Delayed delivery costs homebuyers
Delayed delivery can shave off a large chunk of interest payment deduction benefit for people buying homes on loans. 2016 may be a good year to buy a home. Property prices have remained stagnant for almost a year. While the quoted inventory prices may not have changed, better deals are available in terms of spot discounts, flexible payment plans and freebies across most major residential markets. So, this may be the best time to bargain hard and book a property. But a new trend in the real estate sector may sour your sweet deal. While developer’s aim is to avoid legal action, longer deadlines imply tax loss for those who plan to purchase the property on loan. The worst is that the rule adversely affects the end-user the most.
Simpler green norms for realty
The environment ministry had received a suggestion from the urban development ministry that the building green code needs to be simpler. In the New Year, India’s real estate market may finally get a much-needed boost -builders may have to comply with only 12 to 24 environmental norms instead of the 100 green rules that were originally proposed. The proposed reform is that once the green code is worked into building bylaws, local authorities should have approval powers.
Source: Times Property, The Times of India, Ahmedabad