INDIA Law and Practice Contributed by: Vivek Chandy, Archana Tewary, Kumarmanglam Vijay and Brijita Prakash, JSA
JSA 18th Floor, SKAV 909, No. 9/1, Residency Road, Richmond Circle, Bengaluru – 560025, 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 Management (Debt Instruments) Regulations 2019( “Debt Regulations” ) • corporate laws, such as the Companies Act 2013( “Companies Act” ), if the transaction involves a company, and the Limited Liability Partnership Act 2008( “LLP Act” ), where a lim - ited 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 several deals involving industrial assets, warehousing assets and logistics assets. Investors have shown sig - nificant interest in logistics and warehousing assets outside Tier-1 cities and in “smart cities” . The government continues to emphasise devel - opment of infrastructure in Tier-2/Tier-3 cities, resulting in development and land value appreci - ation in these cities. There is increased demand for residential projects and integrated devel - opments in such cities. As companies move towards working from office full-time, commer - cial real estate and office spaces will also see more leasing activity. Another important factor is the development of large global data/capabil - ity centres across India, driving up demand for commercial developments. The development
The Indian legal system comprises civil law, cus - tomary and personal law, and common law. Real estate transactions are subject to central/state legislation, personal/religious laws, judicial prec - edents and subordinate legislation. Real estate laws can be categorised as: • laws applicable to the acquisition, transfer and registration of immovable properties, including 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, state-specific stamp duty legislation and land revenue codes; • exchange control regulations for foreign investors – primarily the Foreign Exchange Management Act 1999 and the rules thereun - der (FEMA), including the Foreign Exchange Management (Non-Debt Instruments) Rules 2019( “Non-Debt Rules” ) and the Foreign
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