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Seven Key Highlights Of Rera For Home Buyers

The real estate sector in Gurgaon has witnessed a surfeit of changes ever since the Indian economic growth picked up pace. Furthermore, migration into key industrial centres like Gurgaon, an upsurge in the disposable incomes and foreign investments has steered the demand for all forms of real estate in the country.
Another emerging trend that has been observed over the course of time is the growing demands for affordable. This Is largely due to an ever-expanding industrial footprint in the region that has contributed tremendously in augmenting the earning capacity of workers and encouraging an increasing number of career oriented professionals to migrate to the city. Hence, it is quite evident that the increasing number of flats in Gurgaon has been augmenting the growth of the city.

affordable housing schemes in Gurgaon
Although the segment of affordable housing in Gurgaon continues to develop, the need for transparent protocols and uniform guidelines has been demanded by the Industry which was constantly perceived in a negative light by prospective home buyers. As options for affordable housing in Gurgaon have been ever increasing lately, discrepancies have been reported due to a lack of transparency in the particular sector. It could, therefore, be said that there wasn’t a better time to introduce the Real Estate Regulation and Development Act as the Government focuses on – housing for all, passing a series of affordable housing schemes in Gurgaon.

Following is a list of prudently conceived highlights from the historic legislation: Following is a list of prudently conceived highlights from the historic legislation:

1. The home buyers will be entitled to receive important information about the sanctioned plan, layout plan as approved by the regulatory authorities, phase wise time schedule of the project completion and the services promised by the real estate developers such as drinking water facility, electricity, sanitation etc. After receiving the physical possession of the unit, the consumer has a right to acquire all the necessary documents and plans including that of the common areas.
2. The homebuyers can claim possession of the unit and the association of homebuyers can collectively claim possession of the common areas as & when declared by the real estate developers.
3. If the real estate developers fail to meet the timeline or fail to deliver what was promised, the consumer will have the right to claim refund of the amount paid along with prescribed interest and compensation for the same.
4. It is mandatory for a consumer to make timely payments to the real estate developers as per the agreement for sale. They will also have to pay their share of registration charges, municipal taxes, maintenance charges, ground rent, electricity charges, water supply charges and any other services.
5. Once the occupancy certificate is issued by the real estate developers, the consumer will be required to take possession within two months’ time.
6. If the homebuyers are not able to make timely payments for their purchase, they are required to pay interest at a prescribed rate.
7. It is compulsory for buyers to manifest active participation in the formation of an association, a cooperative society, or any federation of homebuyers.

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More Than a Billion Dollars of Investments for Gurgaon in 2016!

Gurgaon over the years has been one of the most emerging cities in Delhi NCR. This year itself, Gurgaon has dominated by a huge margin with increased investments, stated a CBRE report. Stagnation in Delhi’s urban development and the presence of high quality gated residential communities helped Gurgaon gain over 70% of the Office Leasing.

property-in-gurgaon

With land acquisition and financing getting Gurgaon more than a billion dollars of investment, the overall outlook of the market looks extremely bullish. Commercial office markets and extremely upmarket residential communities give a huge thumbs up to the growing Gurgaon realty market.

Though prime locations like MG Road and Golf Course Road have become expensive with respect to flats for sale in Gurgaon, the city has a host of new locations to offer with great residential options. Very nearby is the Golf Course Extension, Dwarka Expressway as well as New Gurgaon which have amazing residential options in various price brackets.

flats-for-sale-in-gurgaon

Gurgaon, as a city to invest, has gained popularity not just nationally but internationally as well with countries like China and other neighboring ones evaluating it as their first option for investment in property in Gurgaon.

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Demand and Supply of Affordable Housing and Plots in Gurgaon

Gurgaon, a city with little history but marvelous growth in present market condition is expected to come in competition with countries like Dubai in future. Within a few years it has become an economic centre of the nation. With more than 250 organizations, around 500 BOP’S / KPO’S and over 2 lakh executives working in the city, plots in Gurgaon are becoming a high priority among those who want to purchase a residential apartment. Demand of commercial spaces is directly proportional to the investment of residential apartments.

plots-in-gurgaon

Emerging of various start-ups is also one of the reasons of increase in demand of purchase of plots in Gurgaon. Another factor to be taken into account is the introduction of Real Estate Infrastructure Fund (RFIF). The proposed move will eventually help in unlocking funds from completed projects in real estate. Funds will be raised through the sale of units.

flats-in-gurgaon

City which was initially known for luxury and premium properties has also included affordable housing into account. The present market scenario in real estate in link with affordable housing in Gurgaon is such that demand for affordable residential apartments is more while the supply is far less. This is also another key factor why real estate developers are focusing more on affordable plots. The interest shown by various people in this segment is likely to facilitate timely delivery of projects.7th pay commission approval by the cabinet is another key factor which will help real estate sector in seeing a boost.

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Influence of GST on Real Estate

Real estate sector is deeply inter-linked with GST (Goods and Service Tax). GST has the power to increase transparency in its functionality and even reduce the cost of ownership of homes and buyers.

GST, which has been one of the longest awaited tax reforms, got unanimous approval from both houses of parliament this monsoon session. Opting for residential projects in Gurgaon has also seen an increment, as individuals will have to pay additional VAT (Value Added Tax) if they purchase a project which is still under-construction.

flats-at-gurgaon

The demand of residential projects is likely to get increased as recently, Haryana Government has approved proposals which will affect pricing of residential apartments.

The Haryana government has approved the two-pronged proposals:

  • Increase in the floor area ratio (FAR) in the range of 0.35 to 0.80.
  • Allow plot owners to build more space for housing units in Gurgaon by increasing ground coverage.

fully-furnished-flats-at-gurgaon
These proposals will definitely help in enhancing the demand of residential projects in Gurgaon and fully furnished flats in Gurgaon as well.

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Dwarka Expressway – A Road to Luxurious Living

Dwarka Expressway is progressing well when it comes to the real estate market. It is one of the widest expressway projects that connects NH8 to Dwarka. It was designed to ease the traffic rush on the Delhi-Gurgaon Expressway. It is in close proximity to Delhi and IGI Airport. All the best builders of the country have either have their projects in this area or their projects are under construction. There are particular sectors for residential and commercial projects.

Raheja Developers

With the scope of price appreciation, in the coming years the value of these properties will increase significantly. Dwarka Expressway is an excellent location for people who wish to invest. Some of the top names in education and health have taken up sites for schools and hospitals in this area. Development is taking place at an impressive speed. It is the most affordable offering the best investment opportunity at this time.

flats in Gurgaon

If we look for the properties that have come up near expressway, Raheja Developers has 2 projects in sector 108 and 109, Raheja Vedanta and Raheja Atharva respectively. These are 3-4 BHK ready to move luxurious apartments. These flats in Gurgaon are surrounded by aroma of nature with all the amenities in the affordable budget. With well-planned roads and easy connectivity, Raheja Developers has created an address to experience the modern lifestyle with thoughtful features.

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Gurgaon: A Place with Accessible Homes

Since last few years, if we talk about growth in terms of realty in Haryana, Gurgaon is the only town which has been showing amazing progress in the sector. Development is the key which has rapidly changed the whole scenario of the city. One of the key sectors which are rapidly sowing seeds in the city, is the real estate; and as a further boon and respite for buyers, Gurgaon is now seeing various affordable housing projects in Gurgaon.

affordable housing projects

Getting a home as per desire, is not easy at all but Raheja Developers are the ones who endeavour to understand the pulse of the patrons ; In sync, they had launched 1 & 2 BHK flats in Gurgaon with all amenities, enough to bring a satisfactory smile on the face of the buyers. This only demonstrates the incline and approach of the developer as a customer-centric brand.

raheja

Northern state of India like Delhi NCR, which includes Haryana, is the major attraction for developers in terms of real estate, as it is having a boom for its present acquired land and courtesy a sustaining demand. Every major sector, like IT, Finance & Banking, aviation, automobile, and business houses, wants to have a corporate office for itself in Gurgaon; and if the industries are getting to the places like Gurgaon, the area for residence will also be required as people needs to live in proximity to the city. A city like Gurgaon is the best example for the citizens looking for ready-to-move in flats with best of amenities and support services around because in today’s world, every person wants to have all the luxury in their budget minus any compromise.

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