Reading glass on India’s real estate
Real estate in ndia is probably on the cusp of witnessing a mythological churning. The fruit of aggressive policy initiatives aimed at cleansing the industry for home buyers, developers and the economy as a whole alike.
et us take a look at the new dotted lines that are engineering a metamorphosis in the sector.
enam i ransactions prohib ition) ct
This move described by many as a second salvo against black money after demonetisation is expected to bring a few substantial changes in the sector.
Central agencies have already attached lands worth several thousand crores in the nationwide crackdown that began last year, soon after the regulation became a reality.
First, the stringent approach to expose shady investors parking unaccounted cash in properties bought under dummy names will land deals from gathering dusts. t is known that many lands parcels take ages to change hands often because the title is not clear. The crackdown will hopefully make land deals less cumbersome. Seamless access to land parcels for developers is healthy for residential markets. t is also e[pected to win lenders¶ confidence.
Today, banks and other lending institutions are forced to spend time and resources snooping over properties courtesy a culture of distrust over ownership. The regulation could Ee handy in writing off that history.
Confiscated land parcels might add a fillip to the government¶s affordaEle housing scheme.
Traditionally laced with layers of trust deficits the ,ndian real estate sector badly needed a glass door. More than half of the states and union terroties have already notified their versions of the Real Estate (Regulation and Development) Act, 16 , and the others are in advanced stages of