Some Common Terms Used in Real Estate that You Should Know
Jan 08, 2018 Real Estate News
Real estate is quite a complicated world. And there are certain terms that you should be aware of. You must be familiar with some but there are few other terms as well.
So here are some of such terms.
Smart City: A very common term and one of the important missions of Prime Minister Narendra Modi. Under this mission, 100 cities in the country will be developed smart cities. The mission is expected to encourage urban growth in India. The government aims to make these cities at par with global standards along with the support of private sector.
Housing for All: Another term from PM Modi, who has promised the entire nation to provide housing for everyone by 2022. In order to fulfil this promise, the government has started several programmes.
Affordable housing: In a bid to provide housing to everyone by 2022, the government has made affordability as the focus area. And affordability has become the buzz word in the real estate market since the industry has slowed down because of the unaffordability.
Real Estate Act: The most important aspect that got introduced in the industry. The entire nation welcomed the Real Estate Act with great enthusiasm. The act has been formed keeping in mind the rights of the consumers while making the sector more organised and transparent.
Demonetisation: PM Modi shocked the entire nation on November 8, 2016, with the demonetisation move, wherein Rs 1000 and Rs 500 currency were discontinued. This move was to curb the use of unaccounted money. This hugely impacted the real estate industry especially the secondary market. And needless to mention, since its introduction, the term had been repeated numerous times.
Black money: Real Estate is considered to be the most favourite sector to use black money or unaccounted money. This has earned a bad name for the real estate sector and the use of black money is also a big reason for the hike in property prices. And this term is quite familiar to everyone, especially in the real estate sector.
Benami transactions: As per the reports in media, the Modi government now is all set to take strict measures regarding Benami Transactions, which is another easy way to use black money in the real estate sector. While Benami Transactions (Prohibition) Amendment Bill has been already passed, the just short term might get implemented to uncover proxy transactions.
Urban development: By 2025, it is expected that 40 percent of India’s population will be living in urban areas. Hence based on that data, India is widening its urban landscape as there are several government policies that are focused on urban infrastructure development. In another way, urban development is one of the terms that have been always in vogue in the real estate sector.
So here are some of such terms.
Smart City: A very common term and one of the important missions of Prime Minister Narendra Modi. Under this mission, 100 cities in the country will be developed smart cities. The mission is expected to encourage urban growth in India. The government aims to make these cities at par with global standards along with the support of private sector.
Housing for All: Another term from PM Modi, who has promised the entire nation to provide housing for everyone by 2022. In order to fulfil this promise, the government has started several programmes.
Affordable housing: In a bid to provide housing to everyone by 2022, the government has made affordability as the focus area. And affordability has become the buzz word in the real estate market since the industry has slowed down because of the unaffordability.
Real Estate Act: The most important aspect that got introduced in the industry. The entire nation welcomed the Real Estate Act with great enthusiasm. The act has been formed keeping in mind the rights of the consumers while making the sector more organised and transparent.
Demonetisation: PM Modi shocked the entire nation on November 8, 2016, with the demonetisation move, wherein Rs 1000 and Rs 500 currency were discontinued. This move was to curb the use of unaccounted money. This hugely impacted the real estate industry especially the secondary market. And needless to mention, since its introduction, the term had been repeated numerous times.
Black money: Real Estate is considered to be the most favourite sector to use black money or unaccounted money. This has earned a bad name for the real estate sector and the use of black money is also a big reason for the hike in property prices. And this term is quite familiar to everyone, especially in the real estate sector.
Benami transactions: As per the reports in media, the Modi government now is all set to take strict measures regarding Benami Transactions, which is another easy way to use black money in the real estate sector. While Benami Transactions (Prohibition) Amendment Bill has been already passed, the just short term might get implemented to uncover proxy transactions.
Urban development: By 2025, it is expected that 40 percent of India’s population will be living in urban areas. Hence based on that data, India is widening its urban landscape as there are several government policies that are focused on urban infrastructure development. In another way, urban development is one of the terms that have been always in vogue in the real estate sector.
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