Government’s Role is shaping up the Real Estate Industry in India
2017 has been one of the most happening years for real estate in the past few decades. From RERA (Real Estate (Regulation and Development) Act) and GST (Goods and Services Tax) to the interest rebate imparted under the Pradhan Mantri Awas Yojana, the government took various vital steps to increase transparency and restore the lost faith of homebuyers in the real estate market.
Government Initiatives Influencing The Real Estate Sector In 2018:
Goods And Services Tax: Goods and Services Tax aka GST is a revolutionary tax reform that brought standardisation in the nation’s economy and taxation system. Executed in July 2017, the effect of GST would be clearly evident in the Indian real estate market in 2018. All the national taxes levied on different materials and services would be incorporated under the umbrella CGST and SGST. This would not only bring clarity in the real estate taxation system but also lower the total money spent on taxes by 30%-40%.
Real Estate (Regulation and Development) Act: The Real Estate (Regulations and Development) Act aka RERA is an innovative step taken by the government in the real estate sector. This act will not only endow the homebuyers but also upsurge clarity in purchasing or selling the property. The direct impact of this reform would be seen in 2018 as the homebuyers’ confidence is progressively being reinstated and they are capitalising more in real estate.
Affordable Housing Schemes: Various government programs and schemes like the Pradhan Mantri Away Yojana and Housing for All By 2022 would also drive the reasonable section of the real estate market. The rebate in interest rates, dropped home loan rates, and construction of reasonably priced houses for the cautiously weaker section and lower/middle-income groups would encourage more acquisitions in 2018.
Real Estate Investment Trusts: The Real Estate Investment Trusts were acknowledged by the Securities and Exchange Board of India (SEBI) and henceforth now attracts more investment. People from national as well as the international domain would be seen get the most out of their money, into the real estate market.
Demonetization: The after effects of demonetization over by the first quarter of 2017, honourable Prime Minister Narendra Modi’s decision broke all bulletins and affected the real estate India regressively thereafter. While this was an immediate results of demonetization, in 2018, the real estate market is expected to grow. The cash crunch stopped the investment of black money in the real estate sector and boosted more digital transactions.
Conclusively, the transactions would become more clear and there would be a revival in the homebuyers’ trust in the real estate sector. All the sale and purchase of property would witness a boom and the forecasts for real estate in 2018 would become more optimistic than ever. All the recent government initiatives like GST, RERA, Real Estate Investment Trusts, Pradhan Mantri Awas Yojana, and the astonishing demonetization would drive the real estate sector in 2018 and make it friendlier for the homebuyers.
Government Initiatives Influencing The Real Estate Sector In 2018:
Goods And Services Tax: Goods and Services Tax aka GST is a revolutionary tax reform that brought standardisation in the nation’s economy and taxation system. Executed in July 2017, the effect of GST would be clearly evident in the Indian real estate market in 2018. All the national taxes levied on different materials and services would be incorporated under the umbrella CGST and SGST. This would not only bring clarity in the real estate taxation system but also lower the total money spent on taxes by 30%-40%.
Real Estate (Regulation and Development) Act: The Real Estate (Regulations and Development) Act aka RERA is an innovative step taken by the government in the real estate sector. This act will not only endow the homebuyers but also upsurge clarity in purchasing or selling the property. The direct impact of this reform would be seen in 2018 as the homebuyers’ confidence is progressively being reinstated and they are capitalising more in real estate.
Affordable Housing Schemes: Various government programs and schemes like the Pradhan Mantri Away Yojana and Housing for All By 2022 would also drive the reasonable section of the real estate market. The rebate in interest rates, dropped home loan rates, and construction of reasonably priced houses for the cautiously weaker section and lower/middle-income groups would encourage more acquisitions in 2018.
Real Estate Investment Trusts: The Real Estate Investment Trusts were acknowledged by the Securities and Exchange Board of India (SEBI) and henceforth now attracts more investment. People from national as well as the international domain would be seen get the most out of their money, into the real estate market.
Demonetization: The after effects of demonetization over by the first quarter of 2017, honourable Prime Minister Narendra Modi’s decision broke all bulletins and affected the real estate India regressively thereafter. While this was an immediate results of demonetization, in 2018, the real estate market is expected to grow. The cash crunch stopped the investment of black money in the real estate sector and boosted more digital transactions.
Conclusively, the transactions would become more clear and there would be a revival in the homebuyers’ trust in the real estate sector. All the sale and purchase of property would witness a boom and the forecasts for real estate in 2018 would become more optimistic than ever. All the recent government initiatives like GST, RERA, Real Estate Investment Trusts, Pradhan Mantri Awas Yojana, and the astonishing demonetization would drive the real estate sector in 2018 and make it friendlier for the homebuyers.
About Real Estate News
No comments