Acts pertaining to property in India

Real estate is an ever-growing sector and one that has many technicalities. Every transaction is legally binding and needs proper terms and contracts. As such there are a number of acts in our constitution that draw guidelines relating to selling, purchase, and transfer of property.
So here we are with the major acts pertaining to property in India –

TRANSFER OF PROPERTY ACT, 1882

This act came into provision in July 1882 and regulates the transfer of property in India. It was updated as recent as February, 2019. One of the oldest acts in India, it mainly deals with the transfer of immovable property between living persons. This act is an extension of the Code of Contract and has a limited scope. It defines six types of transfers, namely- sale, mortgage, lease, exchange, gift and actionable claim.

THE INDIAN CONTRACT ACT, 1872

This act was enforced in April, 1872 with an objective to introduce definiteness in commercial transactions. Its scope is limited too, that is, it does not cover all aspects of the contract law. The act only deals with the general principles of The Law of Contract and Special Contract. It does not list any rights and liabilities between parties to the contract and they are at liberty to make rules and regulations about the enforcement of their rights. It just makes sure the terms are followed.

RIGHT TO FAIR COMPENSATION AND TRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT ACT, 2013

Simply the Land Acquisition Act, it governs the acquisition of private lands by the government and the compensation/rehabilitative measures that should be undertaken. It officially commenced on January 1, 2014. It states clear guidelines as to what land could be acquired, for what purpose and how at least 80% of the families in the area should agree. Also, it safeguards adequate compensation (4 times the market value for rural areas and 2 times for urban) while maintaining accountability.

THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

The act commenced on May 1, 2016, with an objective to protect home-buyers and helps boost investments in the real estate industry. It governs the development, marketing and sale of real estate projects to protect the interests of consumers.
Moreover, this act established the Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector. It acts as a formal judgment body for speedy dispute resolution.

CONSUMER PROTECTION ACT, 1986

This act commenced on December 24, 1986, with an objective to protect the interests of consumers in India. It made provision for the establishment of consumer councils and other authorities for the settlement of disputes and other connected matters. The act seeks to provide protection against unfair trade practices.