New Delhi, January 17, 2017: In 2014, when the new government stepped in real estate enthusiasts believed it would change the course of real estate market, and lead to a revival in the property prices. However, this didn’t make much difference, and the property prices were still low. But the year 2016 brought many eventful changes with it: Passing of the Real Estate Regulatory Bill in March 2016, Amendments in REIT guidelines in the 2016-17 budget (which spared the SPVs from paying dividend distribution tax to REIT), the announcement of the latest list of smart cities in 2016, the notification of the Benami Transactions Bill in August 2016, and demonetization Rs 1,000 and Rs 500 currency notes. Also, the Budget 2016 aimed at providing affordable houses to the people by allowing a tax exemption of Rs. 50000 for first-time buyers.
All these endeavors give a fair overview of what’s about to take place in the Indian realty sector in the year 2017. The real estate sector will now be more organized and transparent. Not only this, it will have less dependency on cash and will be better regulated; this is believed to lower the risks and bring stable returns from properties. But even though the sector progresses gradually, it is advisable for the buyers to consider key parameters such as geography, asset repute, and investment horizon before making an investment.
Certain small areas in large cities are expected to gain immense importance. In NCR region, projects on the Noida Expressway, Dwarka Expressway, Ghaziabad, and extended Gurgaon are expected to be in demand. In Mumbai, Kharghar, Ulwe, Kalamboli, and Taloja area looks promising for investors. Chennai offers attractive projects in Alandur, Avadi, Guindy, Perumbakkam, Medavakkam, and Oragadam. Investors will find many lucrative 4 BHK apartments for sale in these areas of Chennai. In Bengaluru, Kanakpura Road, Sarjapur, and Varthur look promising. These are situated close to IT hubs and are sure to get high rental demand. Buyers interested in Pune should take a look at the areas surrounding Mumbai-Pune Expressway, like Mamurdi and Punawale. In Hyderabad city, investors may consider Miyapur, Chandanagar, and Kokatpally.
Here are few tips for buyers who wish to make an investment in 2017.
There are certain key factors that the buyers should keep in mind when looking for a residential property. He/she should be well aware of the prior delivery record and fund source It is also essential to carefully check all the related documents like the Title deed, Environmental Clearance, Commencement Certificate, and Approved Building Plan. Furthermore, it is important to check if the project has a good infrastructure surrounding it. Also, look if it is in proximity to your workplace, and if key banks have approved home loans for the property.
It is imperative to check the status of the land title; whether the land is in the name of the builder or he has the building rights for it. Also, buyers should carry on with the negotiations until they get the best offer; be it a new property or a resale property.
The demonetization of currency is sure to impact the cash transactions especially in the first half of 2017. However, it is assumed that the consequential drop in buyer’s interest should see a gradual revival with time. In the later half of the year, the business may resume as usual.
Corporate Comm India(CCI Newswire)
