What Reforms Home Buyers Must Know While Investing in 2018
Jan 19, 2018 Home Trading Steps
Real is one of the most important sectors contributing to the Indian economy. And Indian real estate sector witnessed lots of changes in the year 2017, due to which the market had experienced a challenging time. And thus the market is expected to revive in 2018. The government policies and reforms launched in 2017 is transforming the real estate sector into more organised sector while making it an ideal investment destination for the international developers.
One of the most prominent policies that were implemented in 2017 was The Real Estate Regulatory Act (RERA). The act has been formed with a view to protecting the rights of the home buyers, making the sector more transparent and also to boost investments in the real estate sector. The act is expected to bring positive sentiments in realty sector in 2018.
Although RERA has been launched, but there are several states who still haven’t launched their websites. In 2018, it is expected that all states will complete their pending RERA related work. Hence, if home buyers are planning to purchase property in 2018, they should carefully check about the builder’s details on RERA website and see whether the builder has followed the RERA guidelines or not.
Then the implementation of Goods and Service Tax (GST) is again expected to make the real estate sector more transparent and minimise the fake transactions and deals. GST has actually removed all the unwanted taxes making one single tax slab and have increased the margins in the hands of developers or contractors. This move is going to benefit residential as well as the commercial sector and expected to create a positive sentiment in the sector as a whole. However, GST might not bring down the property prices initially but in the long run, it will prove to be helpful for both buyers and developers as it will create a simplified tax structure along with fixing accountability for everyone at every step.
The government’s Smart City initiative is also expected to contribute towards the growth of the realty sector. Smart City mission aims to develop 100 cities across the country. Under the mission, 100 cities will be transformed into smart cities and will provide an opportunity for the real estate players to participate in the mission while benefitting themselves.
Each of the policies presented by the government in the previous years aims to transform the real estate sector into an organised and one the best investment destinations for the investor in the country and outside the country as well as for the foreign developers.
Summing up everything, the current market definitely provides a good opportunity for the buyers who have been waiting for long to buy a property. So don’t wait, make the best out of all policies in 2018.
One of the most prominent policies that were implemented in 2017 was The Real Estate Regulatory Act (RERA). The act has been formed with a view to protecting the rights of the home buyers, making the sector more transparent and also to boost investments in the real estate sector. The act is expected to bring positive sentiments in realty sector in 2018.
Although RERA has been launched, but there are several states who still haven’t launched their websites. In 2018, it is expected that all states will complete their pending RERA related work. Hence, if home buyers are planning to purchase property in 2018, they should carefully check about the builder’s details on RERA website and see whether the builder has followed the RERA guidelines or not.
Then the implementation of Goods and Service Tax (GST) is again expected to make the real estate sector more transparent and minimise the fake transactions and deals. GST has actually removed all the unwanted taxes making one single tax slab and have increased the margins in the hands of developers or contractors. This move is going to benefit residential as well as the commercial sector and expected to create a positive sentiment in the sector as a whole. However, GST might not bring down the property prices initially but in the long run, it will prove to be helpful for both buyers and developers as it will create a simplified tax structure along with fixing accountability for everyone at every step.
The government’s Smart City initiative is also expected to contribute towards the growth of the realty sector. Smart City mission aims to develop 100 cities across the country. Under the mission, 100 cities will be transformed into smart cities and will provide an opportunity for the real estate players to participate in the mission while benefitting themselves.
Each of the policies presented by the government in the previous years aims to transform the real estate sector into an organised and one the best investment destinations for the investor in the country and outside the country as well as for the foreign developers.
Summing up everything, the current market definitely provides a good opportunity for the buyers who have been waiting for long to buy a property. So don’t wait, make the best out of all policies in 2018.
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