Home Buyer Waits for These Things in 2018
Dec 20, 2017 Home Trading Steps
The real estate sector has experienced a lot of ups and down in 2017. Many new reforms and riles were introduced and implemented to bring positive change in the sector while uplifting its image. And looking back at 2017, there are a lot of expectations from 2018 that could help in recovering and making the market more stable which in return will encourage homebuyers to invest in the market.
1.Real estate law should arrive now: home buyers have been waiting for long for proper implementation of RERA but remain disappointed as RERA has not implemented in all states yet. The websites are still not operational so home buyers demand proper access to all relevant information through RERA website. The rules and regulations of RERA need to be clearly defined with clarity so that the buyers do not get confused and become confident to buy.
2.Clarity on Goods and Services Tax (GST): GST is among the biggest tax reforms in the country. Although it has sorted out problems with multiple taxes but people are still confused about it. Such as in some cases buyers have been charged or even over charged in the name of GST. Hence buyers need to understand the benefits of GST and how and when they can claim the advantages of input tax credit. Buyers should make to know about the various rates of goods and services.
3.Buyers should not get affected by insolvency: the recent case of Jaypee Infratech have scared the buyers across the entire market. With projects getting delayed crossing all the timelines, it has become very important that the Insolvency and Bankruptcy Law should look into the buyer's interest as well. As of now as the liquidation process take place, first it goes to the labours, banks and company involved and to the government for paying their dues and after all these the buyers get their shares. Buyer’s interest remains the last thing to look into but it should be changed.
4.Infrastructure projects should be fast-tracked: with an ever-growing population, the infrastructure needs are also growing. But there is big time lag in the completion of such infrastructure projects due to delay in several approvals. As a result, the localities in which the infrastructure projects are planned, also suffer and living in that area becomes difficult. Hence the entire process needs to be on fast pace.
5.The rating system for the builder, housing development boards and brokers: buyers often get confused and scared of trusting builders or brokers due to lack proper information about them. Hence a proper rating system should be in place that should be based on the developer’s track record, quality of work and delivery details. Brokers too should be included in this system. However, RERA has asked all the developers and brokers to get registered but it is difficult to find out which ones are good and which are bad. The quality of work needs to be highlighted. On the same line, the housing development board need to be held accountable for the work they are doing.
1.Real estate law should arrive now: home buyers have been waiting for long for proper implementation of RERA but remain disappointed as RERA has not implemented in all states yet. The websites are still not operational so home buyers demand proper access to all relevant information through RERA website. The rules and regulations of RERA need to be clearly defined with clarity so that the buyers do not get confused and become confident to buy.
2.Clarity on Goods and Services Tax (GST): GST is among the biggest tax reforms in the country. Although it has sorted out problems with multiple taxes but people are still confused about it. Such as in some cases buyers have been charged or even over charged in the name of GST. Hence buyers need to understand the benefits of GST and how and when they can claim the advantages of input tax credit. Buyers should make to know about the various rates of goods and services.
3.Buyers should not get affected by insolvency: the recent case of Jaypee Infratech have scared the buyers across the entire market. With projects getting delayed crossing all the timelines, it has become very important that the Insolvency and Bankruptcy Law should look into the buyer's interest as well. As of now as the liquidation process take place, first it goes to the labours, banks and company involved and to the government for paying their dues and after all these the buyers get their shares. Buyer’s interest remains the last thing to look into but it should be changed.
4.Infrastructure projects should be fast-tracked: with an ever-growing population, the infrastructure needs are also growing. But there is big time lag in the completion of such infrastructure projects due to delay in several approvals. As a result, the localities in which the infrastructure projects are planned, also suffer and living in that area becomes difficult. Hence the entire process needs to be on fast pace.
5.The rating system for the builder, housing development boards and brokers: buyers often get confused and scared of trusting builders or brokers due to lack proper information about them. Hence a proper rating system should be in place that should be based on the developer’s track record, quality of work and delivery details. Brokers too should be included in this system. However, RERA has asked all the developers and brokers to get registered but it is difficult to find out which ones are good and which are bad. The quality of work needs to be highlighted. On the same line, the housing development board need to be held accountable for the work they are doing.
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