Indian Real Estate market is going through a slow phase. The
completed projects are accumulating and buyers are not showing any interest in
the properties completed more than a year ago. As such, the builders are forced
to sell the properties at loss. This is not it. There are many issues trolling
the realty market and making it less attractive than it used to be a year ago.
Unsolved Disputes
The land disputes are very common in India. And the real
tragedy is that the disputes filled are not solved in due time. The
construction gets halt for the time being and that’s a loss for the developers.
Not only developers, those buyers also are in the difficult situation who have
to pay the EMI for the house and the rent for the present accommodation too.
RERA says that the real estate disputes should be solved within 60 days of the
registration. So, that’s a hope for the real estate market.
Delay in Project Approvals
There is no law that guides the market. Like the unsolved
disputes, one more grave issue is getting all the approvals from the authority.
The builders need to have the construction approval, then completion
certificate and then occupation certificate from the Govt. before handing over
the keys to the buyers. The process takes quite some time and many builders
sell the properties without these approvals getting themselves and the buyers
in the legal complications.
The Buying Cost
While the young generation is earning more than before and
buying the houses, still the cost of buying is a concern. The tax system in
India is good but not the most convenient one. The GST is supposed to improve
the problem but that is to be seen. The stamp duty, registration charges are to
be paid extra which sums to a huge amount. Sometimes, a middle-class person
arranges for the house but cannot arrange for these additional costs.
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