How the Current Government has changed the Face of Real Estate
May 17, 2017 Real Estate News
Since the current government has come into power in May 2014, they have brought certain changes in the country that are admirable. And real estate too has faced a lot of changes for good that are being welcomed by the buyers and developers.
We discuss the changes that the government has brought in the real estate:
1. RERA:
Real Estate Regulation Act (RERA) finally became a legislature under Modi government’s support and guidance. It is expected that RERA will end all the ill and inconsistencies practiced by the developers causing buyer a huge deal of inconvenience. RERA will come into force on May 1st, 2017. Though states will have their own laws regarding RERA, it is expected that it will mostly be beneficial for the developers and buyers.
2. Demonetization:
Since the note ban of higher denominations, it has received a mixed reaction from the general public and investors. With demonetization, it is expected that the price of the property will go down, as most of the transaction involving real estate happen with cash. More buyers will now show interest in buying property with the price reduction, earlier who hesitated in buying a home because of high prices.
3. Affordable housing:
India has the largest population of homeless people. Modi government has taken steps towards proving them homes by building affordable housing segments.
4. Swachh Bharat:
Living in a clean neighbourhood is everyone’s dream and with ‘swacch Bharat’ campaign most of the cities are now getting a clean makeover making certain areas of the city habitable. This movement is supported by a lot of people and government is constantly making efforts in making the nation clean.
5. GST:
Buying a property meant paying too many taxes at the mercy of developer. But now with GST (Goods and Service tax), buyers have to only pay for GST and VAT, giving them a clear idea of what are they paying for.
We discuss the changes that the government has brought in the real estate:
1. RERA:
Real Estate Regulation Act (RERA) finally became a legislature under Modi government’s support and guidance. It is expected that RERA will end all the ill and inconsistencies practiced by the developers causing buyer a huge deal of inconvenience. RERA will come into force on May 1st, 2017. Though states will have their own laws regarding RERA, it is expected that it will mostly be beneficial for the developers and buyers.
2. Demonetization:
Since the note ban of higher denominations, it has received a mixed reaction from the general public and investors. With demonetization, it is expected that the price of the property will go down, as most of the transaction involving real estate happen with cash. More buyers will now show interest in buying property with the price reduction, earlier who hesitated in buying a home because of high prices.
3. Affordable housing:
India has the largest population of homeless people. Modi government has taken steps towards proving them homes by building affordable housing segments.
4. Swachh Bharat:
Living in a clean neighbourhood is everyone’s dream and with ‘swacch Bharat’ campaign most of the cities are now getting a clean makeover making certain areas of the city habitable. This movement is supported by a lot of people and government is constantly making efforts in making the nation clean.
5. GST:
Buying a property meant paying too many taxes at the mercy of developer. But now with GST (Goods and Service tax), buyers have to only pay for GST and VAT, giving them a clear idea of what are they paying for.
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