Recent Changes In The Landscape of Indian Real Estate

The Indian government has introduced multiple regulatory changes to organize and structure the real estate landscape in India. The rapid changes are really transformative by all means. The regulation will not only be relevant for the existing land laws but will also give rise to a new set of laws which will be determined by the fiscal policies of the new government. The changes are expected to have a cascading effect on the real estate business in India. The real estate business has so far been very unorganized and unregulated. Here we will emphasize the key legal and regulatory changes that form the foundation of such a powerful and impactful transformation. Demonetization: The Indian Government was able to effectively wipe out old currency notes and establish the circulation of high-value currency notes of the new kind. This has been a mighty blow to the Indian real estate business because before demonetization the real estate business was surviving on the cash component of all business transactions. This had resulted in inflation in the real estate sector and caused an exponential growth in the Indian real estate market. As a result of demonetization, there is a significant reduction in stamp duties. Also, there has been a revision in the collector rates for immovable property. Overall this has led to the correction of real estate prices all over India. GST: The implementation of Goods and Services Tax has also affected the real estate prices in India. GST will replace all indirect taxes such as service tax, VAT and excise duty etc. Before GST a bunch of indirect taxes was resulting in a lack of transparency during a business transaction for the developers and the buyers. But implementation of GST has simplified the tax process. As a result, now buyers are clear about the tax they have to pay during the purchase of...

Rising Real Estate Prices And Group Home Buying

The high costs of real estate purchases are what drive people to buy homes in groups. If you do not mind the ever rising prices of real estate, you must be wearing rose tinted glasses or maybe living the dream life. The costs of buying a home have risen so high that you would need to be a millionaire to even be able to buy a decent sized house. This is why many people prefer to pool their resources to buy one. Ever increasing prices Some people often walk into the cubicles of bank officers and ask them whether the prices of real estate have gone down or not and they receive an answer in the negative all the time. This is one of the reasons why people do not invest in real estate much. However, when in groups, they can get decent discounts that would help them buy a house of their dreams without having to worry about how they are going to finance it. Demands have gone unnoticed Many demands have been made by people in the past to increase the floor space index and reduce the prices of houses. However, these have fallen on deaf ears. Most people would like to buy a house in the urban areas rather than the countryside. So, they do their best to save up as much money as possible. However, by the time they save up some money to buy a house, the prices would already have gone up further. Renting is a hassle Renting houses and constantly shifting from one house to another is a major hassle. Sometimes, you would end up wondering why you have to live on a rental basis all the time when you can buy your own house. Group home buying is the solution to this problem and this would not only give you discounts...