• N K Thiruveni

An owner of an immovable property enjoys different nature of ownership rights one of which is the transfer of an exclusive use and enjoy the property. If a person is being transferred the right of enjoyment of property by the owner for a fixed period or indefinite period expressed or implied it is said to be Lease. Lease is of different kinds one which is long term lease. A Lessee who develops the land for real estate purpose can be regulated under Real estate (Regulation and Development) Act-2016. The real estate is one of the largest industries for economy and employment in India. Even though the sector has acquired great significance it was unregulated sector till the enactment of Real estate (regulation and development) Act 2016, herein after named as RERA Act. It is mandatory for all states to establish Real estate regulatory authority herein after named as RERA and Real estate appellate Tribunal herein after named as REAT. Since this act has been enacted to protect the interest of home buyers thereby developing the industry, the higher courts tend to bring all kinds of allotments by way of transfers under the controlling mechanism of this Act. An allottee includes purchaser who is the purchaser of a plot, apartment or building purchased the right of property in the nature of free hold or lease hold. This paper analyses the nature of sale as to freehold and lease hold, how the transfer of lease hold right amounts to sale, and how far the allottee of lease hold right can be given protection under RERA ACT. At the same time when the developer who is a lessee had developed the land and allotted to a person, whether it comes under the purview of RERA ACT needs to be addressed.

Key words: perpetuity, long term lease, sale, allottee, free hold or lease hold

"DEVELOPMENT OF REAL ESTATE SECTOR UNDER THE TRANSACTION OF LEASE", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 8, page no.e133-e139, August-2024, Available :http://www.jetir.org/papers/JETIR2408414.pdf

"DEVELOPMENT OF REAL ESTATE SECTOR UNDER THE TRANSACTION OF LEASE", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 8, page no. ppe133-e139, August-2024, Available at : http://www.jetir.org/papers/JETIR2408414.pdf