysis, that should entail no different consequence) . The actual position in other States./ Cities would require to be ascertained.
2. If one remembers right, though “Tax Deduction at Source (TDS) at 1 percent of consideration for transfer of immovable property” was proposed, in view of hassles that would have given rise to, it was enacted.
3. Service Tax (and VAT)
Some of the finer aspects/points of doubt raised wrt the novel concepts of,- works contract, deemed sales and levies of VAT and Service Tax founded thereon, and require to be gone into in-depth, attention is invited to the input comments posted and in public domain . 4. Drafting Contract Agreement(s)/ Deeds:
Because of the special but distinguishing characteristics of “Flats” and Apartments”, hence governed by the special State enactments, in the drafting and execution of the related documentation, it is imperative that the utmost care is taken , keeping in full focus the several requirements and formalities as envisaged in the applicable enactment. For knowing what they are, for instance in Karnataka, the model Forms (i.e. Agreement to Sell and Deed of (transfer of) Apartment ) as eminently drafted and published in KLJ Text Book on the law should immensely help.
Not able to read anything from handbook some figures are appearing
Dear Sir
Good day
I had tried to down load the book on Real Estate but it gives all the computer language
Could you please advise alternate source of getting the book
Please to hear
N. N. Dholakia
[email protected]
file is corrupted
I downloaded the book from taxguru.in but it is full of junk data
Please upload the correct version or post correct link. If it is available in printed form publish the address form where it can be sourced