Grasp the myr­iad im­pli­ca­tions for your home pur­chase

A look at how RERA’S im­ple­men­ta­tion has af­fected var­i­ous stake­holder seg­ments from builders to buy­ers

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE -

com­plete ex­is­tence.

Ac­cord­ingly, the ‘Prad­han Mantri Awas Yo­jana’ or the ‘Hous­ing for All 2022’ scheme that was an­nounced in June 2015 is a stri­dent move towards pro­vid­ing affordable hous­ing for the ur­ban poor. At the same time, such schemes and Ar­ti­cle 21 of the In­dian Con­sti­tu­tion are ren­dered fu­tile or even un­con­sti­tu­tional if they are ex­ploited for com­mer­cial gains.

Lu­cra­tive in­vest­ment For many buy­ers, houses are more than homes. These real es­tate pur­chases are re­garded as lu­cra­tive in­vest­ment tools. A clear dis­tinc­tion must be made about the pur­pose of the real es­tate in­vest­ment, and du­ties and sur­charges levied ac­cord­ingly to pre­vent such mis­use.

Mul­ti­ple units

For most home buy­ers, two prop­er­ties will suf­fice their basic needs. If any buyer has al­ready pur­chased two res­i­den­tial prop­er­ties, the third pur­chase must be treated as a com­mer­cial prop­erty and stamp duty levied ac­cord­ingly. This will en­sure that the govern­ment’s mea­sures to pro­vide qual­ity hous­ing for all ben­e­fit their in­tended re­cip­i­ents more ef­fec­tively.

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