Brighter Future Awaits India's Real Estate
Anjana and Keshav Singh had to settle for a property that did not really fit in their definition of a dream house. The only plus point about this property was that the developer was not asking them for “a certain portion in black”.
Varsha and Manas Nag, too, were interested in a 3BHK unit that was priced at Rs 80 lakh, but they were not as lucky as the Singhs. Arranging almost Rs 35 lakh of cash at that time was difficult for the Nags. They decided to give it a miss.
Lukhamlu Kamei, a young professional based out of Bengaluru, says that the paying guest accommodation that she lives in paying Rs 15,500 per month as rent is brought down to Rs 3,500 per month on paper when she asks for a rent receipt. Kamei says she has had many troubles while declaring tax returns. About 54 other girls live in the same paying guest accommodation and all their rent receipts are similarly tweaked.
Most of us know these to be a common occurrence, and wish there could be an end to it. Our wishes may true soon enough.
Real estate in India has seen some notable developments in the year 2016, the passing of the Real Estate Act and the recent government move to curb use of unaccounted money are some such steps. The new law will do its share of good for the sector and so would the ban on use of unaccounted money into the sector. Things are looking up already.
What created passive buyers?
Over the last two years, home buyers have been in a wait-and-watch mode. Most surveys conducted tried to understand the sentiments of such potential buyers, who were deferring the purchase because for one reason or the other. Behind the passive buyers were reasons such as sky-high rates, high rate of interest on home loan and circle rates. Buyers have been praying for a price correction before they ventured into buying. However, prices did not fall during this period; they did not go up either.
The recent government steps on curbing the use of unaccounted money into the sector would prove to be a respite for developers and home buyers, both; the former can demand he deserves, the latter will not need to hoard money to buy a home. This is the time when developers, who have been fair in their dealings throughout, will be rewarded in a big way. imminent.
India has ambitious plans ahead of it such as Housing For All 2022. If the market regularises further, it would be a big boost to sentiments and people who have been fence sitters will start buying once again.
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