Welcome back folks to Realtymyths Weekly News Round-Up
It seems August beholds many good news for the real estate and infrastructure sector.
Let’s hear the news and you will come to know why we say so.
In a positive development, NITI Aayog plans to revive the struggling real estate sector and plans tax boost. After the reduction of GST rates on paints and varnishes to 18 per cent from 28 per cent, NITI Aayog, in consultation with the urban development ministry, has recommended reduction in the rate for cement as well. Besides, it has also suggested bringing the stamp duty within the ambit of the GST.
It appears that demonetisation has brought in positive impact in the secondary sales market. According to a recent report by ANAROCK, number of buyers in secondary real estate market has increased by 10-12% since demonetisation.
As per another research by Colliers International, Commercial real estate segment witnesses 12.6 million sq ft of absorption in second quarter of 2018. Bengaluru recorded highest share at 34 percent followed by NCR at 28 percent and Mumbai at 14 percent.
Some news on RERA now. In the first such action of its kind, the Gurugram bench of the Haryana Real Estate Regulatory Authority (HARERA) strips Orris Infra and The 3C of their rights over prime land. The matter is related to the Greenopolis Project being developed on 47 acres in Gurugram. With a large number of stuck projects, especially in the National Capital Region, this order is expected to revive hope for helpless buyers and set a benchmark for RERA intervention.
Well, this is it from our side for this week. See you again next week. Till then, stay healthy and updated. And don’t forget to like, share and comment on our posts.