lex koterie

Real Estate

Having strong banking, finance & real estate practice providing execution of complex transactions without any complications Implementing solution-oriented approach.

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Lex Koterie LLP offers a diverse range of services in the real estate arena including residential, commercial, industrial, hotels, tourism, SEZs space etc. We have conducted due diligences, advised upon, structured and negotiated on land acquisitions, joint development arrangements, leasing and financing for various types of properties including in the case of redevelopments, slum rehabilitation projects, affordable housing projects, government leases, mega food parks, logistic parks, solar projects, integrated townships etc. across states in India.

Real estate law is a branch of civil law that covers the right to possess, use, and enjoy land and the permanent man-made additions attached to it. It directly or indirectly impacts most of us on a daily basis, affecting homeowners, renters, landlords, home buyers and home sellers. One of the primary things that needs to be understood in the real estate sector is a comprehensive and diligent understanding of multi-state issues and local laws / enactments and renders advice on property due diligence (entailing title verification, encumbrance search, contiguity of lands, land ceiling, permissive land use, construction development, review from the perspective of property) pertaining to ownership and occupancy, leasing, stamping and registration of documents, zoning and permitted usage of the properties, vital aspects regulating construction and development emanating from locational proximity to protected monuments, forest and sanctuaries, coastal regulated zones and issues such as land ceiling, non transferable lands, lands affected by negative covenants, regulatory and approval issues in the multi-state scenario in India.

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In addition to above, the disputes arising in the Real Estate Sector especially disputes between builders/developers and the customers were earlier being dealt under the Consumer Protection Act, 1986, Indian Contract Act and the Competition Act, 2000. The presence of a strong and unique law to protect the consumers under this sector was required due to the absence of any specific law to protect consumer interests, non-negotiable or one sided agreements, lack of transparency, delayed delivery of projects, fund diversion, alleged corrupt activities by the real estate agents. For the abolishment of this lacuna, The Real Estate (Regulation and Development) Act, 2016 was introduced which is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The bill was passed by the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016. The Act came into force from 1st May 2016 with 59 of 92 sections notified. Remaining provisions will come into force from 1st May 2017.

Real estate team at Lex Koterie LLP has an expert knowledge in this sector. Our firm regularly provides advice on project structuring keeping in view the various legal, contractual, financing and tax aspects. Other services include drafting and negotiating prospecting agreements and joint development agreement for conduct of mining operations; conducting a due diligence review and/or a risk analysis; assisting in obtaining regulatory approvals; and assistance in Dispute Resolution. The firm has advised its clients on various aspects including agreements regarding lease, sale and purchase, development agreements, and transactions.

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