From long, home buyers have been waiting for the Real Estate Act to come into action. Some are waiting for more transparency to surface which will put an impact on prices.
If we dig deep into the reports, states have scrapped out the Rera and have not met any deadlines. Experts have started pushing buyers to initiate purchases instead of waiting to implement the Act. Gulam Zia, the executive director of Knight Frank India mentioned, “Most of the provisions of Rera deals with under-construction property. Those who have been waiting for the real estate regulator can opt for projects that are completed or few months away from completion or even a house in the secondary market”. Until the RERA gets fully implemented, you can buy a property going under construction. People who are waiting for their real estate regulator can go rely on the projects that need some few months to complete.
National director, Amit Oberoi of knowledge systems, Colliers International, India said that the buyer do not depend on the RERA too much for the safety. It hardly matters if the reality gets a real hue, a person needs to go under the required process. Apaprt from Rera, developers can detect their respective records.
First time buyers can reap unimaginable benefits from it as there can’t be a better time than this. Interest rates are unimaginably low and will show downwardly moving bias for a while. Also, the government has initiated this scheme to provide subsidy on loan and small houses are being made more reasonable through policy changes. In case, you are a property investor, a home loan can be your profitable affair. This was quite impossible till Fiscal Year of 2017, but the times have seen a dramatic change from that time.
Also, the alterations in taxation may make the cost of acquisition a bit higher.
Ashwinder Raj Singh, the CEO of residential services, JLL, India says, “The government has taken benefits from the well-off and passes it on to the first time buyers and the poor”. The market has a good traffic of the end users and major sales bar is among Rs. 40 lakh and Rs. 80 lakh.
The phase has come when investors will need to put efforts on the costs of buying as rental yields are not very high. They can make some real money when they stick to the market for a longer period. A magazine says, “There would be more scrutiny and checks, including evaluating the long-term return on investment, before going ahead with a purchase”.