It is not just the ambiguity around the RERA that makes the Indians feel there is no hope for them. Most of the reform measures have not touched upon the average Indian homebuyers, claim close to three fourth of the buyers, as many as 72%.
It is generally accepted in the Indian market that rental yields in the country are often much lower than elsewhere in the world because relatively few people seek rented homes: 66 per cent of homes in Indian cities and 90 per cent of homes in rural areas are owner occupied.
The Indian real estate market has always been notorious for its lack of transparency, and the changes in recent times has been less than desirable. As India aspires to get clean money into the sector, the foreign funds too have high standards in terms of service quality and clarity.
The government seems to be determined to link the property transactions with Aadhar Number with the pretext that the linking of Aadhaar to property will ensure that all parties to the deal are present in their individual capacity. The possibility of using fake identities is virtually ruled out.
No one would like to admit or put on record but privately most of the developers maintain that their major investors have pulled out of market, both for land finance as well as for investment in the under-construction inventory.
Secondary market attracts a significant number of transactions and as per a rough estimate nearly two third home buyers get an apartment in the secondary market.
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Ever since the Prime Minister Narendra Modi announced the demonetisation, the buzz word vis-à-vis the real estate market has been the Benami Transactions. The government has time and again reiterated its commitment to hit out at the benami properties after the demonetisation. It is hence epxected that the Union Budget 2017-18 would have some more concrete road map and suggest financial curbs on the benami transactions.