7 Things Homebuyers Want In 2018

Saying that the year 2017 was an eventful year for India's real estate sector would be an under-statement; it was far more than that. This was the year when game-changing laws came into force that would empower the consumer; this was the year when several measures were implemented to make the sector more transparent; this was also the year when many efforts were made to make property transactions simpler. However, this has whet the homebuyers' hunger to have it better.

Here is what homebuyers are expecting from the year that is coming:

Freedom from confusion

The Goods and Service Tax (GST) was implemented in July this year. However, there is still a great deal of confusion about the new tax regime that has subsumed a number of indirect taxes upon its arrival. Amid all this confusion, the government has also set up anti-profiteering authority to ensure developers pass on the benefits of the new regime to consumers as well. In the New Year, homebuyers expect to avail of those benefits, resulting in lower rates of property, without them having to ask for it.

Delivery of promises

The year is about to pass and some states have yet to build the infrastructure for the smooth functioning of the Real Estate Regulatory Authority. States must be prodded to speed up the work and provide homebuyers the security that they have been promised under the Real Estate (Regulation & Development) Act, 2016.

Ability to afford

There has been an ongoing debate around stamp duty. Many experts are of the view that states must abolish stamp duty to make property more affordable to the common people. Considering states earn a large part of their revenue by levying stamp duty on property transaction, this has not been possible so far. Homebuyers, however, do expect the rates to go down substantially.

Fringe benefits

Interest rates may be at an all-time low, but, homebuyers may still find it hard to purchase a home. Associated costs of buying a home loan make the overall purchase quite costly, and not many might be able to afford it that way. While homebuyers are expecting interest rates to come down further in the New Year, it would also be a great step to cut down certain charges that tag along with the loan amount. To attract more buyers to invest in property, banks may consider abolishing/bringing down their administration charges, processing charges, technical charges, etc.

No more delays

In the past four years, property rates have remained largely stagnant. With the market springing back to its feet after the arrival of the real estate law and GST, any downwards movement in rates does not seem on the on the cards. However, homebuyers would expect developers to meet all their promises, as far as the project delivery time goes. As focus shifts towards meeting the project delivery deadlines, they hope the now defining delays would soon be left behind.

More discounts

Rumour has it that the government is likely to impose an 8-10 per cent tax on over one-year-old unsold real estate inventory from the next financial year. In such a scenario, developers who have been sitting on a large pile of unsold housing stock will lose a great deal of money in taxes. This would make it imperative for them to sell their stock as soon as they can. This means developers showering buyers discount offers. Property may come cheaper after all.

Rewarding the green efforts

As far as buyers are concerned, the incentives of going green have not been many. In fact, someone opting for an environment-friendly project would have to initially shell out more money. As government focus shifts towards environment protection, this category of buyers must be rewarded for their efforts in the form of monetary benefits. The same must be true for such developers, too. It would not be a bad idea to charge less money as stamp duty from a buyer who invests in an eco-friendly project, for instance. Developers engaged in building such projects should be rewarded equally.

The wait is over

Delays in completion of large-scale infrastructure project often mar the joys of urban living. Someone expecting to have a Metro connectivity by the next year, for instance, would be greatly disappointed if he were to know that it would not be before another two years that he would be able to enjoy a Metro ride. Values of areas that are “soon to have” a better infrastructure surely increase on speculation. However, it is only after the said infrastructure is built that such areas become valuable. While it is prodding developers to stick to timelines, the government may consider following the same when it comes to public projects. Homebuyers would be nothing but overjoyed if that is achieved.