#immovablepropertyact

Laws are highly important for the smooth functioning of our day to day lives. The economic developments have had a huge impact on property transactions. Before understanding the laws related to the property it is highly important to understand the meaning of property. In legal terminology, the property has a very wide and a diverse meaning and includes within its ambit a bundle of rights. Quite often in simple terminology property is said to consist of rights and interests which a person has to the exclusion of others. Transfer of Property Act is the main law which governs the transfer of property and its related transactions whether the transfer is by means of hereditary inheritance or by buying and selling of the property. However, beyond the Transfer of Property Act the Registration Act, 1908 also deals with the property in India and makes registration of immovable property mandatory. Recently the RERA Act was enacted by the Parliament which governs the transactions in the real estate sector.