RERA Will Help To Secure Titles of Land

rera-will-help-to-secure-titles-of-land
May 19, 2017 Share

Real estate of India for decades has seen disputes over the ownership of properties due the lack of transparency, due to which the process of any legal action has been delayed. The cost of land in India has grown tremendously in past few years as there are faulty land records. In today's time no property transaction is covered under an insurance policy by Indian insurer. Reason being the title can challenged and courts do not accept government records, agreement as definitive or title reports.

The most common problem faced by developer is that anyone can stall the construction of project by making a legal objection on land titles even after the purchase of the land. This is done even if the purchase of the land has been advertised, announced  and the possession has been taken of the land and once the work of the project reaches its peak objection come up for titles of the land. And lifting courts orders on the stay takes a long time.

Now that RERA (Real Estate Regulation & Development Act) has come in effect from 1st may 2017, there is possibility of systematic approach and transparency in the real estate sector. Under the RERA act Promoter/ developer has to provide written affidavit stating the title of the land taken for construction has legitimate documents of ownership. This will ensure that the project will not be delayed due to title disputes.

This step by the government has bought relief to home buyers and will have a big impact on real estate market in India. Homebuyer now has confidence that their investments are safe. There are other concepts which are coming up in India such as Title Insurances. It is common factor in US and Europe, Conclusive titles allows for certainty of title to the land in dispute. Last year insurance regulator IRDAI had proposed to introduce this product Title Insurance to provide cover to people in case of property titles in dispute.

With RERA in effect home buyers do not have to depend on developer's commitment in regard to titles legality. The title insurance products will private equity investment a boost in future.

Share Your Comment 0 Comments

Investment Opportunities

  • Bramha F Residences in Kalyani Nagar,Pune by BramhaCorp . A under construction project by BramhaCorp offering 2, 3 & 3.5 BHK a...
  • ₹ 47.18 L - ₹ 1.14 Cr
    purva-silversands
    Purvankara presents Purva Silversands 1, 2, 3 and 4 bhk apartments project in Keshav nagar, Pune which is a project spread across...
  • ₹ 37.61 L - ₹ 89.78 L
    godrej-infinity
    Looking for exclusive apartments for sale in Pune? Eager to experience a blissful living? The properties of Infinity can be worth...
  • ₹ 29.42 L - ₹ 66.09 L
    29-gold-coast
    Reflecting a contemporary lifestyle, the thoughtful design of 29 Gold Coast epitomizes urban living, a unique blend of 1, 2 &...
  • ₹ 30.58 L - ₹ 53.33 L
    goel-ganga-aria
    Ganga Aria at Dhanori located near the Mittal Brothers Arcvista offers thoughtfully designed studio, 1, 2 and 3 bedroom apartments...
  • ₹ 27.45 L - ₹ 57.83 L
    goel-ganga-new-town
    Spread over 14 acres, Ganga New Town by Goel Ganga Developments has well planned 1 & 2 BHK under construction flats project i...
  • ₹ 34.17 L - ₹ 73.27 L
    konark-orchid
    Karia Builders, introduces smart sized 1 bhk , 2 bhk and 3 bhk ready possession flats in wagholi, Enthused by the intricate ident...
  • ₹ 31.92 L - ₹ 97.76 L
    konark-krish-2
    Reflecting a contemporary lifestyle, the thoughtful design of Konark Krish 2 epitomizes urban living, marrying comfort with sophis...
  • ₹ 27.68 L - ₹ 73.88 L
    nyati-elan
    Nyati Elan 1 bhk, 2 bhk and 3 bhk ready possession apartments in Wagholi, Pune by Nyati group. In one of the most exquisite estate...
Disclaimer - The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently. FourrWalls does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the information contained herein. You are advised to conduct an independent verification before entering into any transaction.
Read More...