With every passing year, the real estate sector in India is growing at a remarkable pace. As per the data provided by the ‘Indian Equity Brand Foundation’, the real estate market is expected to reach $1 trillion by 2030, from $200 billion in 2021, ultimately contributing 13% to the country’s GDP in 2025. These growing trends offer plentiful insights as to the crucial role that the ‘Real Estate’ plays in the growth and development of India’s economy.
Being the second-largest employment-generating sector, it may give you the impression of an easy field to work in. But reality is far from what you have in mind. Real estate is not just about bricks and buildings, as a matter of fact, if you lift the veils of sky-scraping infrastructures, you will find a web of legal compliance, regulations, and challenges.
Due diligence in property buying
Sometimes, the agreement that you signed to build your dream project can quickly turn into a nightmare without due diligence. Not every estate holder is going to lay everything on the table while making a deal, his primary concern is to sell the property, not to safeguard the buyer’s legal and financial interests. So, does this mean that you are stuck in a trap where everything seems perfect on the surface, but real issues stay beneath? Honestly, no, if you build your project with strong legal foundations.
Real Estate due diligence is not a bump in the road, instead, it is a precaution to avoid future legal complications. To avoid such problems, every state has its own ‘Real Estate Regulatory Authority’ that regulates and promotes the real estate sector and safeguards buyers’ interests while maintaining transparency. The government mandates the registration of ‘real estate agents’ to safeguard the buyers' interests and maintain the accountability of such agents. But all these formalities do not lower the burden of paperwork that needs to be done by the legal teams of the parties to such contracts. From drafting an airtight agreement to reviewing the final contract, every legal professional is packed with tons of work without having any assistance from their fellow members, not because they do not want to assist, but because they are in the same situation themselves.
The constant increase in workload leads to an exhausted mind, missed deadlines, and sometimes compromised quality of work. There are plenty of platforms offering ‘Real estate legal services’ with a promise to solve these problems and assured quality of work. But with so many options in the market, it becomes a challenge to pick the one that suits you best. To pick the best one from the plethora of available options, only three things need to be considered, which are: transparency, accuracy, and legitimacy. If you can find all three in one place, then you have found yourself the best available option.
How LawSimpl Gives Real Estate Companies a Competitive Edge?
LawSimpl is an AI-powered legal tech platform offering exemplary services to companies, individuals, and firms working in real estate. A system that has been built to aid the teams in drafting, reviewing, and ensuring compliance.
What sets this platform apart is not merely the services it offers, but the way in which it delivers them. It focuses on simplifying the complexities of the domain by keeping the accuracy and legitimacy of the work uncompromised.
As contracts are the non-negotiable part of a deal, it is important to have a well-drafted contract as it can save a fortune for the parties if any dispute arises in future. Professionals who draft agreements know very well that they are not completely different from each other. For instance, if it is a sale agreement, then every such agreement will have a few common clauses like sale consideration, possession & handover, termination, compliance, default, dispute resolution, etc. The effort of drafting these clauses from scratch each time is not worth your time, especially when this is just one of many agreements you need to work on.
So, what LawSimpl does is, provide you a template (prepared by considering the checklist of all the essential clauses that are generally required for such agreements) with an in-line editor, so that you can edit and customise the template, if needed, within the dashboard itself. Now all you have to do is fill in the details of the interested parties, the schedule of the property, and any other factual information, if required, as the legal part of the agreement has been taken care of by LawSimpl.
It not only saves your time but also gives you a fresh perspective on your situation like some precautionary compliance that you might have missed because of the excess workload and shortage of time.
But what if it isn’t you drafting the contract, but the other party instead?
In such situations, you might not have an opportunity to draft the contract, but you will always have an opportunity to review it.
Reviewing is not just reading a contract to check whether the factual details mentioned in it are correct or not. It is more of an analysis of the legal clauses in the contract, aimed at predicting the potential outcomes such clauses may lead to if not carefully addressed. One such missed clause can cost your company its project.
LawSimpl helps you to identify such clauses that can put you at risk and flag them. It also provides you with the possible suggestions to deal with such clauses which are backed by legal principles and not just theoretical arguments. Apart from flagging the risky clauses, it also mentions what is not included in the contract and can affect the execution. These features ensure that the agreement complies with the legal requirements and company policies. The platform has an updated database of central as well as state-specific real-estate laws and regulations that help the system to give a thorough review of the document, even if it is for a specific state.
Conclusion
As the real estate sector grows rapidly, it opens doors to numerous opportunities that also bring new challenges. In such times, having a legal assistant like LawSimpl ensures that businesses can seize these opportunities with confidence, while staying protected from legal risks and complexities. Businesses cannot allow themselves to get blindsided by these new challenges or cannot opt for the approach of “We will see when the time comes”, because this negligent approach will not only cost time but also capital too. Hence, it is better to work with an assistant who will not only support you in your work but can also predict the challenges based on the information and the law.