New Delhi – The investment officer of Poptiger.com, Ankur Dhawan talks about the real estate market in a live discussion. In the debate, they explored the real estate market and the impact of GST on the market. They have also explored the possibility of buying property in the current market.
Many things are happening in the present real estate market. Many new regulations have come to effect, and the tax regimes have changed as well. In the last few years, the property market has witnessed a steady fall. The home seekers are in two minds about whether to buy the property now or wait to watch the market.
It is said that the home seekers should see whether the property they are trying to buy is registered under the Real Estate Regulation Act. If the property is registered, the confusion should not be there. However, in case the property is not registered the buyer should wait for the property to get registered under the real estate regulations act.
To answer the question whether the price would see further transformation or not, it had been said that the cost of property ownership would not change or get corrected. GST might lead to some price correction. However, the additional taxes would make up for the decrease. The price of property has been bottomed out already.
The best time to buy property is at the current time. It might have already passed as well, said in the discussion. Going ahead, the price of the property would increase. The real estate regulation act has succeeded in bringing peace in the minds of the home buyers. Due to the regulation, a variety of confusion regarding the property buying has been cleared out.
There has been a slight delay in implementation of real estate property act. This has impacted the market. The market has gone down, and this is expected to continue for some time.
Due to the implementation of GST the input tax has come to effect and now the developers can reduce the selling price. However, this scenario is for the new schemes. Real estate has different types of projects with the various kinds of constructions. This puts the matter of property buying in a complicated situation.