Real Estate Law

The Real Estate (Regulation and Development) Act 2016 provides homebuyers with: (a) mandatory escrow of 70% of project funds to prevent diversion; (b) right to full disclosure of project details, carpet area, and possession date; (c) right to interest at the SBI PLR + 2% for delay in possession; (d) right to defect liability for 5 years post-possession; (e) right to return of money with interest and compensation for project failure; and (f) right to file complaints before the RERA Authority and RERA Appellate Tribunal. RERA applies to both residential and commercial real estate projects.

Yes. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can purchase residential and commercial property in India without RBI permission. NRIs cannot purchase agricultural land, farmhouses, or plantation properties without RBI permission. Property can be purchased from NRE/NRO accounts or through foreign inward remittances. Sale proceeds from NRE account-funded purchases can be fully repatriated (up to two properties). Sale proceeds from NRO account-funded purchases are subject to the USD 1 million annual repatriation limit.