Sector 17 Property

All 92 Sections of the Real Estate (Regulation & Development) Act, 2016, have come into effect today. A look at how the new law is going to change the dynamics of the sector.

With demonetisation, the real estate sector witnessed a disruption of sorts especially because real estate sector happens to be one of the most sentiment-driven business too. Given that the sector's contribution towards the GDP is considerable, the industry couldn't afford the uncertainty for long. Within the industry, stakeholders will agree that 2017 did see a consolidation within the industry with multiple developers combining forces to sustain through RERA implementation.

The Chandigarh Housing Board is all set to launch a housing scheme selling 500 homes in Sector 53 of the city. The board recently received all construction approvals for the project.

The Reuters poll that was conducted between October 29 and November 14 showed national house prices will rise 2.8 per cent this year and 2.0 per cent in 2019, around half the rate of the current and expected rate of consumer price inflation. If that is so, the price rise will still be the lowest in a decade. On a positive note, however, real estate, which is emerging from the triple tsunami of demonetisation, the goods and services tax and the Real Estate Act, might actually benefit from softening property rates.

The City and Industrial Development Corporation says it would hold a draw of lots for sale of 2,000 homes meant for the EWS and LIG categories in the last week of December. On October 2, the Cidco, the agency responsible for building infrastructure in Navi Mumbai, held the online draw to allot affordable homes under its Mega Housing Scheme 2018. The scheme, launched on August 11, had over 14,000 housing units on sale in different parts of satellite town.