RealEstateNewsBox

Modi Government has decided to examine the Rajiv Awas Yojna which started in the UPA tenure. The quality of more than 1 lakh houses built and built under this scheme will be examined. The Central Sectioning and Monitoring Committee (CSMC) created for the Prime Minister's housing scheme has asked those states to follow it, where the projects of Rajiv Awas Yojana have been completed or projects are underway.

Housing and Urban Affairs, Rural Development, Panchayati Raj and Drinking Water and Sanitation Minister Narendra Singh Tomar announced the commitment of the Prime Minister to achieve the goal of housing for all, by 2022, in all cases. At the same time, he assured the real estate sector that all the complaints related to policy will be resolved in such a way that they get complete satisfaction.

Supertech's buyers have also come in the mood to perform an indefinite detention at the builder's office. In Noida, Amrapali's buyers have been sitting outside the office for the last 21 days due to not getting the ashes. At the same time, Supertech buyers are also going to perform an indefinite detention on the builder's office. Actually, the buyers have alleged that the builder had told them to give possession in 2012 and 2013 but they have not been given possession yet.

Like some other developers like Noida-Greater Noida's major real estate developer JP Infratech, there is a fear of bankruptcy. At such a time, the worry of home buyers who have stashed money on the projects of these developers is that what will happen to them if developers have become bankrupt now? At a time when the government is giving confidence to the buyers, the Home Byers have also been relieved from the decision of the Insolvency and Bankers Board of India (IBBI). According to this, home buyers can claim recovery from Insolvency Resolution Professional, like other creditors, when the builders go into the bankruptcy category. The National Company Law Tribunal (NCLT) has started insolvency proceedings against Jaypee Infratech. It can also start insolvency process on other default builders.

'Rent to Own' Home Scheme for Government employees coming soon, HUDCO will give loan. So far, the government employees remain in the government flat for the job, but after retiring they have to leave the flat, but now it will not be so. The Modi government is bringing a scheme which will allow government employees to pay rent for a fixed period and after that the house will be theirs. This 'Rent to Own' scheme has been prepared by the Ministry of Housing and Urban Affairs. HUDCO (Housing and Urban Development Corporation Limited) has been entrusted with the responsibility to provide government departments with loan under the scheme so that the government departments come forward to build a house for their employees.

The builder currently pays 4.5 percent service tax on the construction. Builders currently make 5 percent tax on bricks and sand. Apart from this, 12 to 28 percent tax is charged on all other building materials such as tiles, plaster, cement and marble. Apart from this, the state also receives entry tax. Overall, if the GST is implemented, the burden on the builder will be reduced.

Even after the implementation of the much-awaited real estate act Rare (RERA), home buyers may have to wait a bit longer to get relief. In the years to come, millions of people planning to buy a house and those whose money is stuck in the Under Construction project, the real estate act was waiting for RERA Although it has been implemented since May 1, 2017, it seems that it may take more time for the home buyers to get relief under the Real Estate (Regulation and Development) Act, 2016 (REA).

After the real estate regulatory act (RARA) is implemented, property dealers are allowed to do business. There will be many stringent rules to pass through. So far the states which have made rules have strictly followed property dealers. Dealers will have to provide business details of the last three years with the Income Tax Return (ITR) during the last five years. In addition, they will have to give details of the civil and criminal case running on their own. 

By Ramesh Nair, CEO & Country Head, JLL India These trends will shape - or reshape - the Indian real estate sector in 2017 and beyond: Global capital flow into Indian real estate will increase further   India is ranked fourth in developing Asia for FDI inflows as per the World Investment Report 2016 by the United Nations Conference for Trade and Development. That is endorsement at the highest levels - and real estate saw equity investment on a very visible return journey to India last year. Indian real estate has attracted $32 billion in private equity so far. The global capital flow into Indian real estate in 2016 stood at $5.7 billion.