The last decade has seen homebuyers' wait for possession in large under-construction projects in the top cities reduce to 4.9 years, from 6.1 years in the 2010-2019 period, a report showed on Sunday.
One of most critical challenges to provide affordable housing especially in urban areasis in the limited nature of supply of urban land. Urbanization has grown at a fast pace, with the proportion of urban population rising from 27.8 per cent in 2001 and is estimated to constitute 89 per cent of the total population in 2051. Apart from the original residents in these urban areas, migrants from rural and peri-urban areas who come to the cities in search of employment, require shelter and housing
The committee was formed in March by the Union Housing and Urban Affairs Ministry comprising officials of the Union Finance Ministry, Uttar Pradesh and Haryana state governments, the Insolvency and Bankruptcy Board of India, the National Housing Bank and the Real Estate Regulatory Authority (RERA) of Haryana and UP.
The real estate regulatory authority (RERA) Gurugram has directed Vatika Limited to refund the full amount to the allottee to whom the builder failed to deliver the unit even after a delay of more than five years.
The DDA has filed an appeal before the Real Estate Appellate Tribunal against the requirement of registration of DDA projects under RERA. So far, no projects of the DDA have been registered under RERA, Minister of State for Housing and Urban Affairs Kaushal Kishore said in a written reply in the Rajya Sabha.
What is still missing in the real estate market is the intention of builders to pass on the benefit of the lower cost to the consumer. On December 8, the GST Council issued a notification seeking to address this very concern
Sales may surge in the second half if a proposal to cut GST rate on under-construction flats from the current 12 per cent gets approved and liquidity situation improves among NBFCs.
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