Certain reliable information can be obtained by the potential buyer on the website of various government departments of the CPCB (available online at: (Hyperlink) Information regarding environmental data and standards can also be obtained online on the above-mentioned website. A real estate offering memorandum (also referred to as equity offering package or investment memo) is used by sponsors, developers, and other real estate professionals who raise money to invest in projects. In practice, residuary rights of ownership and transfer are vested with the owner and there are restrictions on sub-leases by the tenants. Therefore, a zoning permit may be required for any construction, change of land use and the like of the concerned property/land. But there can also be a darker side to this pooled money. This page may have been moved, deleted, or is otherwise unavailable. By way of an example, Hub in Bengaluru provides shared residential space. Its goal is to design a plan to cut PM 2.5 Levels by 2030% in 122 cities by 2024. Please give details. The seller is under a duty under Section 55(1)(a) of the Transfer of Property Act, 1882 to disclose all material defects in the property or his title in the property, which the buyer, as an ordinary prudent man, could not have known. Indian law does not envisage a system of land/title registration. As income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income tax under the head-income from other sources, it is not chargeable to income tax under any of the heads specified in Section 14, items A to E. in the case where the lessee breaches an express condition which provides that, on breach thereof, the lessor may re-enter; in the case where the lessee renounces his character as such by setting up a title in a third person or by claiming title in himself; or. The Biomedical Waste (Management and Handling) Rules, 1988. the Metro Railway (Construction of Works) Act, 1978; the Petroleum and Minerals, Pipelines (Acquisition of Right of User in Land) Act, 1962; and, The Ministry is also the nodal agency in the country for the. Customarily, a mortgage/charge on the asset being constructed is the most common form of security interest created over immovable property, by virtue of which a real estate lender seeks to protect itself in the event of default by the borrower. Example 1 Fast Food Company The Fast Food companies like the McDonalds and Burger King which sells burger in the market are the most common type of example of monopolistic competition. Other things to be considered may include set-back for road widening, heritage rules, etc. The types of rights over land recognised in India vary diversely in nature, which form part of a larger bundle of rights existing by operation of law, contract, inheritance, etc., including: 3.2 Are there any scenarios where the right to land diverges from the right to a building constructed thereon? 4.2 Is there a state guarantee of title? Grayscale Bitcoin Trust is solely and passively invested in Bitcoin.. The main purpose of registration is to record transfer/vesting of proprietary rights in the immovable property from one person to another. General Property, Vehicles, Vessels & Aircraft. Are there any exemptions? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. All dues should have been paid including property tax. Still cant find what youre [] Also, the concept of self-certifying construction has been introduced in certain jurisdictions wherein a registered architect will be able to submit the building plans under self-certification on the official portal of the administration, as per the Haryana Building Code, 2017. The buyer should check whether or not any proceedings under Section 281 of the Income Tax Act, 1961 have been instituted against the seller. The borrowers can approach the DRT and, thereafter, the Debt Recovery Appellate Tribunal in appeal. To the extent that the buyer has actual or Constructive Notice of any such defect, it may have an implication on the enforceability of any corresponding warranty given by the seller. 12.3 Which bodies control land/building use and/or occupation and environmental regulation? The initial targets were set at 5.0 GW of offshore wind installation by 2022 and 30.0 GW by 2030. 10.6 Does the landlord and/or the tenant of a business lease cease to be liable for their respective obligations under the lease once they have sold their interest? In 2015, the Government set a goal to install 175 GW of renewable energy by 2022. merger); and (f) repairs? The GST rate on construction of commercial apartments in a residential real estate project (after abatement of land value) is 5% and, in projects other than those for residential real estate, is 12%. The laws in India that govern the leases of residential premises are as follows: In addition to the above, the Central Government is in the process of setting up model laws of tenancy for States to follow in consonance of changing the paradigm of the rental environment in India. The GST also applies to many supplies of real property (for example, land, buildings, and interests in such property) and intangible personal property such as trademarks, rights to use a patent, and digitized products downloaded from the internet and Real Estate > Additionally, criminal misrepresentations and fraud may also get attached depending on the nature and type of misrepresentation. 4.7 Please briefly describe how some rights obtain priority over other rights. Under the income tax laws, a seller of an immovable property is required to pay short-term or long-term capital gains tax on the gains of the sale of an immovable property. NBFCs lend and make investments and hence their activities are akin to that of banks. In leases, residuary or reversionary powers are vested with the owner; thereby, on determination and termination of the lease, the property reverts to the owner. Who is liable? Another case in this regard could be the creation of a restricted estate (e.g. In our experience, we have come across various contracts and disputes wherein the force majeure clauses were either not robust enough to cover a pandemic situation and/or were open to interpretation. However, a foreign national who takes up employment in India or who carries on a business or vocation in India, and becomes a person resident in India, may acquire immovable property in India for his own use without any permission. Further, a person resident outside India who has established in India, in accordance with the applicable foreign exchange management regulations, a branch office, or other place of business (other than a company in India), for carrying on in India any activity, excluding a liaison office, may also acquire any immovable property in India, which is necessary for or incidental to the carrying on of such activity. In case of a non-resident being the seller, tax deducted at source (TDS) may be deductible from the consideration paid, unless a situation arises whereby a certificate of non-deduction or lower deduction of TDS is obtained by the concerned Income-Tax Officer. Before sharing sensitive information, make sure you're on a federal government site. Whilst most laws in India are codified, principles of common law including that of equity and natural justice are instrumental in the interpretation of legislation, judicial precedents and customs including from a real estate perspective, as these have emerged to have both persuasive as well as authoritative value. Debt financing by NBFCs or banks is normally not available for acquisition of land. The Act also provides that residential and commercial projects sold by the developer/builder, during the process of development/construction of the intended building/project, must also obtain approval under the Real Estate Regulation and Development Act, 2016 and various rules therein, which are formulated in accordance with the respective States. One risk of non-traded REITs (those that aren't publicly traded on an exchange) is that it can be difficult for investors to research them. THE DATE OF THIS OFFERING MEMORANDUM IS MARCH 1, 2009. Please give examples. Pursuant to the permissibility of FDI in the real estate sector, transfer of ownership and/or control of the investee company from residents to non-residents is also permitted, provided there is a three-year lock-in period and other conditions for FDI are met. It Is imperative to make sure that all facts that you include in this section are factual to paint a positive image to For instance, all building activity must be in consonance with building bye-laws, the development code and the national building code. (c) The tenants contribution/obligation to the property costs, e.g., insurance and repair: As per Section 108 of the Transfer of Property Act, 1882, it is the duty of the lessor of the property to make repairs which he is bound to make to the property. The concept of shared residential spaces is at a nascent stage in India; however, there is a growing interest and trend towards it. A tenant may be contractually obligated to effect insurance of the tenanted premises. 11.2 Do the laws differ if the premises are intended for multiple different residential occupiers? Are there any special provisions allowing a tenant to extend or renew the lease or for either party to be compensated by the other for any reason on termination? 9.3 Are transfers of real estate by individuals subject to income tax? As of December 2016, 86 GW of this renewable energy capacity generation, including 38 GW of wind energy and 34 GW of solar energy, had been met. Business leases also take the form of a sub-lease where the incumbent sub-tenant is bound by the terms of sub-lease deeds and master lease deed. The MoEF mandates that an Environmental Impact Assessment must be conducted for projects and requisite certificates shall be obtained from the respective State authorities operating under the MoEF. Presently, the levy of Goods and Services Tax (GST) is limited to the activity of construction of a complex, building, civil structure, including a complex or building intended for sale to a buyer and over land and buildings in terms of the existence of any lease, tenancy, easement or licence to occupy land. The Government through this initiative seeks to incentivise the farmers to shift from traditional sources of energy to solar energy. The system of registration of documents is well defined in India, with robust and operational government machinery to register such documents and maintain records of such registration/documents. Questia. These are: (i) Tenancy At Will a Tenancy At Will is a tenancy under which the tenant is in possession, and which is determinable at the will of either the landlord or tenant. Real estate is defined as the land and any permanent structures or improvements attached to the land, whether natural or man-made. Section 105 of the Transfer of Property Act, 1882 defines a lease as a transfer of right to enjoy property for a certain period expressly or impliedly or in perpetuity, in consideration of a price paid or promised to be paid to be rendered periodically or on specified occasions. To curb energy consumption in buildings, the Indian Government issued the Energy Conservation Building Code (ECBC) in 2007. In the case of the supply of real estate, it is the developer or builder who is liable to pay GST on the consideration charged from the buyer. In certain real estate projects such as construction development projects, investment is not permitted where the project is already developed or in advanced stages of development. Please give details. This is a comprehensive list of documents, covering sale/conveyance deeds of title transfer, lease deed reserving yearly rent or more, simple and English mortgage deeds, and all other documents that create an interest in the property in favour of the transferee/beneficiary. It proclaims that Education shall be free, compulsory, universal and equal for all children; that Higher education and technical training shall be opened to all by means of state allowances and scholarships awarded on the basis of merit; and that Adult illiteracy shall be ended by a However, stamp laws are administered under the Indian Stamp Act, 1899 and various State stamp acts and rules. 7.5 Does the seller retain any liabilities in respect of the property post sale? As a result, it's difficult to determine the REIT's value. For example, a decrease in the number of individuals investing their money in the equity markets could result in a decrease in the number of companies deciding to become or remain public. All information relating to Public Information Officers under the RTI is available online on the Department of Town and Country Planning website, including the office addresses, designation, their email addresses and their telephone numbers. The tenure of the land in question needs to be considered if it is a leasehold property and the remaining period is short and there is no provision regarding the renewal of the old lease. water supply, roads, sewerage, electricity supply infrastructure, etc. Some duties of the seller transcend beyond the execution of sale, such as: transfer of vacant and peaceful possession of the property; safe-keeping and handing over of title documents to the new buyer; and payment of arrears of taxes, statutory dues, etc. No, there is no State guarantee of title yet. The sale of the assets of the liquidation estate will be distributed in the waterfall mechanism manner and in a priority set out in Section 53, IBC, such as: 8.6 Under what circumstances can security taken by a lender be avoided or rendered unenforceable? Standard warranties sought by the buyer also include warranties about the absence of any dispute or ongoing litigation involving the property, the property being free of all encumbrances or claims (including third-party claims, e.g., any prior existing agreement to sell/lease etc. Force majeure is a civil law concept and India does not have a codified law dealing with force majeure. These restrictions may also include exclusive items that cannot be carried on the premises specifically. Real Estate Laws and Regulations covering issues in India of Real Estate Law, Ownership, Real Estate Rights, System of Registration, Tax, COVID-19 (for example, the right to occupy and/or use the property) in equity belong to a person other than a person who holds the legal title/ownership of the property. 13.1 Please briefly explain the nature and extent of any regulatory measures for reducing carbon dioxide emissions (including any mandatory emissions trading scheme). Some analysts believe that the work from home culture, which started owing to the pandemic, is not likely to be completely reversed in the very near future. Breaking news from the premier Jamaican newspaper, the Jamaica Observer. The LARR Act provides a detailed mechanism for the calculation of the amount of compensation and the factors to be considered while arriving at such amount. Are any of them purely contractual between the parties? The seller must abide by any contractual liabilities that he has undertaken at the time of sale. The owners of real estate normally prove their title by reference to the registered deeds/documents through which the title was transferred/vested in them. Case Summaries. How to Calculate ROI on a Rental Property, 10 Habits of Successful Real Estate Investors, 8 Mistakes That Real Estate Investors Should Avoid, How to Value Real Estate Investment Property, Avoid Capital Gains Tax on Your Investment Property Sale, How to Prevent a Tax Hit When Selling a Rental Property, Avoiding a Big Tax Bill on Real Estate Gains, Reasons to Invest in Real Estate vs. Stocks, Cash Available for Distribution (CAD) Definition, Commercial Real Estate Definition and Types, Public Non-Traded REITsPerform a Careful Review Before Investing. Instruments/documents/transactions pertaining to the transfer of rights in land are required to be registered in accordance with the Registration Act, 1908. Third-party agreements: if the property rendered as security and its title is conferred on any subsequent/third party before the interest is created in the lenders title for such property, such security may be rendered unenforceable. Once the building plan is approved, the builder should commence construction work within two years and there should be no deviation from the sanctioned plan. India aims to achieve -2C compatibility under the Paris Agreement NDC Climate Action Targets and has adopted the National Electricity Plan to attain this goal. The terms of business leases are in the realm of a private contract and may comprise a full-service lease, percentage lease, step-up lease, straight lease and others whereby tenants may be obligated to pay and discharge rents, property taxes, insurance, taxes, maintenance, utilities and the like. "Investor Bulletin: Publicly Traded REITs. Private real estate has shown historically low public market correlation.. or on ownership of land beyond the land ceiling limits. The Registration Act, 1908 is a Central legislation which provides for the registries to be adopted by the States who are empowered to cause amendment or modification in terms of Article 254. It may vary further if the property is within the Municipal Corporation, Municipal Council, Gram Panchayat limits, etc. The period of credit for loans extended by banks to private builders may be decided by banks themselves based on their commercial judgment subject to usual safeguards and after obtaining such security as banks may deem appropriate. If the transferee is found to have either actual or Constructive Notice, he would not be given the benefit under Section 48. The termination of a business lease depends on the commercial understanding between the parties to the agreement and is specifically included in the contract. Some hedge funds have a variety of holdings, while others may be highly concentrated on a certain asset class. In addition, under the LARR Act, acquisition follows a far more detailed process that includes conducting a social impact study of the proposed acquisition, planning and taking steps for rehabilitation and resettlement of landowners, seeking the consent of landowners, etc. Investing capital in private commercial real estate has never been easier with the sixth fund of our series of Private Funds. This is where the doctrine of caveat emptor and Constructive Notice comes into play. In case any act in contravention to the provisions of the said Act is carried out by the authorised officer, the lender will be liable for penal consequences and the borrower is entitled to compensation. There are services that are crucial to your business. However, an argument can be made that rising interests rates indicate a strong economy, whichwill then mean higher rents and occupancy rates. 12.7 Are there any regulations on the protection of historic monuments in your jurisdiction? 8.9 What is the process for enforcing security over shares? The rights of the landlord to determine the lease is given in Section 111 of the Transfer of Property Act, 1882. Similarly, the termination/determination of the lease coupled with discharge of all obligations by the tenant ensures the cessation of liabilities of the tenant, unless contracted otherwise. if the buyer has direct knowledge thereof from the seller (or a person acting for or on behalf of the seller). Also, massive growth opportunities are being witnessed in the renewable energy sector. The price at which Grayscale Bitcoin Trust (BTC) (GBTC) trades Latest breaking news, including politics, crime and celebrity. Section 17 of the said Registration Act enlists various documents/deeds/instruments which must be mandatorily registered, and others are optionally registrable. Kline-Miller Multiemployer Pension Reform Act of 2014 . In this context, on becoming a person resident in India, such persons would be treated on par with persons otherwise resident in India. However, normally, business leases can be terminated on the following grounds: (a) by effluxion of the time limited thereby; (b) where the term of the lease is limited conditionally on the occurrence of an event by the occurrence of such event; (c) where the interest of the lessor in the property terminates on, or his power to dispose of the same extends only to, the occurrence of any event by the occurrence of such event; (d) in case the interests of the lessee and the lessor in the whole of the property become vested at the same time in one person in the same right; (e) by express surrender; that is to say, in the case where the lessee yields up his interest under the lease to the lessor, by mutual agreement between them; (h) on the expiration of a notice to determine the lease, or to quit, or of intention to quit, the property leased, duly given by one party to the other; and. Section 49 of the Registration Act, 1908 outlines the effect of the non-registration of documents that require compulsory registration. Such instruments may be required to be registered under the ambit and mandate of the Registration Act, 1908. All such commitments forming a part of a legal and valid contract are enforceable in their entirety and in part before a court of law. 8.4 What minimum formalities are required for real estate lending? From a tax perspective, long-term capital gains arising on a sale of equity shares through the recognised stock exchanges in India are exempt from tax, provided Securities Transaction Tax (STT) is paid. Export functionalitythe Export link on the right of the screen above the dark blue task bar facilitates downloading XML files, including bulk downloads, for This is the general rule, except when: This principle is based on the maxim qui prior est tempore potior est jure which means he who is prior in time is better in law. REITs are, however, sensitive to interest rates and may not be as tax-friendly as other investments. as well as statutory claims, e.g., property tax, land revenue etc. covers key topics relating to practical points and commercial terms in leasing, investment, development, and financing. To avoid this, invest only in registered REITs, which can be identified using the SEC's EDGAR tool. ICLG.com > The collector computes the amount to be granted as compensation under Section 26 of the Act and, having determined the market value of the land to be acquired, shall calculate the total amount of compensation to be paid to the landowner (whose land has been acquired) by including all assets attached to the land. Banks, however, are not permitted to extend fund-based or non-fund-based facilities to private builders for the acquisition of land even as part of a housing project. (ii) Tenancy At Sufferance a Tenant At Sufferance is one who comes into possession of land by lawful title, but who holds it by wrongly after the termination of the term or expiry of the lease by the effluxion of time. Therefore, beneficial title could emerge out of the beneficial rights provided in certain arrangements to mortgagees, lessees, licensees, temples and endowments, etc. 5.1 How many land registries operate in your jurisdiction? Some non-traded REITs will reveal all assets and value after 18 months of their offering, but thats still not comforting. To help you find what you are looking for: Check the URL (web address) for misspellings or errors. a person residing outside India who is a citizen of India; a person of Indian origin residing outside India; and. In India, registration is not required of the land in question, rather it is the instrument through which proprietary interest in land is created that is required to be registered. Under Section 54 of the Transfer of Property Act, 1882, the transfer of tangible immovable property with a value of Rs.100 and upwards can be made only by a registered instrument and delivery of the said property takes place when the seller places the buyer or such other person as the buyer directs, in the possession of the property. It usually is adopted as a contractual provision in India. The Financial Industry Regulatory Authority. REIT vs. Real Estate Fund: Whats the Difference? The same can be presumed under law to be adequate evidence of any encumbrance on the property created by a registered instrument. While there appear to be conflicting judicial pronouncements in this regard, in general, it is understood that where a Hindu male confers a life estate in a property in favour of his wife, such life estate would extinguish upon her demise, provided that the life estate was not created in lieu of the wifes right to maintenance or arrears of maintenance (in which case such life estate shall fructify into absolute ownership right). 10.8 Are there any trends in your market towards more flexible space for occupiers, such as shared short-term working spaces (co-working) or shared residential spaces with greater levels of facilities/activities for residents (co-living)? (b) Rent increase: A rent increase is a matter of contract. 12.10 Please briefly outline any regulatory requirements for the assessment and management of the energy performance of buildings in your jurisdiction. RERA registrations and Delivery Timelines. to apportion risk, to give information)? How much? Providing a guarantee of title is one of the Legislative Agendas of the State. The investor is permitted to exit on completion of the project and in case of a project relating only to development of serviced plots, upon the development of trunk infrastructure, i.e. Financial debt owed to unsecured creditors. Registries are within the jurisdiction of the State Government and fall under the Concurrent List in Schedule VII of the Constitution of India and, thus, laws in respect of these matters can be made by both the Central Government as well as by the State. However, in matters of repugnancy, the Union will prevail. 1.2 What is the impact (if any) on real estate of local common law in your jurisdiction? Section 58 of the Transfer of Property Act, 1882 defines a mortgage. "Real Estate Investment Trusts (REITs). Registration also makes the documents pertaining to the land in question available to the public at large and hence is a public notice of creation/transfer of certain rights in the land. What is the GST/HST? The State town planner checks the city development with the planning board and forwards the proposals to various other concerned authorities in the city as required for issue of case-specific approvals/NOC before granting zoning approval. As per the Energy Conservation Act, 2001: Energy conservation building codes means the norms and standards of energy consumption expressed in terms of per sq. Such charge created in a property would normally have priority over all others and may be enforced even in the absence of the consent of subsequent creditors. Return to the home page. There are detailed regulations in this regard. 4.4 What rights in land are not required to be registered? ", National Association of Real Estate Investment Trusts. However, Indian law contains codified provisions for contingent contracts which are to do or not to do anything if an uncertain future event happens and also with contracts to do an act which, after the contract is made, becomes impossible, or, by reason of some event which the promisor could not prevent, unlawful, becomes void when the act becomes impossible or unlawful. the lessee is adjudicated insolvent and the lease provides that the lessor may re-enter on the occurrence of such event; and in any of these cases the lessor or his transferee gives notice in writing to the lessee of his intention to determine the lease; other land such as protected/preserved forests, and eco-sensitive zones. How Real Estate Investment Trusts Work Since REITs return at least 90% of their taxable income to shareholders , they usually offer a higher yield relative to the rest of the market. Notice under Section 3 of the Transfer of Property Act, 1882 means knowledge or cognisance or awareness of a fact. Matters related to environmental protection are contained in the Concurrent List and, hence, both the State and the Union have jurisdiction with respect to the same. Should You Buy and Hold Real Estate or Flip Properties? This may entail serving a notice of termination on the tenant (statutory or otherwise) and institutions of a civil suit before the competent court, as may be necessary. Intimation of Disapproval in some places is also known as a building permit. Hierarchy of claims by which a creditor enjoys the position of priority over receivables and claims of creditors. Typically, the sale of land and immovable property is subject to stamp duty (levied on the instrument of transfer) and registration charges. Most other persons mentioned above are service providers and their services are paid for based on a professional fee as mutually agreed (and as informed by the prevailing market rate). The Ministry of Housing and Urban Affairs has drafted the Draft Model Tenancy Act, 2020 to serve as a model law which has been circulated for views/comments from the States and Union territories. Building/use permits, and licences are required and commonly obtained through applications and the submission of required documents to the concerned competent authorities. The LARR Act does not provide any scope for modification of such compensation by way of contractual arrangements. The liabilities of the buyer include disclosure of any fact as to the nature and extent of the sellers interest of which the buyer is aware but which the buyer believes the seller may not be aware of, to pay the purchase money to the seller and to pay all public charges and rent which may become payable in respect of the property as well as pay the dues in relation to any encumbrance subject to which the property has been sold (e.g., any existing mortgage, etc.). Capital assets are further classified into long-term capital gains and short-term capital gains. Offering Memorandum: An offering memorandum is a legal document that states the objectives, risks and terms of an investment involved with a private placement . It is a human right for all throughout life. In a rising-rate environment, investors typically opt for safer income plays, such as U.S. Treasuries. Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; The effective GST rate (after abatement of land value) on construction of a residential apartment, other than affordable housing apartments in a residential real estate project or projects other than those for residential real estate, is 5%. Typically, under the concerned document/deed/agreement, the buyer obtains the necessary representation and warranties regarding the property from the seller. 7.3 Can the seller be liable to the buyer for misrepresentation? Section 18 of the Registration Act, 1908 describes the documents, the registration of which is optional, such as instruments acknowledging the receipt or payment of any consideration on account of the creation or extinction of any such right, leases of immovable property not exceeding one year, wills, easements right agreements, etc. Where rights in property are created by way of succession/inheritance, such title is established through reference to the will (in case of testamentary succession) and in other cases with reference to the applicable principles of laws of intestate succession. ICLG - Real Estate Laws and Regulations - The one who has advantage in time should also have precedence in law, where two successive transfers of the same property have been effected. Zoning Permits: Land in each State is differentiated and demarcated on the basis of certain factors (like growth potential) for different purposes through the Master Plans of every State, respectively. Where the transfer takes place by delivery of possession, the transfer will then take effect when the transferee is put in possession of the land/property, but in cases where registration is compulsorily required, transfer will take effect only upon registration of the instrument of transfer. Some investors may be defrauded by bad actors trying to sell "REIT" investments that turn out to be scams. The terms and conditions of the agreement are to be considered in this regard. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Whether the projected targets can be achieved depends on how the code enforcement system is designed and implemented. However, apart from the mortgage/charges, other methods of protection include: 8.3 What are the common proceedings for realisation of mortgaged properties? REITs can hold many different types of properties, including: REITs are attractive to investors because they offer the opportunity to earn dividend-based income from these properties while not owning any of the properties. As per the Ancient Monuments and Archaeological Sites and Remains Act, 1958, an Ancient Monument is defined under Section 2(a) as any structure, erection or monument, or any tumulus or place of interment, or any cave, rock-sculpture, inscription or monolith, which is of historical, archaeological or artistic interest and which has been in existence for not less than 100 years, and includes: If the Central Government apprehends that the protected monument is in danger of being destroyed, injured, misused, or allowed to fall into decay, it may undertake the maintenance of the protected monument. 10.4 What taxes are payable on rent either by the landlord or tenant of a business lease? The buyer is said to have Constructive Notice of any such defect, if any such defect is reasonably ascertained through perusal of documents that are publicly available (e.g., an encumbrance which has been duly registered). Grayscale Bitcoin Trust was created for investors seeking exposure to Bitcoin through a familiar investment vehicle.. Its investment objective is for the value of its shares to reflect the price performance of Bitcoin, less fees and expenses. (c) Tenants right to sell or sub-lease: All such rights are determined contractually. 9.4 Are transfers of real estate subject to VAT? The share of the co-working industry has increased from 5% in 2017 to 12% in 2019 and it is predicted that post-COVID-19 there will be a further increase. What does it guarantee? Breadcrumbs for search hits located in schedulesto make it easier to locate a search hit in the context of the whole title, breadcrumbs are now displayed in the same way (above the timeline) as search hits in the body of a title. Keeping the green commitment in mind, green practices result in energy-efficiency (and includes products like energy-efficient LEDs, air-conditioners and the like), sustainability and superior air quality, thereby providing occupants a healthy working environment. As per Section 67 of the Transfer of Property Act, 1882, providing the right to foreclosure or sale, the mortgagee has, at any time after the mortgage-money has become due to him, and before a decree has been made for the redemption of the mortgaged property, or the mortgage-money has been paid or deposited, a right to obtain from the court a decree that the mortgagor shall be absolutely debarred of his right to redeem the property, or a decree that the property be sold. They are guided and operated under the laws, rules and regulations of the parent State. The lease deed contains an escalation clause whereby lease rentals are increased annually or on terms as mutually agreed. However, the principles of absolute and strict liability may theoretically be applicable in an action based on Tort but is yet to become an established norm. The land aggregator, the broker and the liaison often peg their fee by relating them to the underlying value of their part of the transaction in the overall chain. Private Fund VI is the answer when looking for an alternate investment. Stamp duty is encapsulated in the schedule attached to the Indian Stamp Act. What land (or rights) are unregistered? Under the scheme of amalgamation right of tenancy and occupancy gets vested in and becomes the property of the Transferee Company. Registration fees (as under the Indian Registration Act, 1908) are paid subsequently to the payment of stamp duty pertaining to such transfer. a life estate, i.e, the right to enjoy the benefits of a property during the life of the beneficiary whereafter the said rights revert to another person/residual owner) as against an absolute estate in favour of a female Hindu, through a will or other instruments. Environmental Clean-up Laws govern the removal of pollution or contaminants from environmental media such as soil, sediment, surface water, or ground water. In India, land can be broadly categorised into the following categories: Land falling under the urbanised zones is developed within the framework of town planning legislation to meet the requirements of residential, commercial, institutional, SEZs, information and technology (IT) parks, etc. (i) on occurrence of a force majeure event which renders the premises incapable of usage by the lessee. From the point of view of buyers of real estate assets, loans are easily available for the purchase of both residential and commercial real estate. These authorities are formed under State Legislatures for the purpose of land use planning, wherein competent planning authorities are formed which usually go by the name, Town and Planning Department, of every such State which performs functions like formulating the Master Plan, dividing the State into zones on the basis of their developmental potential, regulating the development in and around town, granting licences to owners having clear title of land, formulating Zonal Developmental Plans, etc. Accordingly, the seller can be liable for misrepresentation or failure to disclose material defects in his title, etc. Further, in most States, ownership of real estate has been restricted such that non-agriculturalists are not permitted to purchase agricultural lands in such States. 12.4 What main permits or licences are required for building works and/or the use of real estate? However, there is also an option to realise a mortgaged property without involving court proceedings in order for a speedy recovery. If a REIT has a good management team, a proven track record, and exposure to good properties, it's tempting to think that investors can sit back and watch their investment grow. 9.2 When is the transfer tax paid? The Government notified the National Offshore Wind Energy Policy on 6 October 2015 and the Ministry of New & Renewable Energy was appointed as the nodal ministry. While all industrial projects may have some environmental impact, all of them may not be significant enough to warrant elaborate assessment procedures. Generally, the liability to pay GST falls on the supplier of the goods and services. A Tenancy At Sufferance is merely a fiction to avoid continuance in possession operating as a trespass. funds received in India through normal banking channels by way of inward remittance from any place outside India; or. by a pandemic), you can see amplified losses. However, there are some restrictions in accessing certain kinds of registers which can be accessed by the parties to the transaction or the beneficiaries. In other words, investors dont have to invest the money and time in buying a property directly, which can lead to surprise expenses and endless headaches. merger): Transfer of lease is permitted unless prohibited by law or contract. Also, as per the provisions of the Transfer of Property Act, a lender has the right to foreclosure or sale of mortgaged property to realise dues as against such property. 11.1 Please briefly describe the main laws that regulate leases of residential premises. A REIT is a company that owns and operates various real estate properties in which 90% of the income it generates is paid to shareholders in the form of dividends. It provides for rules and regulations for establishment and management of title registration for immovable properties. The Ministry of Environment and Forest and Climate Change (MoEF) is the key national regulatory agency responsible for policy formulation, planning and coordination of all issues related to environmental protection. A Prohibited Area is demarcated as the area beginning at the limit of a Protected Area or the protected monument and extending to a distance of 100m in all directions. Further, in various States, certain rebates are offered where the buyer of the property is a woman. Article 246 of the Constitution of India divides the subject areas of legislation between the Union and the States into three lists namely: the Union List (List I); the State List (List II); and the Concurrent List (List III), which are further listed under the Seventh Schedule of the Constitution of India. In 2014, however, the Government revised the solar mission and aimed for 100 GW installed capacity of solar electricity by 2022. "REITs by the Numbers. What is the function of any such guarantee or warranties (e.g. 5.4 Can compensation be claimed from the registry/registries if it/they make a mistake? Coastal Regulatory Zone (CRZ) clearance is obtained wherever required by the Coastal Zone Management Authority. ", U.S. Securities and Exchange Commission. It seeks to lower emission intensity by 3335% from 2005 and increase tree cover to create an additional carbon sink worth 2,0003,000 MtCO2e by 2030. Over the years, the higher judiciary in India has also made various judicial pronouncements on matters relating to real estate law, which act as judicial precedents and govern the interpretation of applicable laws. Real Estate: Definition, Types, How to Invest in It, The Most Important Factors for Real Estate Investing, How to Find Your Return on Investment (ROI) in Real Estate, Real Estate Investment Trust (REIT): How They Work and How to Invest. There exist regulatory measures (not already mentioned) which aim to improve the sustainability of both newly constructed and existing buildings as mentioned below: 14.1 Please detail any laws that govern real estate in your jurisdiction which were introduced in response to the effect of the Coronavirus (COVID-19) pandemic and which remain in place. If the borrower fails to pay such outstanding amount within the prescribed time period, the lender can initiate recovery proceedings without the intervention of the court. Since REITs return at least 90% of their taxable income to shareholders, they usually offer a higher yield relative to the rest of the market. A developer takes the maximum risk and earns his profit through the sale of the project. There is legislation for water discharge and air pollution and several other environmental laws exist to protect the environment. 3.3 Is there a split between legal title and beneficial title in your jurisdiction and what are the registration consequences of any split? (f) Repairs: Provisions of repairs are in the realm of private contract. The acquisition of the business/property of an Indian company can be accomplished by the purchase of shares or the purchase of all or some of the assets. ", The Financial Industry Regulatory Authority. The power of attorney needs to be properly scrutinised to ensure that it is properly executed. Provisions under the SARFAESI Act elaborate the same. Digitisation of land records was introduced to computerise all land records including title documents and mutations, improve transparency in the land records maintenance system, digitise maps and surveys, update all settlement records and minimise the scope of land disputes. It should be placed at the start of the medical clinic business plan to give readers an idea of the clinic that you intend to establish even before they start perusing through the other pages.. Length of term is contractually determined. A foreign investor shall be permitted to exit and repatriate investment before completion of a project under the automatic route if a lock-in period of three years calculated with reference to each tranche of foreign investment has been completed. The State can acquire private property under the principle of eminent domain by virtue of Article 31(2) of the Constitution as it categorically states that land can be acquired by the State (only) for public purposes in consideration of compensation. The building plan ensures that the building complies with building laws. in case you do have never thought about these, it is time to do so. 4.3 What rights in land are compulsorily registrable? Additionally, 100% foreign investment is permitted in real estate brokering services under the automatic route. Technically speaking, it is possible, in situations of contract for joint development of an immovable property, for the title in land and in the superstructure to vest in different entities, namely the original landowner and the developer. Typical provisions for leases of business premises include: (a) Length of term: It varies from short term to long term. India ratified the Paris Agreement in 2016 and has pledged to reduce 3335% emissions which are associated with each unit of economic output, as compared to 2005 levels. There are elaborate regulations concerning the lending of money to finance real estate. In addition to the market value of the land provided under Section 27, the collector shall, in every case, award an amount calculated at the rate of 12% per annum on such market value for the period commencing on and from the date of the publication of the notification of the social impact assessment study under Sub-section (2) of Section 4, in respect of such land, until the date of the award of the collector or the date of taking possession of the land, whichever is earlier. In addition to the above, the Central Government is in the process of setting up model laws of tenancy for States to follow in consonance of changing the paradigm of the rental environment in India. However, investors shouldn't be swayed by large dividend payments since REITs can underperform the market in a rising interest-rate environment. 2. It aims for a shift towards renewable energy with 40% of its electricity capacity to be renewable by 2030. Treasuries are government-guaranteed, and most pay a fixed rate of interest. If so please briefly describe including price/compensation mechanism. The Real Estate Regulation and Development Act, 2016 has been enacted for regulation and promotion of the real estate sector and to ensure the sale of a plot, apartment or building, as the case may be, or sale of a real estate project. Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Find stories, updates and expert opinion. Direct Investments By investing in Fundrise eFunds, you get to actually invest in specific real estate projects. The zoning/permits and other related matters are region-specific and are primarily governed by State laws and guidelines issued in this regard. The doctrine of caveat emptor will also apply, which means let the buyer beware or that the purchaser buys at his own risk. The FDI Policy has further elaborated the scope of the term real estate business, which is meant to include dealing in land and immovable property with a view to earning profit therefrom and which excludes development of townships, construction of residential/commercial premises, roads or bridges, educational institutions, recreational facilities, city and regional level infrastructure and townships. Please briefly describe their roles and/or duties. Foreign citizens and foreign entities may invest in an Indian company (either as a joint venture or a wholly owned subsidiary) for developing certain real estate projects such as townships, housing, infrastructure, construction development projects, industrial parks, and SEZs. a person not being an Indian citizen or a person of Indian origin (such as foreign nationals and foreign entities). However, if the purchaser is a bona fide purchaser, then the benefit under Section 48 will be given to him. The eligibility of the borrower, the property/project where the property is situated, the authorised construction and use of the property, valuation of the property (to determine the extent of lending, etc.) "Public Non-Traded REITsPerform a Careful Review Before Investing. Plan Summary. The borrower shall not be permitted to bilaterally negotiate or recover or enter into any kind of agreements with the corporate debtor pursuant to the commencement of the insolvency process. Provisions for acquisition of land are also found in other legislation, including: The erstwhile LA Act was replaced by the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013 (LARR Act), which took effect from 1 January 2014. are also available online. Real Estate. About Kay Properties and www.kpi1031.com. ft. In the event of insolvency of the company, the financial creditor shall enforce its security interest in the company and such amounts which remain unpaid following such enforcement shall be paid to the creditor from the proceeds of the insolvency. The builder must get approval of the layout plan from concerned authorities before starting construction of a residential or commercial building. As leases for a duration of less than one year are not compulsorily registrable, tenants often enter into leases for a period of 11 months and renew them from time to time. As a result, investors might not want to invest in a REIT with exposure to a suburban mall. Amongst other things, these laws regulate the environmental impact of construction and development. Please give examples. 9.6 Is taxation different if ownership of a company (or other entity) owning real estate is transferred? There are also norms for minimum capitalisation of the investee company through FDI. Previously, the right to property was guaranteed under the Constitution of India as a fundamental right. If a non-traded REIT is paying an external manager, that expense reduces investor returns. ; for example, DTCP Haryana, DTCP Uttar Pradesh, etc. insurance and repair? Workers dues and dues to secured creditors shall be distributed on a. (b) The tenants right to remain in the premises at the end of the term there are two ways in which the tenant can remain in the premises even at the end of the term. The buyer is required to exercise reasonable care too. Is there a public register of contaminated land in your jurisdiction? (e)(i) Change of control of the tenant: It is in the realm of a contract and such provisions must be provided in the lease deeds in comprehensive, unambiguous and clear terms. 8.1 Please briefly describe any regulations concerning the lending of money to finance real estate. Although not a risk per se, it can be a significant factor for some investors that REIT dividends are taxed as ordinary income. Real estate, excluding the sale of existing land and building simpliciter, is subject to the levy of GST. The territorial jurisdiction of each registry is duly notified and does not overlap with that of another registry. Although many corporations also pay dividends to their shareholders, the dividend return from REITs exceeds that of most dividend-paying companies. How do buyers obtain reliable information on these matters? It includes offices, industrial units, rentals, and retail. Does a lender have a right to appropriate shares in a borrower given as collateral? Who is liable? Federal government websites often end in .gov or .mil. If not, what additional information/process is required? Another con for non-traded REITs is upfront fees. It is trite in law that no tenant can be evicted without the due process of law. Notice under Section 3 of the Transfer of Property Act, 1882 means knowledge or cognisance or awareness of a fact. Similarly, the list of cases for Change of Land Use (CLU) that are pending, granted or rejected are also available online on the website of various (not all) States departments of town and country planning (or other similar departments). Escrow Agreement: An escrow agreement is a legal document that outlines the terms and conditions between parties involved in an escrow arrangement. In 2020, the MoEF published a draft environmental impact assessment (EIA) Notification that seeks to replace EIA Notification, 2006 under the Environment Protection Act, 1986. What Are the Risks of Real Estate Investment Trusts (REITs)? No, transfers of real estate are not subject to VAT. The need for such exercises will have to be decided after initial evaluation of the possible implications of a particular project and its location. 12.8 How can, e.g., a potential buyer obtain reliable information on contamination and pollution of real estate? Capital gains tax is payable upon the sale of the property on the amount of gains made. Please briefly describe any green obligations commonly found in leases stating whether these are clearly defined, enforceable legal obligations or something not amounting to enforceable legal obligations (for example aspirational objectives). Along with this, in most States, the list of grant of licence over real assets by the State as well as development plans, mobility plans, e-government initiatives, policy documents, controlled/urban areas details, etc. Real estate in India is governed and impacted by a combination of Federal (Central) and State-specific laws. at expiry, on default, by either party etc.)? 7.1 What (if any) are the minimum formalities for the sale and purchase of real estate? REITs pay their shareholders through dividends, which are cash payments from corporations to their investors. The price at which Grayscale Bitcoin Trust (BTC) (GBTC) trades The authorised signatories for the seller and the purchaser must be present, along with two witnesses, for registration of the documents and present to the registering authority the deed/document/instrument recording/effecting the transfer of proprietary rights from the transferor to the transferee. A technical diligence is also to be conducted by the potential buyer wherein they can check whether or not the development norms are being complied with. 3.1 What are the types of rights over land recognised in your jurisdiction? The Indian Government has initiated the National Clean Air programme that seeks to enhance air quality standard and curb greenhouse emissions by suggesting sectorial specific interventions. In general, the laws do not differ if the premises are intended for multiple residential occupiers. Those relating to tax should be listed in response to questions in Section 9. Trends change, so it's important to research the properties or holdings within the REIT to be sure that they're still relevant and can generate rental income. Non-traded REITs can also have external manager fees. The entitlements, liabilities and obligations of the owners of a premise under a lease are generally transferred to the owner/transferee and the tenancy runs its terms as per the lease deed, unless terminated mutually. Section 17 of the Registration Act, 1908 provides for documents that need to be compulsorily registered. Currently, the right to property is not a fundamental right but a constitutional right. Undergrad. The most effective way of protection against the claims by other creditors is to create the first charge on the concerned property in the name of the lender. The RBI provides binding guidelines from time to time to various agencies engaged in lending to the real estate sector. The purpose of warranties is to give legally binding assurances to the buyer, and if a warranty if found to be false, a claim for damages or other legally permissible reliefs shall lie against the seller. Would any such guarantee or warranties act as a substitute for the buyer carrying out his own diligence? 13.2 Are there any national greenhouse gas emissions reduction targets? (3) Intimation of Disapproval or similar processes/stages: IOD basically states conditions that need to be complied with during different phases of an under-construction project. It is pertinent to note that such a scenario may, however, arise in case a transaction entails a series of stages and for every such stage there may be a requirement of creation of documents and instruments. It is consistently adopting new policies and undertaking measures to achieve its goals. Commercial real estate is property used for business purposes rather than as a living space. Non-traded REITs are not publicly traded, which means investors are unable to perform research on their investment. 12.1 What are the main laws which govern zoning/permitting and related matters concerning the use, development and occupation of land? In order to finance real estate development, developers rely both on equity as well as debt funding. The laws and provisions that govern environmental regulations and matters connected therewith are: The real estate sector is subject to many Central, State and local regulations designed to protect the environment. EDGARSearch and Access.. Non-traded REITs are also illiquid, which means there may not be buyers or sellers in the market available when an investor wants to transact. For example, the Fundrise eFund targets debt and equity investments in homes and condos in the Los Angeles area. With Millennials preferring urbanliving for convenience and cost-saving purposes, urban shopping centers could be a better play. The registered documents can be accessed electronically dating back to the date when they were first digitised in the given registry or revenue office. If so, please provide examples/details. Can they be responsible after the sale in respect of pre-sale non-compliance? 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