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Property Investment—Know the Laws

Property search in India is not an easy task and that too when investment in property for some may mean spending lifetime’s earnings involving huge expenditure, it therefore becomes essential that we give thought and planning before loosening the purse strings.

Author: Jack Macferson

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To search properties in India is not an easy task and that too when investment in property for some may mean spending lifetime’s earnings involving huge expenditure, it therefore becomes essential that we give thought and planning before loosening the purse strings.

Purchasing a property or residential accommodation, either by own or through any real estate agencies in India, is a specialized job and requires proper guidance and assistance. Simply knowing the seller or the area of purchase is no guarantee that you not land in trouble in years to come. The greatest problem is dealing with governmental agencies. India still has the most unwieldy bureaucracy, tariff protection and rigid laws. The existence of the Muslim Inheritance Act requires through knowledge when purchasing from the community. Issues such as liquidity and title ownership continue to act as constraints to investor activity, says Jones Lang LaSalle in its report “India a Real Estate Investment Future.” By international standards the sector still lacks maturity. Issues relating to ownership and land title are the greatest obstacle one encounters when planning to invest in property. A large proportion of land holdings do not have clear title deeds. Private land with clear title is limited .Families and individuals typically hold most private land. As a result organized dealings are restricted and title transfer is often hindered. In general development approval processes are slow and lack transparency, and can vary significantly between sectors and states. In particular, conversion of agricultural and industrial land into commercial or residential uses is time consuming and costly. The Urban Ceiling And Regulation Act ( ulcra ) , the historic legislation which was repealed in most states , continues to constrain market development in states such as Maharasthra , Andhra Pradesh and West Bengal.

Looking at so many hurdles, it is advisable to hire Indian Real Estate Agents, considering the fact that most prospective property purchasers are no professional in this field and would like to avoid delays because of legalities. The Indian Real Estate Agent provides specialized guidance on property laws, paper work and information on legal requirements. The agent does not only assist in legal work but his importance lies as a mediator between the purchaser and seller listings. He plays the role of a mediator with aplomb when negotiations turn difficult. In such a situation, he has to cut through the ego layers of both parties to close the deal.

About Author

Jack is an editor for http://www.indianpropertysearch.com . Indianpropertysearch.com is a real estate property search engine that provides an interface to find property in India, property laws in India, real estate agents and property dealers in India. You can send our feedback at jack.macferson@gmail.com.

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Property Investment—Know the Laws