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Consumer Protection Advised By Real Estate Lawyers In India

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Real Estate Lawyers In India

With a booming real estate market, new residential and commercial projects are being launched every day. In the last decade or two there has been widespread haphazard growth in this sector throughout the country. Real estate lawyers in India claim that as a result, in this fiercely growing and competitive market, controversies and disputes have also grown manifold. Personal property disputes are also on the rise and the number of people getting affected are increasing by the day.

Focussing on the real estate market first, many real estate developers and builders are defaulting on their delivery promise affecting the lives of the common citizens who invest their life’s savings in buying a house or a commercial space. Besides default on delivery schedule, compliance on part of the builders and developers is also a major issue. A large number of projects get stalled because of non-compliance.

Indian real estate and property laws are quite complex as it involves local, regional and national issues. Also there are a number of statutory bodies that are involved in sanctioning, implementation and execution of a real estate project. Adhering to all these laws is a cumbersome and costly process and many developers & builders try to sidestep them in order to get their projects going and also to keep the cost low. As a result of this rampant flouting of norms, a lot of controversies have started cropping up necessitating the hiring of property dispute lawyers.

Cases against builders and developers has been growing with each passing day and eventually the government took note of it. It made several changes in the existing laws and also brought in new rules and regulations to have a check on this burgeoning real estate market and curb the menace. One of the most important regulations that the government brought in is the RERA act.

RERA act or the Real Estate (Regulation and Development) Act 2016 is an act of the parliament which has the dual purpose of protecting the interest of home buyers as well as boosting investment in the real estate industry. The Act establishes Real Estate Regulatory Authority in each state to regulate the real estate sector and also to act as an adjudicating body for speedy redressal of disputes.The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.

As a major boost to protecting the interest of the home buyers, the Act prohibits unaccounted money from being pumped into the sector and has made compulsory that 70 per cent of the money should be deposited in bank accounts through cheques. Another major benefit for consumers included in the Act is that builders will have to quote prices based on carpet area and not super built-up area, while carpet area has been clearly defined in the Act to include usable spaces like kitchen and toilets. Expert real estate lawyers in India say that any builder or real estate developer found flouting the norms set out in the Act is imposed with heavy fine and punitive action is also taken against them. They may also be barred from doing further business

Another very important development in the real estate sector as far as minimising defaults and disputes is concerned, has been the strengthening of CREDAI.  CREDAI or the Confederation of Real Estate Developers’ Association of India, has been in existence since 1999. But it’s in recent years only that it has become really relevant and authoritative. Real estate dispute lawyers say that It has become more proactive in its approach and trying to rope in as many members in its ambit as possible. CREDAI partners with the government and other stake holders in the real estate industry to promote transparency and fair play in the business. To safeguard the interest of the home buyers, the members of CREDAI voluntarily adopt a code of conduct. Consumer Grievance Redressal Forum have been set up to serve as the first port of call for home buyers to register their complaints and have them resolved efficiently and cost-effectively.  It is, therefore, advised to the home buyers that they should only enter into any kind of transaction with only those builders and developers who are registered members of CREDAI.

Apart from grievance redressal & dispute resolution through CREDAI and under RERA Act, there are other avenues to address property and real estate disputes and grievances. Real estate or property dispute could be of any kind; home buyer issues to builder harassment, ancestral property or inheritance disputes, lease or rental agreement disputes, illegal possession etc. Cases related to any such dispute can be filed in various courts of law through real estate lawyers in India. Arbitration proceedings can also be initiated to seek early resolution of such disputes.

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Law

Is Law a Secure Career?

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Become a Lawyer

When you announced in your close circle of friends that you have chosen Law as a career, the first piece of advice that will reach you would be ‘how secure is this career’! It makes sense. One should know about how secure a career is before choosing it. Those who graduated the law school after the year 2007 would testify the fact that the law industry did experience some security-concerned drawbacks. Such as a few legal jobs and an excess of lawyers. And due to the said situation, the undergraduate students who were the highest performing began to abandon law school. So, before you start conducting a research on how to become a lawyer, you need to figure out if this career is precarious or secure.

Despite all the prevalent disappointments, you need to know the details of the job security in the law industry. Especially, if it’s your passion to become a lawyer. So, are legal jobs offering any stability? Or they are just like all the other jobs which we see in the contemporary modern economy?

Let’s figure out.

Can You Have Career Longevity with Law?

Let’s discuss a few reasons why: Law can prove to be a secure career.

Exclusive Club

While there is a glut of lawyers out there, being a lawyer still means a highly protected position to be in the exclusive ‘club’. Even if there are a good number of hurdles. The fact that law has a higher barrier to the entry ensures that in the end, there will be fewer people to compete for jobs. The need for legal services in law firms and various other organizations is going to be there always. Lawyers who practice privately are also needed.

Law Offers Comparatively Easier Entry and Exit from the Profession

We are already aware of the fact that in many career lines, spending 3-5 years means you are going to have that profession for the rest of your life. Whether you like it or not. And if you really have a strong will to make a career switch, it is going to take a heck of a time! Take the instances of Technology careers and Medicine. Spending 5 years in the said professions and then thinking of making a switch means quite a problem. Unlike Medicine and Technology, Law is not going through a swift evolution. Although you need to keep up with the latest practices and developments in the field, it is not improbable to switch to a different profession if you have spent a few years in the field of law.

Insulates Against Ageism

Do you know that the older the lawyer, the wiser! Law offers a long career and insulates you from ageism. If you are making a comparison of income, you may notice that tech engineers are making a lot. But, will they be able to earn the same amount when they enter their 40s or 50s? The answer is No! The senior you become as a lawyer, the more prestige you get. Aging is not an issue in the legal field. Even if you don’t stay a part of a huge law firm, you are still going to be a highly-respected 50-year old private practitioner. Isn’t that great!

Conclusion

If we compare all these advantages to other careers, Law offers a solid and secure career. If you only consider the ageism, middle-aged employees are victims of ageism all the time in every other profession. When people are between the 40s and 50s and they voluntarily or involuntarily quit a job, it becomes a huge challenge to find anything equivalent. In any non-legal profession, the age group preferred for induction is only from 20 to 30.

Moreover, Law a career still gets to have some institutional benefits as a career. And this very fact makes it a more secure career than others. If you turn out to be a resourceful, competent, and a motivated lawyer, you will be able to find jobs for the rest of your life. Compared to the tech entrepreneurs or the majority of its American corporate counterparts, Law jobs are more stable and safe.

All these reasons should impact your investment decisions when it comes to choosing the right career. Signing up for a law school means enduring and greater advantages over the rest of the alternative career lines. And that’s for sure. It’s time to figure out the steps to become a lawyer! Good luck!

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