Highlights of Indian Real Estate Market on 2013

By SiliconIndia   |   Thursday, January 23, 2014
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Bangalore : The real estate sector in india is different from other countries as here the buyer is not the investor but directly the actual end user. And when real estate market is consumer driven, prices have its own spiral, similar to when it is investor driven. Because of this reason, India's property market remains secure. There is employment generation at the pace of 7 to 10 percent per year. So, the rate at which the real estate market will grow also remains the same. Looking at the highlights of real estate market on 2013. *Land Acquisition Bill passed in Parliament. *Norms for special economic zones relaxed. *National Housing Bank forms Mortgage Guarantee Company to extend mortgage guarantees to banks and housing finance companies against defaults by home loan borrowers. *New fund raising norms for HFCs and builders through ECB for low cost housing and easing of ECB norms for raising borrowings for infra finance companies. *SEBI releases draft norms for REITs, opening new avenues for retail investors for safe and transparent investment while providing a life line to fund-starved developers. *India's largest, 2.5 million sq ft Lulu Mall opens in Kochi. *Reverse mortgage reformed by making annuity income from loan tax-free and increasing the tenure of annuity payment to full life period. *Sops for the first-time home buyers in the form of additional one lakh tax deduction on a housing loan up to 2.5 million. *Year marked with project delays, low sales, inventory pile-up, demand for low-ticket properties and stable prices.
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