Showing posts with label Real Estate Regulatory Act (RERA). Show all posts
Showing posts with label Real Estate Regulatory Act (RERA). Show all posts

Saturday, May 9, 2020

Report suggests that RERAs extends the project deadline by 6–12 months

In a recent report by the PHD Chamber of Commerce, findings from various real estate bodies have suggested that the Center advise all the states to extend the deadline for Real Estate Regulatory Authorities (RERA) to complete projects ranging from six months to 1 year. Should be given just 3 months in the wake of the COVID-19 crisis and the ensuing nationwide lockdown.

The industry body has also proposed that a six-month suspension period be allocated for payment of local body taxes such as municipal taxes and property taxes.

It further suggested that current projects are considered assets to be loaned to developers.

The report states: “Stamp duty and registration fees should be reduced or waived on flats completed for a period of about one year. This will not only be a major challenge for the real estate sector, but it will also boost demand in key industries like cement, steel, electrical etc., while at the same time providing employment opportunities. This can go a long way in rejuvenating economic activities. "

It acknowledged that although the RBI's cut in the emergency rate would reduce interest rates, consumer sentiment should be further stimulated to buy a home.

According to the report of the Board of Industries, "It is suggested that the deduction in interest for home purchases should be reduced this year. For example, for the current year, the deduction of interest may be paid 200 percent of the interest. , Followed by deduction of 175 percent interest paid for the second year, 150 percent deduction of interest paid for the third year and so on. "

It has been suggested that the industry would be helped, such as during the COVID-19 crisis, that the minimum wages of construction workers would be borne by the government using labor funds collected by the developers.

The report also touched on a long-awaited request for industry status for the real estate sector.

Sunday, November 17, 2019

Demonetization Move on Real Estate Industry...!


8th November 2019 has been a historic day for both India and the United States, with many successful events. America saw the remarkable victory of Donald Trump. To curb black money, Narendra Modi (Prime Minister) announced the sudden withdrawal of 500 and 1000 rupee notes.


Encouraged by these developments, the sensex opened lower, during demonetization gold jumped by Rs 900 to a three-year high of Rs 31,750 per ten grams.

Soon after the decision to discontinue 500 and 1000 rupee notes, the common man (Aam Aadmi) went helter-skelter. In no time, the Internet was filled with advice on where you could use your leftover notes and how to make the most of it. Some restaurants and gyms in Delhi were quick to come up with attractive plans and proposals.

So, what are the motives behind this so-called strategic move? Well, it seems that the Income Tax Department has not been very successful in recovering black money, despite adopting the approach of “carrot and stick” to expose black money.

After the benami transaction bill, RERA, and GST, it is another step by the central government for increased transparency and accountability in the sector. This demonstrative decision is also likely to bring more professionalism to the field as only reliable developers who take check payments will succeed.

With this, the confidence of global investors who have seen large investments in Indian markets is also likely to be shot in the arm. About one-third of India's real estate economy is powered by black money. Therefore, the move is likely to enter black money with immediate effect and will help curb unaccounted money in the region.

Now talking about its impact, the move is likely to have a positive impact in the long run. However, in the short term, it will cause disruption. This step can prove to be a boon for the gold market and e-wallet. However, if we take a look at the stock market data this morning, most of the divesting stocks were from the leading real estate companies.

Surgical strikes on black money will reduce inflation, which will benefit real buyers. The move will bring more transparency in the country's financial system, allowing India's GDP to flow through the digital pipe, thereby improving the digital economy. This decision is positive for end-users who want to buy their dream homes. With the implementation of the Real Estate Regulatory Act (RERA), this sector is going to be purified soon and will also boost the image of India globally.


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