In the last two years, the Indian real estate market has seen major transformations. With the implementation of policies like RERA, GST, PMAY housing scheme and others, property buyer’s confidence has become stronger than ever. While RERA and GST were the major highlights of 2017, other key reforms like the National Urban Housing Fund, REIT, Insolvency, and Bankruptcy code were the developments of 2018.
As India is celebrating its 72nd independence, the country’s real estate market has witnessed a lot of changes in last few years. The market which was not consumer favourable once, today due to many policy reforms has become buyers and investor’s favourite. From affordable housing to technological advancements, Indian real estate has expanded its reach across every part of the country.
Celebrating this Independence Day, let’s take a look on some of the biggest milestone, Indian realty sector has achieved:
Formulated in the year 2016, the Real Estate (Regulation and Development) Act, 2016, also known as the RERA Act has been the reason to cheer for the aspiring home buyers. This is because, now the people have got a legal way to deal with all property relates issues like timely possession, lawful layout and more. Unfortunately, the property buying process turn into a sore affair some time and this is when you the home buyer must know about how to file a complaint with RERA authority which we have listed here in detail:
The Non-Resident Indians popularly known as the NRIs have again started taking the Indian property market seriously. Here the word again is used to remind you that the new reforms and property prices shoot up were the few reasons that made the NRIs hesitant to invest in the Indian Real Estate for the past sometime. But, now the situation has altered as these people are willing to invest back here as India is their home and the implementation of new rules is making them confident enough to put money in the property market here. So, below we are listing the main reasons that intend maximum investments from the NRIs here in India:
The property market of Delhi-NCR is witnessing a boost from the past some time and the biggest reason for this positive move is affordable housing. In fact, the factors like economic and social conditions play a pivotal role in conversion of the prospects into property owners. Apart from these issues, the recently introduced Affordable Housing scheme is offering new dimensions to the real estate sector of the national capital city and its surrounding areas. This policy has not only creating positive vibes for the real estate sector but is also proving beneficial for the infrastructural development.
The dream of being a property owner has become easier for almost every aspiring home buyer in India. The top reasons for realization of this dream are the unveiling of Pradhan Mantri Aawas Yojna [PMAY] Scheme that offers subsidy to the home buyers up to a limit and under certain conditions. Then the formation of Real Estate Regulatory Authority Act also known as the RERA Act.
This law started its full-fledged working from 01st May 2017. The guidelines of this Act help the home buyers in each aspect of the home buying procedure. The fool-proof working of the RERA Act leaves no loopholes from where the developer/builder can escape after selling a property via wrong ethics. A home buyer can keep his money and property safe by opting for a property purchase in the project registered under the RERA Act of that particular State.