News Updates
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Kolkata Records Highest Residential Registrations Oct 2022
Stamp duty and Circle rate relaxation has boded well with Kolkata as the city recorded significant sales volume in October 2022. The Kolkata Metropolitan Area expects the ongoing homebuying momentum to continue. Read on to know more about the city’s realty performance in October 2022. Ongoing relaxations have led to an improvement in registrations across Kolkata. The city has witnessed highest property registrations this year in October 2022, and the second-highest since the relaxations
Why Buying a Property During Dhanteras?
Dhanteras is a Hindu festival celebrated for the Goddess of wealth, Laxmi and Dhanvantari. According to Hindu mythology, anything, including properties like cars, gold, lands and other properties, reaps rich benefits. The word Dhanteras is derived from the Hindi word where “Dhan”, which stands for Wealth, and “Teras” refers to the 13th day of Krishna Paksha, of the lunar month Kartik. What Happens on Dhanteras? On this day of Dhanteras, individuals thoroughly clean
Institutional investments in Indian real estate touch $3.6 billion in Jan-Sep.
Institutional investments in Delhi-NCR's real estate market jumped 2.5 fold year-on-year to USD 754 million during January-September. The total investments in Indian real estate rose 18 per cent to USD 3.6 billion during January-September this year, from 3.03 billion in the corresponding period of the previous year. The inflows were driven by the office sector that accounted for 50 per cent share. As per the data, Delhi-NCR attracted institutional investments worth USD 754 million
India house price index goes up by 3.5% in Q1 of 2022-23
During the first quarter of 2022-23, the pricing index for homes in India went up by 3.5 per cent year-on-year, data released by the RBI showed. It is based on transaction-level data obtained from the housing registration authorities in 10 major cities in the country. The cities are: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. Large-scale variance was observed in the year-on-year movement of the index across the country's cities and regions, RBI
Homebuyers body requests CM Mamata Banerjee to implement RERA laws in West Bengal
Forum for People’s Collective Efforts (FPCE) has written a letter to West Bengal Chief Minister Mamata Banerjee, to take necessary steps to make real estate law RERA functional in the state within one month. FPCE, homebuyers that played an important role in enactment and implementation of RERA, expressed concern over real estate law RERA still being non-functional in West Bengal, leaving buyers at the mercy of builders. FPCE President Abhay Upadhyay, who is also a member of central
Real Estate Regulatory Authority Increasing transparency in real estate sector
India’s real estate sector has come a long way in the past few decades. From a largely unorganized and unregulated sector, it has become one of the largest and most resilient real estate industries in the world. Today it is one of the most significant contributors to the country’s GDP. It also employs one of the highest numbers of unskilled and semi-skilled labourers. However, the real estate sector in the country has had a fair share of ups and downs during this period. There were
Reason Why Home-Buyers More Interested in Buying a Flat in New Town
Kolkata’s real estate market is witnessing a speedy transformation. The city’s property market, coming out from the stagnation post demonetization and GST, has gained much momentum in recent times. With the apprehension about GST getting cleared, New Town is gradually receiving increased buyers’ interest in recent months. Affordability Is the Key For Buying A Flat in New Town Pricing and value are always the primary concerns while looking for flats for sale in New Town
Repo Rate Hike: How will homebuyers get impacted and what should they do?
The RBI increased the repo rate — the rate at which the central bank of the country lends funds to the commercial banks — by 50 basis points (bps) to 5.40 per cent in its bi-monthly policy meeting today. The decision is going to impact a large number of home loan borrowers and impact the prospective borrowers who are planning to buy a new house. Here is how the repo rate influences the home loan rates Every time a home loan is taken, the first thing that comes to mind is the
Who has to pay 18% GST on residential rentals?
Union Finance Ministry Nirmala Sitharaman on July 13th, 2022 issued Review of central tax announcement wherein it brought residential rentals under GST ambit from July 18th 2022 onwards with immediate effect. The previous June 2017 order, bringing residential dwelling rented to a registered person under 18% GST tax payment. who is living in a rented flat and doesn't have a registered GST number, won't have to pay 18 of GST. Meaning, that a salaried family staying in a rented house need not be
Chinese property stocks rally on $44bn bailout hopes
China will set up a real estate fund to help developers resolve a crippling debt crisis, aiming for a warchest of up to 300 billion yuan ($44.4 billion), according to a state bank official with direct knowledge of the matter. The size of the fund would initially be set at 80 billion yuan through support from China Construction Bank and the People's Bank of China (PBOC), the person, who declined to be identified due to the sensitivity of the matter. The source said the fund will be used to
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