New Laws to Safeguard Rights of Property Buyers

Indian economy is reviving after the exit of the prolonged fiscal flu that slowed down the economies of the world. Our country is expected to generate growth of 8.5% this financial year i.e. FY 2010-11. The real estate sector has also come out of the hibernation mode and is already moving on the path of progress.

The property prices in metros and tier-II cities have been spiraling up with growing demand for property. Developers are more than happy to renew their pending projects and are even launching many more new ones. From now on, builders need to follow stringent rules aimed at promoting orderly development of the realty sector as well as curbing malpractices. But, many fear that implementation of new regulations is sure to become another reason for price rise.

The Real Estate (Regulation of Development) Act proposes the need for a regulatory authority and an appellate tribunal. This body would have the power to regulate, control and promote planned development, construction, sale, transfer and so on. A website would be maintained enlisting all project details to primarily safeguard public interest by checking fly-by-night operators.

1. The law proposed by Center last year asks developers to compulsorily register their projects. The builders would be required to furnish a bank guarantee of a certain percentage of the project cost to a competent authority. The failure or non-compliance in doing so should attract strict penalties.

2. The law shall make it mandatory for builders to execute a registered agreement prior to selling properties. Time over-runs are not to be shown lenience and so, builders will have to pay penal interest on acceptance of deposit or advance from the buyers.

The above law model is designed in a way that the rights and interests of property buyers are safeguarded.

Boom in Retail Realty Sector Awaits More

The retail realty is a new segment for Indian real estate with residential and commercial properties being the only focus in past decades. Though shops and offices have always been there, the element of grandeur, supreme quality and world class standards were introduced just lately.

The retail sector in India is quite huge with millions employed but the concept of organized retailing is contemporary. The ideas of mall culture and mall management are welcomed but are still at their nascent stages, expected to evolve with time. Even though it is a newfound thing, realtors and retailers are extremely confident about retail realty being a great hit in coming times. Retail property has been scaling new heights in recent years after being neglected for so long. Retail realty in India has come a long way from the time when their need was not even felt to today when they are being developed at a fast pace owing to the growing demand.

But, more participation is needed by developers, retailers and investors to expand the retail realty industry. Multi storied, swanky shopping malls with top notch brands in the outskirts of cities have been the only face of retail property. This sidelined presence of malls needs a breakthrough by taking them inside the city limits amongst the real shoppers. Even though, the trend of shopping complexes has been flourishing, much more needs to be done to take it to international levels. The consumers need to be well informed of malls being an actual place to shop and not only for hanging out at the weekends. Once this is achieved, the demand is going to spiral up considerably encouraging the development of retail real estate in India. The expansion of retail property is certainly going to generate employment in the sector.

Increment in salaries, lead to increase in the purchase of luxury flats

The betterment in the job industry is surely one sector, which has its direct influence on the rise of living standards of the citizens of the country. Good salaries, leads to better expenditure and hence a magnificent lifestyle. The increase in the income surely leads to a better lifestyle and a lavished version of everything we buy. The first and the most preferred option, which everyone seeks for buying is a high class and luxurious house. Buying a big house, in a posh society of metropolitan cities of India, is something, which everyone dreams for. But, to actually buy those houses is the game of the money. Excellent financial status is a must, if you are having good hands on money, then buying a luxurious property is not a tough task for you.

The increment in the salaries of the people around have made it possible for them to live upon their and the dreams of their family. Money has always been an issue for the Indian families, but with the growing status of the families in India, it is getting in their reach to buy a high tech and a luxurious home for themselves. Due to the increasing demand of the luxurious houses, more such projects are coming up to serve the demands. According to a study, around 8000 luxury housing segments are going to be built up by 2013. This will to an extent satisfy the housing requirements of the common man and will help in fulfilling their dream of living in a high class luxurious house.

Though the definition of luxurious housing differ from man to man and even every developer has his own characterization for a luxurious house, but the main aim of such houses is to provide high standard, comfortable and a safe living to its residents.