With the help of RERA and Finance Bill the real estate sector is going to change a lot in the near future. It was expected since long as it can offer easy money at lower rates, get investment guidelines and also better expectancy. Hence in coming days, one can see huge reforms in the real estate sector particularly in the affordable housing segment.
- The government of India also has provided the definition of affordable housing projects to pave the way for 100 percent tax subsidy on profits of an affordable housing undertaking.The implication of the same will be much helpful the industry to have a push that was much needed during this slack season.
- The leading builder’s and market players in the real estate such as like Shappoorji Pallonji Joyville as well as Tata Value Homes, etc., have also rebranded to offer the best facilities in their schemes. Now they can also have easy finance from leading financial institutions such as IFC, Kotak Investment, and HDFC Capital.
- There are also many common grievances addressed by the government such as delay in possession, taking a long time for approvals, and other issues related to the real estate sector and RERA implementation have been now given more importance. The experts in the field expect better transparency in deals with the help of the new law. The formation of regulatory authority will be much helpful to the buyers as well as the developers in the industry and hence the development of the project will be more streamlined.
- These new changes will help the builders, as well as the market as there will be many more new players in the field that can take the competition to the new height and hence the ultimate benefits, will go to the buyers only.
- There are many other benefits Government have offered to the builders which are other than the SOPs. It includes a low rate of interest as well as a subsidy to the buyers. As per this scheme, the buyer who is taking the loan for the first time can have loan up to 12 lakhs from the Pradhan Mantri Awas Yojana.
- Many of the states also have introduced new policies for the segment in the affordable housing. There are also many land parcels auctioned by various states to offer the housing facilities to the required people. The affordable housing also has got its place in the Pradhan Mantri Awas Yojna as a major part.
Hence in the coming years, there are many areas which can be seen more developed as a part of the affordable housing only. Many developers also take part in this campaign as they can also have an opportunity to have some contribution in this segment.
Also Read: Change your Home to Green Home
Hence, a number of measures taken from the auction of open plots till offering of subsidy to the buyers have made the buyers and builders achieve their dream.