To eliminate the information asymmetry that existed in the real estate sector and to ensure that the sector maintains the strong growth, the incumbent government had brought in the necessary legislation.
Possession or the physical transfer of the property is often considered as the final step while purchasing a property, but it is not sufficient. You also need to have legal evidence of ownership.
A leave and license agreement is an instrument/agreement wherein the licensor allows the licensee to temporarily occupy and use licensor's immovable property fully or a portion of it.
Conveyance refers to the act of transferring the title, ownership, rights and interests in a property, from one entity to another. It is a binding contract that is enforceable in a court of law.
Adjudication means determining the chargeability of stamp duty on instruments. The authority to be approached is the Collector of Stamps appointed in each District.
Redevelopment is the process of demolishing existing old society building and reconstructing it by appointing a developer who can construct and handover new flats.
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