Policies to Look Up To in the Year 2017
May 19, 2017 Real Estate News
We know that the real estate industry in the last year hasn’t experienced a great boost. The prices and the home loan interest rates have been a little high in the year 2016. The homebuyers encountered a great problem in owning a house in the metropolitan cities last year, this lead to a fall in the demand and a rise in the unsold inventories. However, nothing to worry about, the year 2017 is expected to change this scenario of the industry and bring a boost.
Let’s have a look at some of the policies or key factors that the real estate industry along with the buyers is looking forward to in the year 2017.
1. The first one is the RERA. The Real Estate Regulatory Act will hugely help in strengthening the gap between the buyer and the developer to a great level. This act will consist of mandatory registration along with strong penalties that will help in making the home buyers fell more secure about their concerned investment. This will consequently lead to more of sales. It also helps in supervising authority for a certain land or house deal that happens. This policy that is established by the government will aim at the growth of an organised real estate industry.
2. The second factor has taken entire India by surprise i.e. of DEMONETISATION; the government might take certain actions in order to back up the sudden move of demonetisation. This might create some level of issues for certain developers. But there will be a reduction in interest rates that is expected along with benefits in the budget should help in reviving the real estate industry.
3. Third is the queue is the BENAMI ACT, this Benami Transactions Act helps in the curbing of the black money which flows into the real estate sector and also claims to hold of any property under a fake name, a punishable offence. In the budget of 2015-16, it was further announced that there will be an imposition of some heavy penalty on all the property transactions that take place in cash. This amendment aims at making incidences of any unaccounted monies getting parked into the real estate sector next to impossible.
4. Fourth up is the INTEREST RATES, the decrease in rate done by the RBI (Reserve Bank of India) in the year 2016 rendered a ray of hope for all the buyers, the banks would also be passing down the benefit to all the home buyers in order to encourage all the prospective buyers to not hesitate and to move a step further to purchasing their dream house. There is no doubt, that Interest rate are one of the major factors that is directly linked to the purchasing of a house. So if customer encounter benefits and the EMI tend to fall, then consequently the demand for the house will witness an increase.
Let’s have a look at some of the policies or key factors that the real estate industry along with the buyers is looking forward to in the year 2017.
1. The first one is the RERA. The Real Estate Regulatory Act will hugely help in strengthening the gap between the buyer and the developer to a great level. This act will consist of mandatory registration along with strong penalties that will help in making the home buyers fell more secure about their concerned investment. This will consequently lead to more of sales. It also helps in supervising authority for a certain land or house deal that happens. This policy that is established by the government will aim at the growth of an organised real estate industry.
2. The second factor has taken entire India by surprise i.e. of DEMONETISATION; the government might take certain actions in order to back up the sudden move of demonetisation. This might create some level of issues for certain developers. But there will be a reduction in interest rates that is expected along with benefits in the budget should help in reviving the real estate industry.
3. Third is the queue is the BENAMI ACT, this Benami Transactions Act helps in the curbing of the black money which flows into the real estate sector and also claims to hold of any property under a fake name, a punishable offence. In the budget of 2015-16, it was further announced that there will be an imposition of some heavy penalty on all the property transactions that take place in cash. This amendment aims at making incidences of any unaccounted monies getting parked into the real estate sector next to impossible.
4. Fourth up is the INTEREST RATES, the decrease in rate done by the RBI (Reserve Bank of India) in the year 2016 rendered a ray of hope for all the buyers, the banks would also be passing down the benefit to all the home buyers in order to encourage all the prospective buyers to not hesitate and to move a step further to purchasing their dream house. There is no doubt, that Interest rate are one of the major factors that is directly linked to the purchasing of a house. So if customer encounter benefits and the EMI tend to fall, then consequently the demand for the house will witness an increase.
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