Real Estate News
-
PG/Rented Flats or Shared Accommodation - Know which is the Best Option after Moving the Cities?
Starting a new life in a new city is the new chapter of life. Exploring the new city is filled with excitement and new experiences. But unlike the local city we are not much aware of the neighbourhood of the new city. And the biggest concern while moving is how to find a place to live. Whether go for the PGs or shared rooms or a flat is the biggest question. We discuss all the options here. Before starting the hunt for the place, ask your relatives, friends or anyone you, about the localities and neighbourhood which are safe and have easier commuting options. Once you have figured it out research for the best place to live. 1.Rent a ...
-
What is GST and Why It Is Beneficial for Home Buyers
Continuing its efforts to construct a robust and minimal tax structure, the central government’s pet project, the Goods and Services Tax (GST) bill, received a new boost last week. The GST council has announced final rates for the new tax regime. As per the council’s notification, the rates would be in the range from 5 to 28 percentage points coupled with 12 and 18 percent as standard rates. It can be recalled that both the houses of the Indian parliament had approved the Goods and Services Bill back in August. Implementation of GST is supposed to be one of the biggest tax reforms in recent history. The said bill is to be implemented b...
-
Government Asks the States to Form Interim Regulators
The center government is all set to ask the states to form an interim body to look and regulate the real estate sector of the respective states. Centre hopes that most of the major states will adhere to them and form a body, and hope that the states put them to good use. The ministry of HUPA notified the final rules of Real Estate Regulation and Development Act (RERA), 2016 applicable to the five union territories Andaman and Nicobar Island, Daman and Diu, Dadar and Nagar Haveli, Lakshadweep, Chandigarh. While the act is to come into force from 1st May 2017, the states have been asked to form a small body or designate and officer, like ...
-
Gujarat and UP’s Home Buyer’s Association appeals to withdraw RERA rule in favour of the Developers
The ministry of Housing and Urban Property Alleviation (HUPA) notified the government on RERA. The Act will come into force from 1st May 2017, but it got notified on 1st November 2016. Some rules are in favour of the buyer’s while some in the favour of the builders, to keep it balanced. In an optimistic view, this is a huge step to stop all the inconsistencies and delays in handing over the possession by the developers. Often the delay in projects cost the buyer’s severely not just in monetary terms but also in terms of psychological well-being. Gujarat and UP have notified their builder-friendly rules which the Home Buyer’s Associat...
-
How to Make Profitable Investment in Low Real Estate Market
Because there will be a lot of properties for sale in a sluggish market, this is true in some ways. There will seldom be several deals on the same home because there are more properties than buyers. Because of the number of choices offered to buyers, sellers will likewise be providing extremely low asking costs. When a similar home is selling down the block for thousands less, no seller will pay more than they require to. Although a sluggish market is a benefit for buyers, there are still safety measures that require to be taken to ensure that the buyer is getting the home that will serve them well. Even in a sluggish market, it is es...
-
Future of Luxury Real Estate in India
Buying property in India is a difficult job as there many options offered to select from. From high-end to inexpensive to mid-segment housing, there is something for every single classification of buyers. If an individual is interested in buying property then they can choose one from a range of listings that are under their budget and likewise according to their status, this indicates that. The high-end section of India in specific is getting much attention nowadays as it is being motivated by the type of properties being integrated in foreign nations. High buildings, private swimming pools, golf health club, swimming and course centers are a...
-
RERA Brings Relief to both Developer and the Buyer
Since coming into light this year, RERA has brought relief to both the buyers and the developers on various fronts. The buyers and the developers can terminate the deal in case either of them turns out to be a defaulter. RERA also allows both the parties to amend the sales agreement with the written consent from both. According to the government release ‘Agreement for sale rules seeks to eliminate the scope of such agreements in favour of either of the parties’. The major relief for the buyers is that the price of the property cannot be increased or escalated until the development charges increases. If the buyer is the defaulter ...
-
Government Reports RERA Rules for Union Territories
Continuing its efforts to establish a robust and fully transparent real estate regulatory body throughout the country, the union government has published a notification stating the final rules as part of the Real Estate (Regulation and Development) Act, 2016 (RERA). With the introduction of new rules in the RERA Act, the government aims to introduce more transparency and accountability in the Indian realty sector subsequently helping in the completion of stalled construction projects. The new rules which are now part of the Real Estate (Regulation and Development) Act, have been put together by the Ministry of Housing and Urban Poverty A...
-
Impact of GST on Real Estate
According to the rating agency ICRA, real estate will attract 18% of GST rate and its impact on the housing prices will remain neutral. In the recent Goods and Service Tax (GST) meeting, the finance ministry proposed a four tier GST structure. A lower rate of 6%, a standard rate of 12% and 18% and a higher rate of 26% on goods was concluded. Services like work contracts are expected to fall under the 18% slab. ICRA expects that this will not increase the prices of real estate steeply, but there will be slight variation in prices due to different taxation practices in states. ICRA also stated that the 18% GST will be higher than the curr...
-
RERA: A Step towards Regulating the Real Estate Sector
On 1st May 2016, Real Estate Regulation and Development Act (RERA) came into force after years of deliberate effort. RERA is panned India applicable. RERA is a strict legislation and a strong step towards regulation the real estate sector. RERA aims at protecting the interest of buyer’s so that they receive their property on the promised time. This will increase the buyer’s confidence and will help in creating a better developer brand which will focus on better quality and timely delivery of projects. Though buyers will benefit from RERA, there are some challenges that it need to overcome. First, RERA mandates only the 70 percent of th...
