2017 has been a whirlwind year for India’s real estate sector. It witnessed several laws and measures taken up to empower the consumers and make the property transactions simpler and more transparent. However, this has increased the expectations of homebuyers in this year too.
Understanding of taxation
Goods and service tax (GST) was implemented in July 2017 and it has assimilated all the indirect taxes under it. However, this has created a lot of chaos and the government has set up anti-profiteering authority to ensure that consumers are not charged absurd prices in name of GST. It takes care of developers as well as the buyers.
Delivering security to homebuyers
Some states are yet to build the infrastructure for the smooth functioning of the Real Estate Regulatory Authority. States should gear up their work and provide homebuyers the security that they have been promised under Real Estate Act, 2016.
Action on stamp duty
Stamp duty has attracted a lot of controversies and many experts encourage its abolishment. Though it hasn’t happened yet and will take some more time. The experts believe that stamp duty increases the cost of property and states earn large revenue by levying it on property transactions. Homebuyers are now looking now looking forward to some action on it so that they can avail properties at a cheaper price.
Charges on home loans
There are several costs attached to avail a home loan that makes the overall price of the property quite high. Excessive interest rates are making difficult for homebuyers to purchase a home. The following ways can help to attract the buyers to invest in properties:
- Cut down certain chargers that come along with the loan amount.
- Banks can abolish their administrative charges, processing charges, technical charges, etc.
Delivery by developers
GST and real estate law have completely changed the market game and any downward movement in rates is not expected in near future. Homebuyers are hoping that developers would meet all their promises as far as project deadlines are concerned and no more delay happens.
Encouraging eco-friendly projects
Efforts of buyers and developers should be recognized and respected who take up eco-friendly projects. In recent years, the incentives of going green have not been many. But the buyers who take up such ways should be given monetary rewards by the government. The same goes for developers too. One way to support the buyers is to charge less money as stamp duty as a reward for taking up eco-friendly properties.