News Updates
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Why Diwali might be the best time to buy a house
The greatest banks and developers in India are banking on you for a revival. On offer are credits with 10-year-low loan costs, deferred payments, discounts. Some banks are even foregoing charges. A flush of cash from Mint Street helps the autumn in rates, letting lenders go all bent woo a comparatively safe set of borrowers to cushion a Covid blow to asset quality. Kotak Mahindra Bank, Bank of Baroda, State Bank of India, Punjab National Bank, are among the banks who have slashed home loan
Home-Seekers To Invest Between Rs 90 lakh And Rs 2.5 Crore
Covid-19 has altered home-buyers preferences, with the second wave being a big change catalyst. Over 34 per cent of respondent home-seekers during a survey said they focused on properties priced between Rs 90 lakh to Rs 2.5 crore. While 35 per cent favoured properties priced between Rs 45-90 lakh, just 27 per cent of respondents voted in favour of affordable housing (priced but Rs 45 lakh), as per the CII-Anarock Consumer Sentiment Survey. “The budget range which this survey identifies
India sees 26% rise in home loans in January-June 2021
Housing loan borrowers are making the foremost of the present record-low rate of interest regime as indicated by a 42% on-year surge in demand for Balance Transfers (BT) and 26% rise for home loans within the half of 2021. Loan Against Property (LAP) during this period has also witnessed a 20% rise. The soaring demand is essentially attributed to the Reserve Bank of India’s decision to stay the repo rate unchanged at a continuing 4%. This has allowed many banks to supply home loans at
Women Home Buyers On The Rise
In the last few years, several initiatives were taken to help women be more financially independent and successful home-owners, from making it mandatory to have a woman co-owner when applying for a home via PMAY to offering additional stamp duty cuts in select states. The efforts seem to be bearing fruit. According to a recent report by Knight Frank India, women home-buyers constituted 6.6 per cent of the total new home sales in Mumbai BMC region in April 2021. In May 2021, the number
Why real estate offers good returns ?
Real estate business has seen a significant shift in the last ten years since 2010, particularly in regions such as Pune,kolkata,Bengaluru, Hyderabad and Delhi-NCR. These cities, however, are nearing saturation due to lack of sufficient land banks and excessive costs. As a result, numerous rising towns are projected to become sought-after destinations in the next few years.Various upcoming smart cities will project the next phase of growth in real estate. Given that the government's "Smart
Housing revival to boost economic sentiment: FM Nirmala Sitharaman
This will also boost the portfolios of banks and non-banking financial companies (NBFCs), said the FM at a virtual event where she handed over possession of Rivali Park to home buyers.The Mumbai-based project, which had been stalled for some time, was completed under the Centre’s special liquidity window — Special Window for Affordable & Mid-Income Housing (SWAMIH-I). This is the first residential project completed by SWAMIH, which was created in 2019 to fund stuck affordable
SC says WB Housing Industry Regulation Act of 2017 ‘unconstitutional’, in conflict with Centre's RERA
The Supreme Court on May 4 struck down West Bengal's Housing Industry Regulation Act (WBHIRA) 2017, the law regulating the state’s real estate sector, saying it was ‘unconstitutional’ as it creates a parallel regime and is in direct conflict with the Centre’s Real Estate (Regulation and Development) Act (RERA). The state law has encroached upon the domain of the Parliament and hence is unconstitutional, the verdict said. The West Bengal Housing Industry Regulation Act
Luxury housing sales went up by 21% in February :Report
Luxury housing sales in India’s seven primary markets went up 21% in February to 8219 units from 6,786 units a year ago following extra demand for open and bigger spaces because of the Covid-19 pandemic. Delhi-National Capital Region (NCR) emerged as the most important beneficiary of the trend as it recorded an increase of 54% in luxurious housing sales. Mumbai Metropolitan Region (MMR) changed into next with a 37% growth, followed by using Bangalore (13%), Pune (12%), Chennai (8%) and
KYC and Source of Funds required from buyer/seller for any real estate transaction, by Real Estate Agent
The government has issued two notifications dated December 28, 2020, making it obligatory for real estate agents to keep records of transactions facilitated using them under the PMLA (Prevention of Money Laundering Act, 2002 ) rules. Here is a have a look at what has been amended, its impact on home buyers and sellers, and what will manifest if one does now not observe the guidelines. If you're looking to buy a residence, then your real estate agent will ask you to undergo a KYC process and
GST applies to one-time maintenance deposit flat customers pay developers: AAR
The AAR bench, though, brought the quantity will be concern to GST on the time of actual supply of service—when renovation services or maintenance of common place areas and centers are achieved, in future, with the aid of utilising these deposits. MUMBAI: The Gujarat bench of Authority for Advance Rulings (AAR) these days held items and services tax (GST) would be relevant to a one-time upkeep deposit gathered by a builder from its consumers as it's miles
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