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RERA to be implemented from May 1: Here are the benefits buyers must know | 1 BHK in hinjewadi

RERAIndia's real estate sector has been marred by inordinate project delays and poor quality of construction. Last year, the government had announced the much-awaited regulator for the realty sector.

Here are six ways in which homebuyers stand to benefit from RERA, which will come into force from May 1:
1) Escrow account:

The developer will have to transfer 70 per cent money received from home buyers to an escrow account. "This money will be withdrawn as per the stages of construction, approved by engineers and chartered accountants of builders. This will prevent developers from using the money raised for one project for any other project

2) Pay for what you get:

The buyer will pay only for the carpet area (area within walls). The builder can't charge for the super built-up area, as is the practice at present, where you get 900-1,000 sq. ft. carpet area if you book a 1,300 sq. ft. house (the rest is balconies and common spaces).

3) Clearances before selling:

Developers will be able to sell projects only after the necessary clearances. Under RERA, builders and agents will have to register themselves with the regulator and get all projects with more than eight apartments registered before launch. This will take care of common malpractices such as selling property before getting the necessary clearances. The builder will also have to disclose every detail about the project - number of apartments, carpet area, etc.

4) Five-year warranty:

The builder will have to provide for any structural defect in the building for five years. However, the law doesn't define structural defect clearly, which may lead to disputes between builders and home buyers

5) Will property prices increase after the implementation of RERA? Property prices are not connected to RERA. It is determined by demand and supply in the market. Given the scenario right now, I do not think prices will see a correction after the implementation of RERA. However, margins are expected to increase because of lower cost of construction and developers will be in a position to pass the benefits to customers.

6) Role of states:

Although RERA is a central law, its implementation will depend on state governments, as real estate is a state subject

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RUMORS: Real Estate Will See Impact on The Pricing By Demonetization | 1 BHK in Hinjewadi | Residential Apartments in Hinjewadi

1bhk in hinjewadi, 2bhk in hinjewadi

We appeal to potential home buyers to understand the long term effect and benefit of this great move and not be misled into believing that property prices will fall. There are rampant news articles about there being a correction in pricing of real estate by various opinion makers who seem to think they have the authority to make such claims.

As an industry body representing organised real estate,we again reiterate that the industry has always been catering to the primary market which comprises of end users who aggressively avail home loans. Moreover, with this step of demonetization, banks are again going to be flushed with liquidity of approx. 15 lakh crores and will be compelled to lend aggressively .To do that ,they will have to lower interest rates.

Demonetizing currency has also removed surplus liquidity from the market and this in turn will result in low inflation .We expect that the RBI would definitely, in the coming months ,reduce the REPO rates by at least 2% so that a home loan would come down to at least come down to 7% .

The home loan rates coming down to such levels of sub 7% in the next year or so, the atmosphere will become more like the west where home loans are available at 5%. and below .Unlike the western countries, India has a documented shortage of housing and homes ,an aggressive domestic demand for real estate. This essentially means that in the presence of a lower home loan interest regime, a larger pool of home buyers would avail loans to buy the home they always wanted. This could be made possible in as soon as the next six to twelve months. The housing industry will start to grow at a rapid pace while concurrently being in compliance with transparency and fair practices like RERA .

We appeal to potential home buyers to understand the long term effect and benefit of this great move and not be misled into believing that property prices will fall. Currently the real estate market is at its best possible price point with no further margin with the developers to reduce prices. Now it is the responsibility of financial institutions to enable home buying during such an optimum scenario.

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Housing prices unlikely to come down due to note ban: CREDAI | Residential Apartments in Hinjewadi, Pimpri, Chinchwad, Pune

Housing prices unlikely to come down due to note ban: CREDAI | Residential Apartments in Hinjewadi, Pimpri, Chinchwad, Pune

Credai denies adverse impact on the primary real estate market arising out of demonetisation. In fact, the primary segment is expected to gain at a rate of 15 per cent YoY, the statement said.

In the aftermath of demonetisation move, banks are going to have additional funds upward of Rs 10 trillion. Hence, a fall in interest rates up to 200 basis points is expected.

An early sign is seen with country's largest lender State Bank of India cutting its deposit rates by 1.75 per cent.

News Source: #EconomicTimes

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Benefits of Demonetisation | Investment in Pimpri-Chinchwad,Pune

  • Demonetisation is almost a necessity to root out counterfeit notes which have a direct correlation with terror funding and other fraudulent activities.
  • If a country is to progress we cannot have less than 10% of the population paying Income Tax. An effort is being made to ensure that people conduct their business in a fair and transparent manner. Increased ‘Digital’ transactions will not only provide convenience to the customers but will also root out corruption and bring down the cost of banking services.
  • It is imperative that the savings of individuals and businesses are used to spur investments. It is further necessary that most of the currency in circulation is moving through the banks rather than being stored at various places in an unproductive manner. This will give banks the capacity to lend and also to bring interest rates down in order to spur investment and be competitive.
  •  A study by MasterCard shows that the cost of using cash i.e. printing, transporting, storage, soiled notes, etc. is almost 1.5% of GDP. The move to ‘Digital’ transactions, through the Banking System will not only benefit the customer but also the economy through lowering of cost.
  •  We also need to bring to semi-urban and rural India the convenience of dealing ‘Digitally’ and getting services/ loans at competitive rates.
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