Real estate in India is on a cusp of witnessing a herculean churning. Multiple policy changes aimed at cleansing the industry will benefit home buyers, developers as well as the whole economy.
• New Benami Act – The Benami Transactions (Prohibition) Amendment Act, described by many as a second salvo against black money after demonetisation, is expected to bring a few substantial changes in the sector.
• RERA – The Real Estate Regulatory Authority Act (RERA), will bring a breath of clean air in the sector if state governments implement the Centre’s policy as it is.
• Affordable Housing – The infrastructure status for affordable housing is a Midas touch in disguise. The move will change the fortunes of scores of budget buyers and also encourage developers to go for such ventures.
• GST benefits – The overall sector and end users have great hopes from the Goods and Services Tax (GST). The move towards GST has triggered a positive sentiment as it proposes to replace a web of taxes with one tax. Irrespective of its benefits to developers’ balance sheets and buyers’ bank balances, it will at least make property purchases simpler.