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Money may not have been the only concern that might have kept you from entering into the property market. It is a widely-acknowledged fact that consumer sentiment took a hit in the recent past as developers struggled to complete their projects and failed to deliver to buyers what they promised. Everyone expected this to change after the Real Estate (Regulation & Development) Act, 2016, came into force. In a first, the Maharashtra Real Estate Regulatory Authority, also known as MahaRERA, recently ordered a developer to return a buyer Rs 20.15 lakh that was paid as advance. This buyer had booked a flat in 2013 and was assured of getting possession of the unit in 2016. Data till August 30 also show that the MahaRERA had registered nearly 12,900 ongoing projects, the highest number of projects registered by a state authority. The precedent set by the state authority would certainly revive the buyers' sentiment.
The amount that a buyer has to pay as stamp duty and registration charges invariably shoot up the total cost of property purchases. This is why when the Maharashtra government raised the ready reckoner rates for Mumbai property by an average of 3.95 per cent in April this year, the move caused much discontent among the developer community. Earlier, buyers of property in Mumbai had to pay an average five per cent stamp duty.
Now, the state has pledged to amend rules to rationalise rates to tame the superficial raise in property prices. "In cities like Mumbai and Pune, the increased ready reckoner rates and higher stamp duties often lead to a steep escalation in prices of houses. The municipal corporations' increased premium coupled with the Goods and Services Tax often lead to a cumulative hike in the overall property prices making housing unaffordable at times,” Maharashtra Chief Minister Devendra Fadnavis recently said at a real estate conclave. “At present, the (Real Estate) Act does not allow governments to intervene in determining the ready reckoner rates for houses/properties. As a result, it has its limitations. The government will bring amendments to the Act,” the CM said.
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