Lack of land ownership is a major limitation to Indian economic growth and hinders the country’s ability to develop and compete in the international sphere.
On a scale ranking “the easiest places to do business in Asia,” India has been ranked 29 out of 36 countries in the region. It also ranks second worst in the world in enforcing contracts and fourth worst in “dealing with construction permits.” India’s neighbors, Pakistan and Bangladesh, have been ranked more business friendly.
The issue of land ownership and its negative impact on both domestic issues and foreign investment is not new. We have to address its land issues in order to bolster productivity and improve the investment environment.
Agricultural productivity is the bedrock of development. But hazy state ownership of “assets associated with land,” such as minerals, has lead to disputes between foreign and domestic companies, locals, and even the government. Weak property rights are a primary reason for the inefficiency of Indian agriculture.
Complicated laws have left investors wary of land purchase because true ownership of parcels is unclear. The prevalence of ambiguous land ownership has left very little land clearly available; thus further constraining India’s property offerings to foreign investors. A major impediment to Indian road projects, both “foreign and domestic, public and private,” has been land acquisition.
There are problems, whether legal, personal or professional related to every aspect of our lives. The real challenge lies in facing those problems and solving them with aplomb. Some of the major problems are legal. The legal angle gives these problems the uppermost place in someone's life. In the same way, there may be legal problems related to your property transactions for which you have to be extra cautious.
Below are mentioned some of the major issues, which can crop up while conveyancing and also the suitable solutions.There may be legal problems related to the ownership of property. There are people who can produce fake documents to present themselves as sellers of properties. In the same way, there are fake buyers of properties as well. To avoid any legal hassles, either make full enquiries before undertaking any property transaction or if you are faced with any legal issue after acquiring the property then consult an efficient legal consultant to sort out your problems. Don't undertake the act of presenting your case yourself as unless you are well-versed with the property laws, you may make a fool of yourself.
If you are buying your property, make sure you have all the proper legal documents in place so that you are not a victim of a legal case for selling un-owned or illegal property.Make sure, before selling or buying a property that the property is cleared of all debts. If you are a buyer, make sure to clear your property of all debts as it can lead to a case of cheating. For making sure that all your debts are paid and your property is cleared of all legal issues, consult a suitable property lawyer. He/ she will help you in sorting out your financial matters.
If you are a seller of property, same applies to you. Before purchasing the property, consult a property lawyer who will check the buyers' property papers and guide you through the entire process.If you are a buyer, make sure to take the help of an efficient property lawyer in verifying the urban classification of the land on which the property was built. If any related problems crop up, always consult a lawyer specializing in these matters who can take you through the process. It is important that you consider these matters before actually finalizing any property.
There can be legal problems related to registration of property. If you are faced with problems connected to registration of your acquired property, make sure all your documents are in proper order and then consult a lawyer who is a specialist in these matters and who can give proper guidance in handling these issues.
If you encounter any of the above mentioned problems then make sure to consult a property lawyer who is a specialist in the related matter and who is able to guide you through the entire legal process.
