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.

Cement manufacturers along with real estate developers have been demanding a rate cut in the GST. While cement manufacturers are asking for a cut 28 per cent to 18 per cent, developers expect the Council to lower the GST rate to five per cent for builders who purchase 80 per cent of inputs from registered dealers. In its 32nd meeting, the Council had deferred the decision of a lowering the GST on under-construction homes. The Council will now meet on February 24, 2019 to take the decision.

The Delhi-Meerut Expressway, a 438-kilometre-long highway, links national capital Delhi to Lucknow via Ghaziabad, Hapur, Moradabad, Bareilly, Shahjahanpur and Sitapur. Although the highway has been recognised as a fast-developing affordable housing corridor in the National Capital Region (NCR), its expansion plan has assumed more significance in the wake of frequent traffic jams and lack of public transport.

The real estate sector has seen a lot of changes over the recent years, and much of that is attributed to the rising use of technology in construction and the growing confidence of financial companies in the industry. MakaanIQ lists top 10 innovations that have changed the face of the real estate industry.

India’s real estate sector has a reason to cheer as Finance Minister Piyush Goyal has announced a range of sops for real estate developers as well as homebuyers in the Interim Budget, presented on February 1. These measures are expected to boost affordable housing as well as investor sentiments in the near future.