Bhopal’s Reality Estate Sees a New Low since RERA and GST
Sep 05, 2017 Real Estate News
Since RERA and GST have come into full force in the real estate industry, the market in Bhopal has seen an unseemly low interest from the potential buyers. Experts say that it is worst in last thirty years and not only the buyers but also developers are suffering from the same.
The owner who wished to sell their property for the right price has not been able to get the favorable profits from the properties till now. Even after reducing the price of the properties the interest of the buyers is low.
According to the realtors, only two or three among hundred shows genuine interest in the property and proceeds to complete the transaction process. RERA and GST have added to their woes.
Under RERA the builder has to comply with a lot of rules and regulations which have been laid out keeping the interest of the buyers. Since GST has come into full force, the price of raw materials has increased which ultimately is borne by the buyer.
According to the RERA rules, the registry can only be done for finished products due to which the cost of the registry has gone up. Earlier the registry for plot, structure or any stage of the construction was allowed. There’s still a lot of confusion over GST and its implication. It will take approx six months for things to be clearer for GST related question.
The property market in the real estate is yet to be revived since people only invest in real estate when they have the capital for the same. The situation will continue to remain same unless the economy revives.
Builders point out the fact that the buyers are more confused while buying the property as they have to pay more stamp duty now due to newly introduced norms.
Let’s take a look at the condition of the real estate market in Bhopal
There are more than 6,000 unsold inventories in the city.
Builders initially expected o sell more than 800 properties in the first quarter of the year.
The price of the properties have been hiked by 15 percent
Buyers are now more interested in moving to the read t move properties.
There are approximately 300 undergoing projects in the city.
City’s south, Hoshagabad and Kolar Road are the preferred locations by the buyers.
Hoshangabad Road, Kolar Road, Ayodhya Bypass, Bhanpur, Bawadia Kalan, and Airport Road have witnessed the maximum real estate development.
Over the years Hoshagabad road was the first preference of the buyers, is now deeply affected.
The owner who wished to sell their property for the right price has not been able to get the favorable profits from the properties till now. Even after reducing the price of the properties the interest of the buyers is low.
According to the realtors, only two or three among hundred shows genuine interest in the property and proceeds to complete the transaction process. RERA and GST have added to their woes.
Under RERA the builder has to comply with a lot of rules and regulations which have been laid out keeping the interest of the buyers. Since GST has come into full force, the price of raw materials has increased which ultimately is borne by the buyer.
According to the RERA rules, the registry can only be done for finished products due to which the cost of the registry has gone up. Earlier the registry for plot, structure or any stage of the construction was allowed. There’s still a lot of confusion over GST and its implication. It will take approx six months for things to be clearer for GST related question.
The property market in the real estate is yet to be revived since people only invest in real estate when they have the capital for the same. The situation will continue to remain same unless the economy revives.
Builders point out the fact that the buyers are more confused while buying the property as they have to pay more stamp duty now due to newly introduced norms.
Let’s take a look at the condition of the real estate market in Bhopal
There are more than 6,000 unsold inventories in the city.
Builders initially expected o sell more than 800 properties in the first quarter of the year.
The price of the properties have been hiked by 15 percent
Buyers are now more interested in moving to the read t move properties.
There are approximately 300 undergoing projects in the city.
City’s south, Hoshagabad and Kolar Road are the preferred locations by the buyers.
Hoshangabad Road, Kolar Road, Ayodhya Bypass, Bhanpur, Bawadia Kalan, and Airport Road have witnessed the maximum real estate development.
Over the years Hoshagabad road was the first preference of the buyers, is now deeply affected.
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