Tag Archives: Affordable Housing

The real estate sector will see positive changes in the budget for 2024

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This budget’s extensive measures demonstrate the government’s dedication to the real estate industry’s overall growth, which makes it a major driver of the country’s economic expansion. 

The Finance Minister, Nirmala Sitharaman, unveiled the 2024 Union Budget, which includes some ground-breaking initiatives expected to have a big effect on the real estate market. These programs provide the industry with much-needed support and cover affordable housing, infrastructure development, and urban planning.

Affordable Housing Initiatives

One crore low- and middle-class families will have the housing requirements met by the PM Awas Yojana-urban 2.0. This large-scale project will increase building activity and benefit developers and construction firms operating in the affordable housing market. Furthermore, over the next five years, the budget has set aside a sizeable Rs 2.2 lakh crore for urban housing. This increased funding will attract more capital into the urban real estate market by expediting housing projects, improving city life, and improving urban infrastructure.

Emphasis on Industrial Laborers

The budget suggests PPP (Public Private Partnership) rental housing with dorm-like accommodations to meet the housing needs of industrial workers. In addition to generating new opportunities for real estate developers specializing in rental and affordable housing, this initiative is anticipated to support industrial growth and stability in labor-intensive sectors.

Encouragement of Industrial and Urban Growth 

One notable step in encouraging real estate growth in these areas is to create an industrial hub that includes Gaya along the Amritsar-Kolkata Industrial Corridor. This will improve connectivity and economic activity while increasing demand for residential and commercial real estate. In addition, the development of mixed-use properties surrounding transit hubs will be encouraged by transit-oriented development plans for 14 major cities with populations greater than 30 lahks, to enhance urban [planning and spur real estate activity. 

Infrastructure Investment 

The budget’s plan to construct “plug and play” industrial parks in or near 100 cities will attract industrial investments, increasing the market for industrial real estate. This program encourages residential development and growing services in these areas.

Travel and Cultural Advancement

The world-class pilgrimage and tourism destinations that the Vihnipad and Mahabodhi Temple Corridors will soon offer will stimulate the tourism and hospitality industries and increase demand for commercial real estate, including lodging, dining establishments, and retail stores. An increase in the region’s cultural and educational significance will result from the revitalization of Nalanda University and its development as a tourist destination, drawing investments in learning infrastructure and associated real estate projects.

Rural Development and Connectivity 

Enhancing connectivity in rural areas will encourage rural development and make these areas more accessible for investments. Phase IV of the PM Gram Sadak Yojana will be launched in 25 rural habitations. As the infrastructure improves, these areas will likely see a rise in real estate activity. 

Long-Term Loans Without Interest 

Real estate markets will benefit from the budget’s allocation of Rs 1.5  lakh crore in long-term, interest-free loans to states for infrastructure creation. These loans will improve connectivity and amenities. As a result, areas will attract more investment from businesses and homeowners. 

Overall Impact of Budget on the Real Estate Market  

The 2024 budget’s focus on housing, infrastructure development, and urban planning is anticipated to accelerate the real estate sector’s expansion. The budget seeks to establish a more equitable and inclusive growth environment by attending to the needs of multiple segments, such as industrial workers, affordable housing, and urban infrastructure projects. The budget seeks to establish a more equitable and inclusive growth environment by attending to the needs of multiple segments, such as industrial workers, affordable housing, and urban infrastructure projects. In the upcoming years, real estate developers, investors, and stakeholders can anticipate more opportunities and a supportive policy environment.

The government’s commitment to the real estate sector’s overall growth is evident in the numerous initiatives included in this budget, making it a key engine of the nation’s economic growth. 

Govt should prioritize housing to boost the real estate market, according to developers

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This year’s budget, which sets up the housing sector, will not only help the one crore urban poor and middle-class families who lack a place to reside.  It will also boost the real estate market and open new doors for developers and homebuyers. 

The real estate industry received a major boost from the Union Budget 2024, it was unveiled by Finance Minister Nirmala Sitharaman on Tuesday and highlighted urban development as a cornerstone of “Viksit Bharat.” Under the PM Awas Yojana-Urban, a pledge to invest Rs 10 lakh crore to meet the housing needs of one crore urban poor and middle-class families could change the game.

Along with Rs 2.2 lakh crore in central assistance over the following five years, this allocation shows how seriously the government is taking the urban housing crisis and promoting economic growth. Establishing industrial parks with a Plug & Play model near 100 cities and focusing on rental housing for industrial workers in PPP mode with VGF support enable more infrastructure improvements and affordable housing options. These programs will benefit related industries by creating millions of jobs and reviving the construction industry. Furthermore, developers and purchasers will gain from the emphasis on urban development and open rental markets, which will promote a more robust and inclusive real estate market, according to Avneesh Sood, Director, of Eros Group.

This year’s budget, which emphasizes the housing sector, will not only help the one crore urban poor and middle-class families who lack a place to live but will also boost the real estate market and open up new doors for developers and homebuyers.

Incorporating an interest subsidy in loans for affordable housing is particularly beneficial since it will make ownership accessible to more people. Furthermore, the PPP mode purposefully opted for rental housing, especially dorm-style accommodations. It will create a more diverse housing market by providing industrial workers with much-needed housing options. “The initiative will also encourage the private sector to invest in rental housing projects, further expanding the housing supply,” says Shiwang Suraj, Director & Founder of InfraMantra.

There is currently an excess of available properties compared to the demand from buyers, resulting in an inventory bubble in the real estate market.

According to Solomon & Co. partner Haroon Asrar, “the government’s proposal to the States, for further reducing the stamp duty for women property purchasers, represents a welcome intervention in this regard.”

An important step forward in India’s response to its urban housing crisis is the Pradhan Mantri Awas Yojna (PMAY) Urban 2.0 scheme, which seeks to bring Rs 10 lakh crore investment to urban housing. The central government’s pledge to house one crore families demonstrates its steadfast dedication to promoting inclusive urban development.

“An effective and open rental housing market will be established by the government’s proposal to implement enabling policies and regulations. Residential rental markets in urban areas will consequently become more streamlined and effective. Furthermore, digital land record digitization in urban areas will integrate GIS mapping technology. An IT-based system will also be established to manage taxes and property records. Asrar said, “This initiative would make it easier for the average man to obtain land-related paperwork, which is a positive step toward the effective management of land records.” 

Bengaluru is the top option for Indian non-residents looking to buy mid-range and affordable homes

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Data gathered from several consulting firms by HT Digital indicated that Bengaluru has maintained its position as the top option for non-resident Indians wishing to invest in India’s residential real estate market, particularly those seeking affordable and mid-segment homes. 

The main draws for this group of homebuyers are the city’s pleasant weather, rising property values, cosmopolitan culture, high rental yields, and a bustling commercial district. 

Though most non-resident Indians are drawn to the region for investment opportunities, the IT capital market is driven by end users regarding sales among domestic homebuyers.

According to Shalin Raina, Managing Director, Residential Services, Cushman & Wakefield, the data about NRI home purchases in Bengaluru shows that 35% of the transactions are for end-use, and 65% of the deals are for investment purposes. 

Prooptech unicorn Among its NRI clientele, NoBroker reported a  60:40 split in favor of investing. 

Developers and consultants noted that most of these purchases are the second or third additions to the portfolios owned by non-resident Indians.

“Principal Partner and Sales Director of SquareYards.com, Sharad Sharma, added that NRIs are displaying interest in senior living communities and plots, broadening their investment portfolio beyond apartments.” 

From and to where exactly? 

The US, UAE, and Singapore are the top three regions influencing demand from non-resident Indian buyers for the real estate projects developed by Bengaluru-based developers Concorde and Brigade.

NRI buyers account for 10% of our sales on average. “These sales occur either in India when the NRIs visit India or abroad during our events, or through our international team’s outreach,” says Viswa Prathap Desu, COO of Residential, Brigade Group. 

According to Saurabh Garg, co-founder and chief business officer of  NoBroker, the NRI clientele prefers to invest in reputable brand projects and high-demand rental areas, typically near IT corridors. 

He mentioned that popular areas for NRI investors were Kanakapura Road in the southern part of the city, Thanisandra in the north, and Whitefield and Sarjapur Road in East Bengaluru.

According to NoBroker data, the average price of a property currently ranges between Rs 9,000 and Rs 12,000 per square foot in these areas.

Others mentioned the proximity to the airport, the presence of Grade A developers, and the reasonably priced real estate in Hebbal and Devenahalli as reasons why they are desirable choices for NRIs.

According to the report, more than 55% of purchasers also sign up for property management services at the time of purchase.

What draws in this particular group of clients?

Developers and property consultancies shared that, contrary to popular belief, NRIs purchasing real estate in the IT capital have demonstrated, NRIs purchasing real estate in the IT capital have demonstrated a greater preference for mid-range and affordable homes.

Approximately 69% of the NRI transactions made possible by SquareYards.com involved affordable and mid-range housing, which includes apartments under Rs 1 crore. According to Ravi Shankar Singh, Managing Director, Residential Transaction Services, Colliers India, 70% of the unit level demand for real estate consultancy Colliers has been in the range of Rs 1.5 to 2 crore.

Brigade Group’s Desu claims that the class of NRI workers in the clerical and administrative fields is the main source of demand in the affordable and mid segments. With their savings, these workers purchase a 2BHK or a small 3 BHK apartment, which they can either move into when they return to India or use as a rental.

However, C-suite executives like villas and the mid-segment draw techies who typically choose a 3BHK, according to Kranti Alladi, Head of Sales and Marketing at Concorde.

Two main depressants are poor infrastructure and heavy traffic. 

The city’s traffic problems and infrastructural problems have been the biggest deterrents for NRI investors, despite Bengaluru’s strong demand and high rental yields helping the city dominate its choices.

“One of the primary deterrents for NRI property purchases in Bengaluru is traffic congestion, which has been consistently identified as a significant concern,” said Rana.

Others concurred. “Purchasing a home in an establishment is another barrier. However, finding inventory at their preferred location presents a challenge, as noted by Garg of NoBroker. 

Across the nation, NRI’s interest in the housing market is growing.

In North India, the tale is the same. Approximately 14% of DLF’s total sales in the fiscal year 2022-2023 came from NRI investors, with the GCC, USA, UK, and Singapore contributing significantly to the company’s sales exceeding  Rs 2,000 crore. DLF is based in Gurgaon. It anticipates a 20% increase in this fiscal year.

25% of sales (or about Rs 1,800 crore) for the company’s most recent project, DLF Privana South, came from NRI markets, with the US and Canada, Southeast Asia, and the GCC making major contributions. Aakash Ohri, Joint Managing Director and Chief Business Officer, of DLF Home Developers Ltd., told Hindustan Times Digital from Africa, particularly from Tanzania and Kenya, showed interest in the project. 

Discover Quality Resale Flats in Pune: Your Key to Affordable Housing

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It’s not easy to purchase a flat for the first time in Pune, especially on your own. Several factors should be considered, such as price, location, EMI burden, neighborhood, amenities, distance from the office, etc. It can be challenging to foresee how a place will change. Their objective is to make us believe that every neighborhood has a lot of potential, that there will soon be six new schools and a dozen new tech parks nearby, and that investing in a home in what they’re suggesting will have virtually no downside! 

Uncertainty, however, is the issue for a home buyer. Often, infrastructure projects are delayed, new tech parks are not built, and the roads are frequently flooded, defeating the whole purpose of investing in an “up and coming” area. 

This is when purchasing a flat off-market makes sense. A resale property is one where the seller is a homeowner rather than a builder; the seller has already lived in or rented out the property and is considering selling it. Many people are wary of purchasing a resale flat in Pune because they believe it might be full of issues. While there are workarounds for this, let’s examine the benefits and drawbacks of purchasing a resale flat in Pune. 

Benefits of purchasing a resale flat in Pune 

When it comes to purchasing a home that is ready to move into, resale properties are considered more financially viable due to several factors, including the property’s age, the asset’s final cost, depreciation over time, the need for renovations, etc. There are numerous advantages to purchasing a resale apartment, including the following, regardless of what motivates you.      

Save on tax 

You will pay less tax if you purchase a resale flat in Pune. You are eligible for a tax exemption of up to Rs. 1 lakh under the Income Tax Act (Section 80C of the Income Tax Act allows for on-principal EMI). A tax deduction of up to Rs. 5 lakh is also available for home loan interest under Section 24B.   

Moving in ready 

You don’t need to wait for the building to be finished or stress about connecting your internet, cable, gas, etc. These facilities will all be available. The previous owners likely already have almost everything in a house that you’ll need to install and make functional. 

Location 

These older homes may be found in the city’s older neighborhoods. On the outskirts of cities, as well as in newer or developing areas, are new apartments. These areas are thoughtfully designed and already have everything you could want nearby. 

Drawbacks of purchasing a resale flat in Pune

The limited appreciation of resale apartments is a big issue. Compared to resale apartments, new apartments increase in value much faster in the first few years. When purchasing a resale flat in Pune, you pay the increased value! However, moving in and starting to live in the apartment is your main priority. 

The limited appreciation of resale apartments is a big issue. Compared to resale apartments, new apartments increase in value much faster in the first few years. When purchasing a resale flat in Pune, you pay the increased value! However, moving in and starting to live in the apartment is your main priority. 

Factors to consider before purchasing a resale flat in Pune 

When purchasing a resale apartment, there are many things to watch out for. Among them are: 

Rules and regulations

There is always an association that controls what happens in society if you purchase a flat there. The type of modifications that can be made to the house you are buying has to be confirmed with them. Some societies will have regulations governing the kinds of renovations permitted, the times that may be done, etc. Check with the building association for permission before searching for a home that needs significant renovations. 

Down payment and homeowners insurance 

When purchasing a resale flat in Pune, you should be aware that the insurance payout will be less than it might be if you had to buy a brand-new residence. For a resale flat, you must put down a minimum of 20%, higher than the down payment required for brand-new homes. 

Pending dues 

An essential thing to look for is all unpaid debts that the home’s owners are still paying. Late utility bills, such as those for water or maintenance, may be considered a debt. In some cases, the owner might not be willing to provide this information. 

When was the property built?

The question is: how old is too old? It is best to avoid any land at least 40-50 years old. At this point, you might have noticed significant structural damage to the home and building. You need to spend more money than planned because of the necessary remodeling and the additional repairs. 

Essential documents to see before purchasing a resale flat in Pune 

A house, apartment, flat, villa, or other resale property can’t be purchased without property documentation. When buying a resale flat, the following documents are required for resale flat registration:

  1. The primary legal document is the sales deed.
  2. The building plan will tell you if the structure has been sanctioned and approved.
  3. The occupancy certificate certifies that the building is fit for human habitation.
  4. Certificate of Encumbrance: the house has no liabilities.
  5. Tax Receipts: There are no outstanding tax payments, and everything is current.
  6. Access to all previously registered agreements under the Mutation Deed
  7. NOC: Certificate of No Objection
  8. Possession Certificate: from the builder to the owner and finally to you.

What are the charges for purchasing a resale flat in Pune? 

The bank does not typically factor in stamp duty and registration fees when you purchase a resale apartment. Stamp duty on a resale flat typically ranges between 5% of the gross transaction value with a registration fee of  Rs. 30,000/-

Hiring the right team to assist you may appear to be a waste of money, but when these fundamentals are not in order, you may cause far less.

Buy Ready Possession Flats in Pune: Affordable Housing

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Are you looking for a flat in Pune? But are you overwhelmed with all the research to find your perfect apartment? Don’t worry! We are here to help you. Pune is a highly desired city in India, as it is the second-largest IT hub in the country and the top FDI destination. 

The incoming professionals in Pune expect a life of luxury and a comfortable standard of living. The demand for flats for sale in Pune is rising. The need for a luxurious lifestyle has already caught up with supply, putting pressure on the developer community to move away from outdated standards and create new ones to satisfy the demand. 

In prime areas like Baner, Anudh, Hinjewadi, Balewadi, and Bavdhan, Pune is now a perfect model neighborhood for sustainability and livability that meets international standards. 

Most of us consider buying a home a significant and emotional decision. We ask questions when we decide to buy a home. When you live in a city like Pune, where the cost of living is very high, it is difficult to make this decision. 

Advantages of buying ready-possession flats in Pune 

Every buyer of a home must choose between a unit that is ready for possession and one that is still underway. It is a significant decision that demands serious consideration. Even though buying ready-possession apartments requires having a lump sum of cash on hand, it also has its own set of benefits. 

Cost considerations 

Ready-possession apartments are great because you can move in and save money on rent. The builder may also agree to a price reduction and waive the floor rise. Thus, you get a much better deal. 

Immediate Possession

For under-construction homes, buyers have to wait to get their dream home in hand. It induces a sense of uncertainty and the fear that the money may get stuck if the builder faces any problems. With ready-possession flats, the process is smoother-complete the required paperwork, pay the amount, get possession, and move in whenever you want. There is no fear of delayed delivery. 

Quality

You get to see the finished product when you purchase ready-possession apartments. Before choosing an option, you can examine the construction quality, space allocation, required amenities, and other details. There are no concerns about overstated features, layouts, or amenities. 

Immediate ROI (return on investment)

If you purchased it as an investment and choose not to live there, you can sell it as soon as it suits you. Families, young professionals, and students are keen on ready-possession apartments. Your rental income thus begins. It is a great help if you are paying the EMIs on the loan. 

The disadvantages of purchasing a ready-possession flat in Pune 

 Payment schedules are rigid

Unlike projects still in the planning stages, the payment schedules for ready-to-move properties are stout. All payments, including the down payment, stamp duty, registration fees, maintenance fees, etc., must be made in one go. 

More legal work and documentation: 

When buying a property already ready to move into, much more legal work and paperwork are required than when purchasing a property under construction.

Fewer customization options

When the apartment builds, it’s possible to fully customize the rooms and home to suit your needs and preferences. But this option isn’t available if you purchase a ready-to-move property. You have to buy and stay in a home that is already complete. 

Inflated Price 

Compared to projects still in the planning stages, ready-to-move-in units are expensive from a price perspective. 

Why invest in ready-possession flats in Pune?

Low-Risk 

All under-construction property is hard to sell, especially if its delivery is postponed or embroiled in litigation. Most of the time, real estate developers don’t sell apartments until the entire project is done, and even then, they’ll charge you a hefty premium. You can avoid this risk by purchasing a ready-to-possess flat in Pune. 

Save on rentals.

For ready-possession homes in Pune, you immediately start getting rent if you are not planning to move into your new home. Many homeowners prefer renting their homes if they invest in other cities. Each location typically has a fixed rent structure based on the amenities it offers and how recently it was built.

No down payment 

The main advantage of a ready-possession flat is that the buyer only needs to pay the home loan’s EMIs before they can move in. Since the EMI won’t begin until the home loan and the rates may change, the homebuyer may be required to pay a higher interest rate for an under-construction property if the developer experiences any delays. The buyer might experience financial hardship and decide to back out of the deal to buy the property. 

Documents to verify when purchasing ready-possession flats in Pune

Do you have any plans to move into a ready-possession flat in Pune? Have you located your ideal home? Furthermore, we understand that the ease of moving in as soon as possible may be the most essential aspect of it all, but research is necessary to make the process easier for you and your loved ones. It’s always the best choice to be aware of the essential documents you’ll need and to confirm them before moving to make the experience convenient. 

Tax-paid receipt 

The buyer verifies with the appropriate groups that the seller has settled all outstanding debts. Buyers should always request the seller’s original, most recent tax-paid receipts. The payment date, taxpayer name, and owner name must all be confirmed. However, every buyer should always verify that all documents and bills, including the water and electricity bills, are current and include names and area codes. You are making this property your own, so you must attend to every last detail. 

Sale deed 

The most important document on the checklist is a sale deed because it’s evidence of the sale and the transfer of the property’s title from the seller to the buyer. Before signing the contract, it is advisable to read the fine print and confirm that all terms and conditions are accurate and appropriate. 

Occupancy Certificate

When a builder requests this certificate, the authorities inspect the requirements. The builder can obtain the certificate once it has received official approval. This certificate, a witness to the project’s readiness for occupancy, is essential for the buyer when purchasing a property or applying for a mortgage. 

Completion Certificate

The municipal government issued this certificate. It demonstrates the completion of the project and that all requirements were satisfied. This document is essential when looking for a mortgage and buying real estate. Additionally, this certificate certifies that the property is fit for habitation when constructed following approved codes and other laws. 

Locations in Pune to buy ready-possession flats 

Kondhwa 

The Kondhwa is among the most notable locations in the southeast. Along with residential developments, this includes industrial entities. The distance from important city destinations and information technology hubs increases its value. Mohammedwadi, Undri, and Wanowrie are places that surround Kondhwa. Kondhwa is the renowned National Institute of Bank Management (NIBM). A wide range of contemporary civic amenities, including schools, colleges, hospitals, clinics, superstores, and other necessities, are also present in the Kondhwa area. 

Hinjewadi 

Thanks to the creation of corporate offices by foreign companies at Infosys, Wipro, Cognizant, etc., Hinjewadi is Pune’s largest IT hub. The presence of these MNCs in the area has benefited a variety of factors, including employment, real estate, connectivity, and social infrastructure and amenities. 

Tathawade 

The neighborhood of Tathawade, which is close to Hinjewadi, is a top location for investment and daily life. Tathawade is for homebuyers because of its luxuriant green surroundings, social infrastructure, and other features. Unique projects are being built in this suburb daily to provide upscale urban living. Hinjewadi, Pimpri-Chinchwad, Pimple-Saudagar, Wakad, and Ravet are nearby. Tathawade enjoys unrivaled capital appreciation as a result of its exceptional locational advantages. 

Balewadi 

On the outside of the city, in Pune’s northwest, is a neighborhood known as Balewadi. It houses the Shiv Chhatrapati Sports Complex, popularly known as the Balewadi Sports Complex. Balewadi enjoys proximity to Baner, Aundh, and the Mumbai – Expressway. Pearly White Dental Clinic, Apex Eye Care Clinic, and Life Line Hospital are the major hospitals in Balewadi. Balewadi High Street is famous for its bars, restaurants, and nightlife. Plus, it’s easy to find plenty of greenery in the surrounding area. 

Know your neighborhood. 

You can learn everything in advance when you reserve ready possession flats in Pune, including the layout, designs, and the neighbors you will have. It’s important because you would be surrounded by them every day. Other aspects of the house are subject to your control or modification, but you can’t alter the neighbors nearby.

A ready possession enables you to speak with potential neighbors and learn more about them and their way of life. You can also discuss the local schools and the caliber of the education with the parents who reside there.  Verify that the parks and other amenities look satisfactory to you by inspecting them. You can plan your children’s commute to school or university, the best shopping malls’ accessibility, etc. 

Things you should know about GST in Real Estate

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Centre's FY22 GST compensation amount should be higher than projected Rs 1.58 lakh crore: Opp-ruled states - The Economic Times

OVERVIEW OF GST: 

In 2000, the late Atal Bihari Vajpayee, the then prime minister of India, initiate a committee to draft new indirect tax law and i.e. GST which stands for Goods and Services Tax. It was launched to replace multiple indirect taxes in India. Such as excise duty, value-added tax (VAT), services tax, purchase tax, octroi, entry tax, luxury tax, and so on. Here, propertywala brings every fact and figure that you should know about GST in real estate.

DEFINITION:

The Goods and Service Tax Act was driven in Parliament on 29th March 2017 but it came into effect on 1st July 2017. It is the only tax that applies all over India and imposes on the supply of certain goods and services. However, GST does not replace customs duty, which is still required on imported goods and services. Different categories of products and services attract different tax rates under GST.

Now, we will go ahead with the GST regime which is given by our Honorable Prime Minister Shri Narendra Modi, In his words, the Goods and Services Tax (GST) is “a path-breaking legislation for New India”. Then, GST is not just a tax reform but a milestone in realizing Sardar Vallabhbhai Patel’s dream of building ‘Ek Bharat – Shrestha Bharat’.


GST APPLICABILITY IN REAL ESTATE:

APPLICABLE –
1. It is applicable to under-constructed flats only.
2. It is because the GST does not cover the real estate sector under its range. Therefore, the tax rate applicable on a property is charged under ‘work contracts.

 
NOT APPLICABLE –
1. GST does not apply to ready-to-move-in flats, plots, and lands.
2. Upon completion and receiving the occupancy certificate i.e.(OC), the property is categorized as ready to move in. That is why a developer cannot charge GST on selling ready-to-move-in homes.

GST RATE ON REAL ESTATE 2022:

Everyone has a dream of a house. Well! It is fine if you are planning to buy a property. Because buying the right property is one of the biggest achievements in life. So, home buyers in India have to pay GST on the purchase of under-construction properties such as flats, apartments, and bungalows. Before hurrying on to the process, the foremost thing you must ask yourself is, “what is the GST rate on real estate?”

PROPERTY  TYPEGST RATE FROM APRIL 2019
Affordable housing1% without ITC (Input Tax Credit)
Non-affordable housing5% without ITC
According to the table, if the property is affordable,  the GST rate from April  2019 is only 1% without ITC. Also, for non-affordable housing, the GST rate is 5% without ITC.

WHAT IS ITC?

Input Tax Credit refers to the tax already paid by a person on any purchase of goods and/or services that are used or may use for business. Therefore, it is available as a deduction from tax payable.

AFFORDABLE HOUSING AS PER GST:

According to government norms, housing units worth up to Rs 45 lakhs are referred to as affordable housing in metro cities in which carpet area measures up to 60 sq. meters. The Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, the Mumbai-Kolkata are categorized as metropolitan regions. A housing unit in non-metro cities barring to be an affordable house, if it costs up to Rs 45 lakhs and has a carpet area of up to 90 square meters as mentioned in the given table.

CITIESPRICECarpet AREA (SQ/M)
METROSup to  Rs. 45 lakhs60 sq./m
NON- METROSbelow Rs.4590 sq./m

SOME FACTS TO BE NOTED WHEN CONSIDERING GST IN REAL ESTATE:

  1. It does not subsume the stamp duty and registration charges, which you still have to pay.
  2. Seller increases the cost of ready-to-move-in properties to factor in the GST cost. So, overall the under-constructed properties are still cheaper than ready-to-move-in properties. 

That’s all you need to know about GST when it comes to real estate.

Budget 2022: FM allocates Rs 48,000 cr to boost affordable housing!

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Finance Minister Nirmala Sitharaman announces the budget for 2022. Infrastructure spending expected to rise, but budget constraints leave little scope for concessions to households affected by the pandemic.

Finance Minister allocates Rs 48,000 crores for affordable housing in line with Pradhan Mantri Awas Yojana in rural and urban planning categories in the Union budget 2022-2023. Under PMAY-G, around 26.20 lakh homes were completed till November 25 in FY 21-22, and 4.49 lakh homes completed under PMAY-U till December 2021.

Promoting affordable housing-

Till 18th January 2022 around 2.17 crore houses have been approved and 1.69 crore houses were allowed to build from June 18. Under PMAY-G beneficiaries without land have the highest priority for housing allocation.

Finance minister further announced, in 2022-2023, 80 lakh houses will be built for certain recipients of Prime Minister Awas Yojana in both rural and urban areas. The central government will work with state governments to decrease the time required for all land and construction permits. Promoting affordable housing for the middle class and economically weaker sections in urban areas. We will also work with the sector of financial regulators to increase access to capital and reduce the cost of brokerage.”

Expert committee for Urban planning-

Nirmala Sitharaman also announced Rs 60,000 crore allocation for 3.8 crore households in 2022-23 for clean water under “Har Ghar Nal Se Jal Yojana.” The current coverage of Har Ghar, Nal Se Jal is around 8.7 crore. Out of which 5.5 crore households have received tap water in the last 2 years. A high-level committee consisting of urban planners, economists and urban institutions would be formed. This committee will provide advise on urban sector policy, capacity building, planning, implementation and management.

Key highlights of Union Budget 2022 for real estate

– States will be asked to accept land parcel identification numbers. Cross-border solution of changes in IBC, voluntary liquidation of the company reduced from 2 years to 6 months.

– The construction of 80 lakh houses will be completed by 2022-2023 for identified recipients of Prime Minister Awas Yojana. 60,000 households will be identified as recipients of Prime Minister Awas Yojan’s assistance in rural and urban areas.

– The government’s effective capital expenditure is estimated at Rs 10.68 lakh crores in 22-23, which is about 4.1% of GDP. Sovereign green bonds will be issued to mobilize resources for green infrastructure.

– Union budget investment increased by 35.4% to Rs 7.50 lakh crore in 2022-2023 i.e, 2.9% of GDP.

– Implementation of modern building bylaws, Transit Oriented Development, and Town Planning Schemes would facilitate reforms so that people live and work closer to mass transit system.

– A high-level committee composed of accredited urban planners, urban economists and institutions will be formed. The committee will make recommendations on urban sector policy, capacity development, planning, implementation and management.

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The new MahaRERA rule help home buyers to track project status

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Good News! Delhi-NCR Witness Increase Demand for Affordable Homes

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The demand for affordable housing in Delhi-NCR cities, specially Gurugram contributed 32% of the entire demand. Between 2018 and 2020, more than 79,830 economically priced apartments launched in Delhi-NCR. Out of this, almost 50% falls under the affordable priced region.

For the past few years, the real estate sector is passing through a tough phase. But now, with the improved demand and supply, the sector is gaining momentum particularly in Delhi-NCR area. The demand for affordable housing was the highest during the pandemic situation. Apartments costing under Rs 45 lakhs are especially in great demand. 

Anarock Survey-

According to a survey conducted by property consultant Anarock, the affordable houses accounted for 30% of the demand in the year 2019. The demand was about 40% in the year 2020 which is almost a 10% increase. Around 38% of the total economical housing demand across the country was from Delhi-NCR. Kolkata was second with 21% in terms of demand.

Also, the demand for affordable housing in Delhi-NCR cities, specially Gurgaon contributed 32% of the entire demand, which was followed by Greater Noida (24%).

Further, the survey shows that between 2018 and 2020, more than 79,830 economically priced apartments launched in Delhi-NCR. Out of this, almost 50% was in the affordable priced region. It should be noted that the last twelve months has observed 18,530 models, of which 61% are affordable housing.

According to the Affordable Housing Policy Amendment, 2013, now one parking for each housing unit is free, which means that the buyer will get the additional facilities without paying any additional price.

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East and Southern Bangalore to witness high demands

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Interestingly, the biggest coincidence that can be seen in all metro cities is the fact that in all of these, the southern part of the city experience major development and is always considered as the posh regions. The new flats for sale in Bangalore, especially in the south region are most popularly seen in Kanakpura Road. These flats are mostly in demand by the young professionals working here. However, the demand is not so great here when it comes to 3BHK Flats. The basic demand seen for 3BHK Flats in Southern Bangalore is seen in Whitefield and Electronic city. Southern Bangalore was the first part of the city which was established and is thus the most developed and has reached its saturation. The reason people tend to favour this place is the amazing connectivity with the electronic city via NICE Ring road. The infrastructure is well developed and has high growth potential in terms of real estate if you are looking to buy a property in Bangalore. The area has close proximity to office areas and offers and chilled out the environment.

Also, the east of Bangalore also experiences high demands in residential apartments. The areas like Brookefield, CV Raman Nagar, ITPL, KR Puram and Whitefield offers a lot of 2BHK Apartments which are ideal for you and your family’s needs. These flats are mostly preferred by high-end individuals, mostly the people working in the vicinity. Thus, both these areas are ideal for you if you need to settle in Bangalore with a lavish upfront.

Affordable Housing, a priority for real estate

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With an aim to achieve housing for all by 2020 and thus planning new flats in Delhi/NCR till 2022, finance minister on January 1 had stated that the affordable housing schemes will be given infrastructural status which will be a great deal for builders like Ashiana, Housing, Puravankara. This move will dip the costs for the builders and developers and attract most and more investors.

It would also mean a great hike in demand for loans which would be a step in the forward direction for housing finance companies like Gruh Finance, as well as Repco Home Finance.

“Infrastructure status to the affordable housing segment especially to Noida real estate will mean lower loan costs for the sector and thus aims at the margin issues that private players in this segment face,” said Nidhi Seksaria, Advisory Partner & Leader – Real Estate, BDO India LLP.

“The combined with interest subventions, this could be a big step in making apartments for sale in Noida more affordable,” he said.

Ashiana Housing was already trading 15 percent higher at Rs 163. On the other hand, Puravankara was up by 3 percent. The housing finance companies, Gruh Finance was already up by 1.4 percent while Repco Home Finance was up nearly 2 percent.
To achieve the targets set by the government in the affordable housing sector, the builder tends to increase their number of apartments with a certain decrease in amenities which consequence into lower costs. The competition has increased in the past quarter and thousand of new flats for sale in Noida are being constructed and ready for you to live in.

Ban on registering the Unapproved plots in Tamil Nadu

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The banning on the registration of plots which are still unapproved is back in Tamil Nadu with full force. The Madras Court on Friday clearly ordered to restrain all registrations of plots which are still not approved or those who apply for the re-registration with pending layout approvals. The law has been confirmed for the next three weeks and till no further notice comes.
Adding to the ban, the Justice M Sundar and the Chief Justice Indira Banerjee asked for all the details of the applicants of registration with unapproved plots in the violation of the court dated as on September 9, 2016, ban order.
The legal justice has stated that the decision for these issues will be taken after a special sitting which will be organised either on May 4 or on May 5.
The law has turned sour after the case that held on September 9, 2016, when the Chief Justice Kishan Kaul rapidly approved all the registrations of the plots which were still not approved or of those who tried to convert farmlands into housing plots without following the rules and regulations. Also, the bench held responsible all the officials who were personally liable for the violation of rules and regulations.

Why Attapur deserves your Investment

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In the city of Hyderabad, Attapur is now developing as a new suburb which is an ideal location for the residential complexes now. The main reason behind this is the presence of several different colleges which makes it an ideal location for the students to live in. It is also really close to Jawahar Nagar, the educational hub of Hyderabad. Not only the students but the people who work in the IT Hub of Hitec City also prefer this place as it is in close proximity given the excellent transportation and the development of roads. The fact that Attapur provides people with a lot of housing options that too in affordably large sizes, make the residents travel 10km each day to and fro for their work.
Many people say that Attapur is the centre of their work and other public infrastructure needed by them. The location is in close proximity to their offices, their children’s schools, Airport, Koti and Secundrabad. The main purpose of each and every resident is solved because of this and people find no problem in travelling a few kms for every work present in equal distances.
When it comes to water and transport, the PVNR Expressway connected to the outer ring road makes it really easy for the people to commute.

New rules by the PCMC

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As it was planned, the launch of an additional 6,500 tenements for the low-incomecropped-1-pcmc-main-building group under the JNNURM has now been unexpectedly cancelled as stated by the municipal commissioner Dinesh Waghmare.
This has been carried out because of Pimpri-Chinchwad Municipal Corporation(PCMC) which was started under the Pradhan Mantri Awas Yojana (PMAY) the present year.
The beneficiaries who have already applied for the 6,500 tenements can still ask for their benefits given under Pradhan Mantri Awas Yojana as PMAY is a new scheme and if the government approves the proposal.
The PCMC had earlier planned that they would provide 17,920 tenements for those who live in slum regions and for those who fall under low-income wages under the Jawaharlal Nehru National Urban Renewal Mission. These houses were to be made by the government in the regions of Nigdi, Link Road between Pimpri and Chinchwad, Milindnagar, Ajanthanaga, Vetalnagar, Vithalnagar.
The PCMC could only construct 11,420 tenements in 2005 and the rest were supposed to be completed by this year which unfortunately had to face failure because of Non-availability of land and failure to get the positive environment.

Rates to take a step down alongside Noida expressway

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In the NCR region, that is subtly attached to the capital region of India, Delhi there extends two expressways that are built to let the residents enjoy the great community and work from far off places while travelling through these roads. The eastern region has been accurately acquired by the 22km long through Noida and Greater Noida. The other one runs for 18km in the regions of Dwarka.

All these expressways are developed to join the regions of Delhi NCR in a better way providing the areas extending adjacent to them to the real estate developers to create more and more property in Noida and in Dwarka.

These lands were also supposed to be given to the developers who want to build commercial spaces and give away office for rent in Noida, Greater Noida, Dwarka, and Gurugram. This, however, made both the regions a large hub for the working class people who migrated here from all over the country. This gave a major boost to all the realty developers to build more and more residential complexes.

As soon as the areas were changing into residential complexes, the southern areas started to experience water and sewage problems. Developers were unable to provide their residents with the daily needs. However, the eastern region thoroughly enjoyed the regular facilities of water and sewage but could not gather proper funds. These developers tracked the funds from the farmers and this became a major reason to manage all the funds and thus fulfil the increasing demands of people. Also, after the demonetization process, those launched flats which were left in the middle of the construction period were unable to be delivered on the expected date of delivery. One Unitech project called Grande, located in Greater Noida was launched in 2007 and even after 10 years, it could not be completed due to inappropriate funds. Now as the government orders all the realty developers to increase the supply, these well-built flats would be sold at much lesser prices given its history of in accomplishment. These flats are built along with the Yamuna Expressway and were targeted towards those who wanted to have the luxury as they were built across an 18 hole golf course.

Due to these reasons and the post demonetisation effect where people just stopped thinking of following their dreams and the wish to buy a house vanished all of a sudden, lowering the rates seemed to be the only option. These low rates would fill the empty flats and would decrease the number of new flats that were to be constructed to meet the demands after the Union Budget of 2017.

Demands in Bangalore West take a major hike

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The increasing commercial demand in the vicinity of West Bangalore is asking the residential sector to grow and lead the city to a better place.
The Mumbai-Bangalore Industrial Corridor, Greater Peenya Industrial Area, proposed Peripheral Ring Road (PRR) Metro Rail connectivity, Dabaspet Industrial Area, integrated townships along the NICE corridor, all these factors make the west of the city an investment destination. The plots in Bangalore in this region is owned by automotive parts, manufacturing, electrical, electroplating, pharmaceutical, chemical, electronics, building materials, aerospace components, garments, castings, forgings, foundries, and scientific instruments industries.
The whole area is well connected to the plunged road built over Peenya international airport, in the Mysore road. It is also connected to NICE corridor as well as the metro rail network.The well established and renowned market of Yeshwanthpur having a micro market with healthcare, retail and other public infrastructure gives a major push to people to come and live here.
Shrinivas Rao, CEO of APAC, Vestian Global services stated that the major factors that increase the rates of property in Bangalore are the presence of economic complexes and industrial sectors with the perfect physical infrastructure and amazing connectivity with all public convenience nearby. It has been noted that after 2008 this western area of Bangalore was influenced by a major hike in IT and ITeS companies which came and set up their base here. These industrial areas included Kumbalgodu and Bidadi which resulted in their nearby localities like Kengeri to become a popular residential choice for those who are employed in this area or the vicinity. According to reports and databases, Kumbalgodu Industrial Area, Bidadi Industrial Area and Global village IT park, together holds a total number of 80,000 employees. Also, after the rapid metro connectivity in this region, it has become very easy for people to travel and save their working hours. With all these factors in hand, the fact that region is well connected to the NICE Road, Outer Ring Road and Tumkur Road gives the place an additional advantage to grow more property in Bangalore west.
Currently, 79854604-lake_6the development that is being done in this region comprises of apartment projects and plots in Bangalore West. The Kengari residential sectors incorporate a large scale of apartment projects and townships in the mid segment value people. It is thus expected that the annual residential sale growth in this region is 6-8 percent while the rental yeild will be 4 percent.

Pune to set out new rules

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The district consumer court has set out a new rule that an occupancy certificate will be issued by the municipal corporation in favour of an interested flat buyer, which will be sufficient to say that construction activity is successfully completed as per the sanctioned plan.
The court also ruled that a flat resident cannot seek his case to be treated as a “representative complaint” without first complying with the necessary requirements of such a plaint. Section 12 (1) (c) of the Consumer Protection Act needs a complete publication of a notice at the time of filing of the respective complaint about the complaint to be treated as a representative case.
A bench of O G Patil , V P Utpat, and Kshitija Kulkarni on Wednesday rejected the complaint by Kondhwa Khurd resident Anand Ranjalkar, who alleged that the builder of their housing scheme delivered him a 1bhk flat in Pune, which was of lesser area than it was originally agreed for, He also claimed that the builder had failed to secure a completion certificate. He also referred to common reliefs relating to the developer’s “failure” to form a society and execute a proper conveyance programme.
In July 2007, Ranjalkar had openly purchased a property in Pune under ‘Kumar Prithvi’ scheme, developed by Sukumar Township Development Private Limited in Bhavani Peth, Pune for Rs 28.7 lakh. The construction firm, as said and confirmed, delivered property to him on March 3, 2009.
In July 2011, after two years of getting possession, Ranjalkar filed a consumer complaint alleging the super built area of the flat was 39.87 sqft lesser than the area that was committed to him in the agreement. He said that he made the measurements done by an architect.
Lawyer Sunita Kinkar, representing the firm that supplied the possession, argued that Ranjalkar was bound by the agreement, to refer any further dispute to an arbitrator and that he did not comply with the norms for converting his complaint into a representative case for seeking common reliefs.
The bench, therefore, rejected Ranjalkar’s application, filed counter-arguments, for publishing a notice of a representative complaint first and held that the matter will then be treated as an individual complaint. “The complainant, in his individual capacity, cannot seek his justice as regards formation of society and execution of conveyance deed, etc. The after effects of the complainant will remain only as regards shortfall in area and completion certificate,” it held.

Approval of Bangalore properties to go online

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To manage Bangalore’s reputation of the country’s famous IT Hub, the BBMP has come out with a new rule which will be in favor of the technology. To ease the builders who own and want to convert them into a building for residential or office use, the procedure for getting the plan approvals will be done online. This was cut straight to chase the builders won’t have to run to post to seek clarifications. For this work, new executive engineers will be assigned the work of approvals. They will collectively work with zonal town planning officers.
This will be done in lieu of the latest E-Khata system announced in the BBMP budget on Saturday which said to enable the citizens to upload all the required documents and to avail their khatas online itself. Apart from this, the property tax collection which needs to be done will be carried forward by the geographic information system (GIS) in a collection with the Indian Space Research Organisation, according to the chairman of BBMP standing committee, MK Gunashekar (finance and taxation).

A digital survey of the whole Bangalore real estate will be carried out which will include tech parks, malls, and other commercial establishments, as well as the residential market of Bangalore, imageswill be minutely undertaken to ensure accurate evaluation of property tax.

5 reason you should buy a property in Noida

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After the utterly clumsy place of the capital region of India, Delhi and the densely overcrowded place for offices, Gurugram people are quite as well left with a choice of Noida. This is the reason that the residential sector of Noida Real estate is highly increasing since the past two decades. Noida is considered as a cheap and easy city to live in provided its easy connectivity to Delhi, Faridabad, Agra, and Haryana.
Noida has been considered as the most affordable place to live in given the high number of affordable flats here. There are many reasons that add to the fact but if we want to name a few we can easily do so by guiding the basic points.
The first one can be the extremely well maintained and thoughtfully built infrastructure. The infrastructure that has built the city is the basic reason for more and more citizens coming here. The excellent infrastructure makes it capable of being the next best thing in the world. The availability of lands for residential, commercial as well as infrastructural facilities is something that makes it top the list leaving Delhi and Mumbai behind.
Second reason is the reputed faces of developers who are eyeing in this place to make their new launches. Builders like Supertech, Unitech, Ansal, Emaar, MGF and now Godrej has made their new launches in Noida and Greater Noida. These flats suffice all the segments of the society and promise to be affordable with the availability of luxury.
Third and the most important reason that helps people to relax and invest in these lands is new rules against Forgery. New and quick rules have now been applied to the forgery cases of land. Earlier, the land disrupts were handled by the court’s jurisdiction which always tends to stretch such cases to a number of years, but now a sigh of relief has approached when all these cases are being handed over to the stamps jurisdiction.
The fourth best reason would be the easy connectivity of Noida to other regions like Delhi, Ghaziabad, Gurgaon, Agra. The major plus point Noida has is the rapid availability of Metro from Delhi to Noida. Also, the ongoing construction of Metro from Delhi till Greater Noida via Noida will add a golden point to all these and make it more convenient for those who travel till Greater Noida and will also decrease the traffic on roads.
The fifth point is for those who have a property in Noida or are living on rent flats in Noida. The major availability of marketplaces throughout Noida makes it very easy and accessible to live here.

Gudi Padwa, a positive occasion for Pune’s low Real estate

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With India’s economy finally growing its pace, Pune’s real estate market is now slowly witnessing a move in the forward direction in regard to the residential sector with a high rise in new residential launches. As prices are now stable and cheap after the announcement of the new set of rules in the Union Budget 2017, experts say that the auspicious occasion of Gudi Padwa will set a right tone in the minds of buyers to set their pace in investing new property in Pune.
With the storm of demonetisation slowly calming and settling down, Pune real estate is again starting to gather its momentum now. Gudi Padwa, according to experts is expected to give the sector a high increase in demands as residents of Maharashtra prefer home investments on the day. After slowly following this upward movement, Pune’s real estate market is expecting the past inquiries to be smoothly translated into sales. It has been noted that Pune has a huge unsold inventory of its real estate has slowed down since the past one and half years. Even those who cannot afford flats are inquiring for cheap 1bhk Flats in Pune in a relief of low-interest rates from banks and affordable schemes carried forward to them.
After the wonderful festive period, the real estate saw an exhausted inquiry inventory and a piled up sales record. This was due to the belief of auspicious occasion and the pocket-friendly schemes as after demonetization, real estate was one of the major sectors among many to be harmed by the cash crunch. Nevertheless, now as the cash flow in the bank is back to normal, the pace of remonetization has grown up faster than it was actually expected. Again, realty market in India has witnessed some big reforms like Benami Transactions Bill, RERA, or GST which are directly aimed at giving the sector of residential spaces transparency and more credibility.
It has been clearly seen in the country that a big investment like gold or property is considered more sentimentally than economically. Therefore the festive occasion added on to the sentiments and increased the sale to next level. Gudi Padwa, which marks a New Year in Maharashtra saw a huge increase in the sales as well as the new launched by reputed builders and developers of the state. Many people book their new homes or host housewarming parties in this occasion. Thus, Maharashtra real estate defines it as its level best on this day.

New residential projects in North Bangalore

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With the high increase in commercial activity in North Banglore region, the demand for residential sector also gets affected. New residential projects are being launched in this area which comprises of both apartments and Luxuroy homes (villas).

Bengaluru provides flats for sale in affordabe prices. The development in this area offers residential spaces for all three budgets; premium, mid range and luxury. Areas like Thanisandra, Yelahanka Doddaballapur, location near airport offers mig segment housing to its buyrers whereas, for luxury living one has to look for available in and arond Hennur Road, Kogilu, and some parts of Thanisandra.
New flats for sale in Hebbal-Yelahanka stretch of Bellary Road, which includes Hebbal and RMV II Stage has luxury apartments in the price range of Rs 8,000-12,000 per sqft. The areas situated beyond Devanahalli till Doddaballapur is very popular as it comprises of a large variety of high-end villa projects and also, plot development projects. The price here ranges between Rs 6,800-12,000 per sqft accumuating an area range of 2,500-7000sqft.
Meanwhile, the plot development projects in this area ranges from Rs 2,150 to 4,000 per sqft. Plots as well as luxury flats in this region are mostly preffered by high net worth individuals and investors due to their ability to serve as good holiday or retirement second home options. Apartments towards Nandi Hills Road are looked at with a keen eye as they range between Rs 7,300-10,00 per sqft. Vijayoura has new flats for sale ranging between 4,500-5,050.

Increasing residential demand in the Silicon Valley of India, Whitefield

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As it is known that there is a large workforce employed in the area of Whitefield, and preferring to live in the vicinity, is increasing up the demands for residential options here for the comfort of the employees.
Once known as a secluded area of Bangalore to the Silicon Valley of India, Whitefield’s story was shaped primarily by the IT Hub revolution that changed the sleepy landscape with Asia’s first tech park which rose up in 1994.
The excellent development that took place in Whitefield and the EPIP zone have seen over the years seems like a page of a fictional book with a perfect ending. Mammoth towers in glass and chrome stand tall amidst natural greenery which has been long preserved by the developers of these MNC acquiring most of the Bangalore properties especially in Whitefield. Many hitherto heavy manufacturing factories have given a big hand to making this a wonderful place with a lot of infrastructural possibilities and residential flats in Bangalore.
It is no wonder that after all these factors these localities in the vicinity of these ultra facilitated tech parks have largely begun to mushroom into elite gated communities of residential buildings. Villas the high priority choice by the people who want to live here and work in these high-end vicinity of business parks.
While the ITPB has singularly driven the demand for residential property options in its vicinity, the other tech parks and business parks in the EPIP zone too have drawn a high demand for housing options ranging from mid-segment apartments and high-end homes enclosed within well-appointed gated enclaves, to villas and plots.
A member of the committee, Jain has stated that Whitefield, Electronics City, and the EPIP zone was a major initiative taken by the government to create the place into something better which eventually turned out to be called as the Silicon Valley of India with a number of reputed Multi Nationals setting up their base here. This is also increased the demand for high-end flats and villas by the people who come here every year from all over the country to earn their lavish living.

Kolkata real estate take a hike after Price protect scheme

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With Kolkata residential market still trying to rise from the after effects of demonetisation, developers have started applying their tricks to attract more and more customers by offering them innovative schemes.
The price protect schemes that were launched recently with the budget, in which the interested consumers would enjoy the benefit in case there will be any decrease in property rates, have helped in increasing the demands by 15% after the two months that followed the demonetisation.
Jitendra Khaitan, CMD of pioneer Property Management Ltd. Have stated that the Market is facing a positive growth and that approximately 50% hike in queries is expected along with a hike of 10-15% in actual sales. However, the price protect scheme is temporary, it will still effect the market majorly and increase the real estate market to a great extent in profit.
Khaitan also put out the word that these schemes are highly helping the market recover from the downfall after demonetisation. After the demonetization struck the nation there was almost up to 40% drop in queries and sales of homes in and around Kolkata as buyers waited for a fall in real estate prices.

Ghaziabad Growing its Infrastructure

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Ghaziabad is popular for serving to the mid-segment and affordable housing segments. The very known housing clusters such as Kaushambi, Vaishali and Indirapuram are now a major part of Ghaziabad property in terms of increasing the real estate. Apart from this, the new upcoming residential locations include Raj Nagar Extension, and other areas along NH-24 which are beyond Indirapuram, and incorporates Crossing Republic Township.
The only thing bothering the developed locations is the lack of space for further high-level development. These places majorly include Kaushambi and Vaishali. The 1BHK Flats in Ghaziabad are now available to meet all the residents and is expected to have a healthy capital appreciation. The recent projects mostly kept its focus on upper-mid and premium segments offering them new upgradations which were beyond anybody’s expectations. The affordable residential clusters which are mostly 1BHK Flats and located in Raj Nagar, Shahibabad are in the average price range of INR 2,200-3,500 per sq ft. The upper end of the range is commanded by projects which are fully completed or nearly ending its construction in Crossings Republic, whereas the newly passed projects in NH-24 are in the lower price band of INR 2,200-2,600 per sq ft. The Raj Nagar Extension corridor on NH-58 is has a price range in between INR 2,600-3,000 per sq ft range.

Greater Noida real estate to work more on affordable housing

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The Real Estate’s new Union bill spells happiness for Greater Noida homebuyers, as the recently rectified budget will give more powers to those who want to buy plots in Greater Noida and will also keep in mind the concerns of the builders to a major extent. The Real Estate Regulatory Bill directly aims at bringing transparency in the real estate sector. However, the announcements were being planned from a long time but the finance minister made the right time to announce all of it with the Union Budget of 2017. However, after demonetisation, this area has more supply for residential units and less investors but after the affordable housing schemes it is turning out to be the opposite. Most of the housing units sold in Greater Noida now have a lot of takers but have less supply. Therefore, after taking some major steps a mega plan has finally been sorted out to cater affordable housing for all till 2022.
The budget is expected to establish state level regulatory authorities RERAs with whom developers have to register projects above a certain size. If this will not be carried out, the builders will have to pay major fines. The developers will now state all facts like possession dates, construction quality facts public on their websites so as to give clearer picture. The developers will have to focus more and more on the affordable housing. They will now be providing 3bhk flats in the price of 2bhk.
All these new rules are expected to set transparency in greater Noida properties. The Big Impact is that this will prompt homebuyers to purchase property without the fear of being cheated. This will bring in more creditability to investors and the belief to invest in the real estate sector. This will also give a clear legal recourse in case of any dispute or delay in the construction.
This has helped people who were interested in buying in Greater Noida as with this law the problems of the dust made by demonetisation will settle down and more over the development which tends to cater the needs which was stalled for a long time is finally getting its breath back. This is helping the Greater Noida real estate sector to become more transparent and the work has finally resumed and the building which were left unreconstructed the last quarter, are now coming to an end to supply its consumers their dream home.

Regular efforts for affordable housing for all

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Metropolises such as Noida are under scrutiny and major comprehensive plans are being drawn to build better infrastructure. The Centre is facilitating adequate amount of funds for urban local bodies in states to make cities more liveable by providing them more and more properties in Noida. “We are taking into account the, roads, water supply etc. and creating a major five-year development plan,” Naidu said while talking about Bengaluru, Pune and Noida cities. He stated that more and more 1bhk flats in Noida will be created so as to provide the urban localities the desired liveable surroundings.

State participation is the major key to achieving adequate infrastructure and it is therefore the essence of realising the ‘Housing for All 2022’ dream. Affordable housing will be a success only when these type of states perform. Around 23,000 houses still lie vacant in Delhi alone because of lack of infrastructure and therefore their buyers. “Where there are people there is a shortage of houses and now there are houses but nobody interested to reside in them. It is proving to be a grave problem,” said Naidu. The main infrastructure concerns that needs to be seriously looked after are drainage, sewage, main roads, byroads, rain water drainage, maintenance of water bodies, etc.
It is now supposed to be joint effort by the Centre, states and local bodies. People only set their keen eyes on better quality and good services. If the states can figure out a method to provide the correct measurements then there’s no going back. “They should try and study the development patterns of several states. Learn from other’s mistakes,” suggested Naidu.