INDIA Law and Practice Contributed by: Vivek Chandy, Archana Tewary, Kumarmanglam Vijay and Megha Arora, JSA
JSA Level 3, Prestige Obelisk No 3, Kasturba Road Bangalore 560 001 Karnataka India Tel: +91 80 435 03600 Email: vivek.k.chandy@jsalaw.com Web: www.jsalaw.com
1. General 1.1 Main Sources of Law
• exchange control regulations for foreign investors, such as the Foreign Exchange Management Act, 1999 and the rules and reg - ulations framed thereunder (FEMA), including the Foreign Exchange Management (Non- Debt Instruments) Rules 2019 (Non-Debt Rules) and the Foreign Exchange Manage - ment (Debt Instruments) Regulations 2019 (Debt Regulations); • corporate laws such as the Companies Act 2013 (Companies Act) if any party to the transaction is a company, and the Limited Liability Partnership Act 2008 (LLP Act) if a limited liability partnership firm (LLP) is involved; and • personal/religious laws that determine title acquired through inheritance or succession. 1.2 Main Market Trends and Deals The real estate sector has seen more instances of fully developed assets being acquired in “plat - form” deals, where a developer sells an entire portfolio of assets. Several acquirers are funds looking to acquire and operate fully developed commercial/leasable assets. Investment in debt has continued to decline, including due to cor - porate restructurings initiated by lenders. Late - ly, investors have shown significant interest in
The Indian legal system comprises civil law, cus - tomary and personal law, and common law. Real estate transactions are subject to central and state legislation, personal/religious laws, judicial precedents and subordinate legislation (includ - ing rules, regulations and by-laws made by local authorities such as municipal corporations, gram panchayats and other local administrative bod - ies). Real estate laws can be categorised as fol - lows: • laws applicable to the acquisition, transfer and registration of immovable properties, such as the Transfer of Property Act 1882 (TOPA), the Registration Act 1908 (Registra - tion Act), the Real Estate (Regulation and Development) Act 2016 (RERA), the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013, the Benami Transactions (Prohibi - tion) Act 1988, the Indian Stamp Act, 1899, stamp duty legislation enacted by various states, land revenue codes and various other local laws, policies and customs;
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