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New Real Estate Act may add to buyers burden :state government
From May 1, the state government is about to introduce new guidelines in the Real Estate Regulation Act (RERA) which is being introduced by the centre. It is being felt that this act to be introduced by the central government is likely to be a burden for the consumers than ensuring safety.
Rajamahendravaram: From May 1, the state government is about to introduce new guidelines in the Real Estate Regulation Act (RERA) which is being introduced by the centre. It is being felt that this act to be introduced by the central government is likely to be a burden for the consumers than ensuring safety.
In this context, the dream of owning a house for the middle class is going to be more difficult. The expenditure will increase significantly with the rise in the construction cost and payment of various taxes and the consumer has to bear the burden. The building construction will be also delayed due to the new act.
Though the new act is going to give more protection to consumers who purchase flats and sites, the consumer has to bear the additional burden. The realtors are expressing fears that this new act will obstruct the progress of the real estate. There is scope for hike in the price of Rs 250 per square feet and the consumer has to bear this hike, they feel.
The builders are demanding abolition of capital gain tax on the sites which are used for construction of apartments. Experts in construction sector are demanding for reduction on stamp duty. Everyone is expressing hope that the consumer should get benefit from the RERA act which is going to be implemented.
Rajamahendravaram: From May 1, the state government is about to introduce new guidelines in the Real Estate Regulation Act (RERA) which is being introduced by the centre. It is being felt that this act to be introduced by the central government is likely to be a burden for the consumers than ensuring safety.
In this context, the dream of owning a house for the middle class is going to be more difficult. The expenditure will increase significantly with the rise in the construction cost and payment of various taxes and the consumer has to bear the burden. The building construction will be also delayed due to the new act.
Though the new act is going to give more protection to consumers who purchase flats and sites, the consumer has to bear the additional burden. The realtors are expressing fears that this new act will obstruct the progress of the real estate. There is scope for hike in the price of Rs 250 per square feet and the consumer has to bear this hike, they feel.
The builders are demanding abolition of capital gain tax on the sites which are used for construction of apartments. Experts in construction sector are demanding for reduction on stamp duty. Everyone is expressing hope that the consumer should get benefit from the RERA act which is going to be implemented.
