Contrary to the increasing conservative preference for compact homes, the Indian millennial woman does not want to compromise on property size.
NAREDCO President Niranjan Hiranandani welcomed the GST Council's decision to cut tax rate on sale of under-construction flats, but sought reduction in taxes on key raw material cement that attracts a GST rate of 28 per cent.
The recommendations are "aimed at reducing the impact of GST on the end-consumer and simplifying the compliance requirements of the developer.
The proposal that no notional rent will be levied on second self-occupied homes and that capital gains up to Rs 2 crore can be used to buy two houses, is expected to boost demand for housing.
On the GST, the association welcomed setting up of a group of ministers (GoM) to consider rationalisation of rate. It demanded that the GST should be brought down to 5 percent with input tax credit (ITC) for affordable housing from 8 percent, while for other projects the rate should be 8 percent with ITC from the present 12 percent.
While Section 18 of RERA Act clearly states that a homebuyer can seek refund and ought to be compensated for ‘undue’ delays in a project, experts said a withdrawal by a handful should not jeopardise completion of an entire project
While homebuyers want the government to create a stressed asset fund to deal with incomplete projects, developers are hoping that the government will bring stamp duty within the purview of GST.
The association also recommended that any dispute regarding new projects should only be heard by state regulators set up under RERA, and not consumer courts
He also announced that the Transit-Oriented Development (TOD) policy is being extended by 90 days.
Around 2.5 lakh urban poor will be trained under this programme
Government sets up advisory committees to address home buyers issues
On the sidelines of the Real Estate and Infrastructure Investors’ summit, Hiranandani spoke to us about his priorities as president, the role of private sector in affordable housing and government policies that will impact the real estate industry.
Central assistance of up to Rs 2.50 lakh per house now available for building houses on private lands.
Although the Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March 2016 and all the 92 sections of the Act come into effect from May 1, only 13 states and R
The Brihanmumbai Municipal Corporation (BMC) has proposed a surcharge of one per cent on the buying and selling of properties in Mumbai, to fund infrastructure projects. This would be enforced by the state government, R
The Prime Minister’s Office (PMO), recently held meetings to discuss deliberations around undertaking projects in the PPP mode, to boost the supply of low-cost houses. This development comes in the backdrop of the thrust R
The supply and demand of low-cost homes would increase as both existing and new players are expected to enter into this segment with reduction in borrowing costs after infrastructure status to affordable housing.
Realtors' body NAREDCO today hailed the government's decision to provide interest subsidy under the Pradhan Mantri Awaas Yojana, saying the move will help in accomplishing the vision of 'Housing for All' by 2022.
There is a sense of recovery in the real estate market, as the second half of 2016 saw a revival in sales and this trend is likely to continue in 2017. At the same R
Property developers and consultants today expressed disappointment over the RBI decision to keep key policy rates unchanged and said the reduction in interest rates would have given a boost to sluggish housing sales.
According to the study conducted by PwC, Naredco and APREA, the market for this segment is estimated to be USD 100 billion per annum over the next 5-7 years on factors like acute shortage of housing, especially in the affordable segment (low income and EWS groups), increasing urbanisation and growing economy.
India will require investments of USD 1 trillion over the next five to seven years, to meet the demand from the infrastructure and housing sectors, with banks, private equity and NBFCs likely to be R
NAREDCO, in association with Asia Pacific Real Estate Association (APREA), is organising 2-day 'Real Estate and Infrastructure Investors' Summit 2016' here.
RBI today reduced the repo rate by 0.25 percent -- the short term rate at which the central bank lends to banks -- to 6.25 percent.
Prime Minister Narendra Modi's Lok Sabha constituency Varanasi along with holy cities of Amritsar and Ajmer has made it to the list of 27 smart cities announced.