Owning a Home in 2017 will Become Easier
BENGALURU: Last year was not such a good year for customers who were planning to have a home of their own. But the fact remains that due to a proactive government at the centre, buyers have been able to make some crazy deals. From making real estate transparent and more efficient to a quick delivery assurance from the builders, the real estate seems to be doing well. Now, even a middle class person can dream of buying a comfortable home to call their own.
Apart from these factors, there are other factors also that affected the real estate business. Some of the other factors, as compiled by The Business Insider are given below.
Demonetization has had the biggest effect on the health of the real estate sector, with prices of unsold and unfinished projects languishing for the last year or so likely to go down much further. While the primary market will remain unaffected; it will bring a cheer to the unorganized sector. There has been a continuous rise in affordability in the residential sector, as the income growth has increased from 10 percent to 12 percent in the last five years leading to a demand-led recovery.
Benami Transactions (Prohibition) Amendment Act, 2016
This law is to curb the inflow of black money in the real estate sector and has a provision of 7-year imprisonment for people with unaccounted wealth. This law also gives freedom to the government to confiscate properties held in fictitious names or other person’s name to hide unaccounted wealth.
Real Estate (Regulation and Development) Act, 2016
This law has been introduced to bring transparency in the real estate sector and speed up delivery. It might take some time for the full implementation of this new rule, but the customers can rest assured of reaping the benefits of this new law.