FERA, enacted in 1973, regulated foreign exchange dealings in India. Replaced by FEMA in 2000, which focuses on managing foreign exchange while promoting trade and investments. Key differences include property acquisition criteria, shifting from citizenship under FERA to residency under FEMA.
Understanding real estate rules, especially stamp duty, is crucial for smooth property dealings. Varying by state, stamp duty is a tax based on factors like property size and must be paid on time to avoid penalties.