Real Estate Market of Bhopal to Get a New Face
Jun 02, 2017 Real Estate News
From May 1st, RERA will come into full force across all the states in the country. It is expected that the Real Estate (development and Regulation) Act (RERA) will help in more transparent and fair property deal for the buyers. According to experts, the application of Goods and Service tax (GST) on the raw materials will increase the prices of the property by as much as 15 percent.
According to the RERA guidelines, the builder will have to comply with certain rules which are in the favour and of the consumers. For a long time, the interest of buyers has been exploited by the developers by not keeping their promises, delay in the delivery of the projects. Ultimately it is the buyer who has been paying the brunt of the mal practices of the builders. With RERA, it is expected that the mal practices will be put on end.
GST aims to provide equal and uniform tax on things across the country. The only thing that is concerning about GST is that, they will increase the cost of raw materials, which will in turn increase the price of the properties.
The recent demonetisation by the government has come as a relief for the real estate sector and the potential buyers. There have been price corrections across the sector and the prices of properties have dropped as much as 40 percent which has intrigued the potential buyers. The sales have increased and the real estate market seems to bloom again after being in cold waters for a while. Though there won’t be any further price reductions as the prices have gone down too much.
Wasiq Husain, the president of Bhopal’s Confederation of Real Estate Developer’s Association (CREDAI) has said that the city’s real estate market is blooming. There are almost 200 under construction projects in the city and all of them are showing good signs of improvement in terms of sale. He also said that CREDAI keeps in touch with the RERA body to keep improving the market scenario and boost more sales.
According to RERA, the builder will have to get all the necessary permissions and approvals before starting the project. The pre-launch sales will also stop.
According to the experts, the GST will increase the price of the properties by 15 percent.
More transparency and fair property deals are what everyone is looking and aiming for.
According to the RERA guidelines, the builder will have to comply with certain rules which are in the favour and of the consumers. For a long time, the interest of buyers has been exploited by the developers by not keeping their promises, delay in the delivery of the projects. Ultimately it is the buyer who has been paying the brunt of the mal practices of the builders. With RERA, it is expected that the mal practices will be put on end.
GST aims to provide equal and uniform tax on things across the country. The only thing that is concerning about GST is that, they will increase the cost of raw materials, which will in turn increase the price of the properties.
The recent demonetisation by the government has come as a relief for the real estate sector and the potential buyers. There have been price corrections across the sector and the prices of properties have dropped as much as 40 percent which has intrigued the potential buyers. The sales have increased and the real estate market seems to bloom again after being in cold waters for a while. Though there won’t be any further price reductions as the prices have gone down too much.
Wasiq Husain, the president of Bhopal’s Confederation of Real Estate Developer’s Association (CREDAI) has said that the city’s real estate market is blooming. There are almost 200 under construction projects in the city and all of them are showing good signs of improvement in terms of sale. He also said that CREDAI keeps in touch with the RERA body to keep improving the market scenario and boost more sales.
According to RERA, the builder will have to get all the necessary permissions and approvals before starting the project. The pre-launch sales will also stop.
According to the experts, the GST will increase the price of the properties by 15 percent.
More transparency and fair property deals are what everyone is looking and aiming for.
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