Page 2 - Homebuyers

Budget pinches homebuyers, earns praise of real estate developers

The Union Budget 2024-25 has left homebuyers disappointed, as it did not address concerns like high interest rates on home loans and the annual increase in stamp duty charges, while real estate developers lauded the Budget. Apartment Owners Associations in Noida and Greater Noida in the national capital region believe revoking indexation benefits in property deals will be a big setback for homebuyers. "This budget has left homebuyers disappointed, with no specific provisions or reliefs offered for them. Despite the high interest rates on home loans and the annual increase in stamp duty charges, the budget did not address these concerns," said Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA). Noida along with Greater Noida adjoining Delhi in the national capital region has thousands of distressed homebuyers and stuck housing projects. Rajiva Singh, president of Noida Federation of Apartment Owners Association (NOFAA) believed the budget revoking

Dispute with builder about parking space? Have a look at MahaRERA new order

It specifies the type, size, and place where parking is booked should be mentioned in the flat allotment letter

Jaypee Infratech's stalled Wish Town leaves homebuyers in the lurch

Homebuyer's appeal to be heard by NCLAT if the two bodies do not reach settlement by April 18

Relief to homebuyers: Allotted houses to stay out of liquidation, says IBBI

12 key changes to overall regulations introduced to ensure transparency

Tech continues to lead; diversification shapes demand in real estate sector

By the end of 2023, office leasing space is expected to cross 50 million sq ft according to CBRE's 2023 Real Estate Overview and Outlook

Tax sops, flexible payment plans influence prospective homebuyers: Survey

Tax incentives from central as well as state governments and flexible payment plans from builders will motivate prospective homebuyers to buy residential properties, according to a survey by Housing.com and Naredco. Proptech firm Housing.com and realtors' body Naredco on Thursday released their latest survey report titled "Residential Realty Consumer Sentiment Outlook H2 2023 - Trends and Insights". The online survey engaged over a thousand potential homebuyers. Tax incentives, such as stamp duty and GST waivers, along with flexible payment plans, are identified as the primary motivators for homebuying. They are also inclined towards additional perks offered by developers, the survey found. According to the survey, 48 per cent of respondents favour real estate investment, significantly outperforming other asset classes such as stocks, fixed deposits and gold. The data indicates that 18 per cent prefer the stock market, 19 per cent opt for fixed deposits, and 15 per cent choose ...

Most homebuyers feel hike in home loan rate will impact purchase: Survey

A significant percentage of prospective homebuyers feel that their purchase decisions will be impacted if interest rate on home loans rises further to cross 9.5 per cent, according to a survey by Anarock. Real estate consultant Anarock's online 'Consumer Sentiment Survey' with a sample size of 5,218, showed that the people would like to buy mid-range and premium homes. More respondents want to buy 3BHK flats. According to the survey, high inflation has impacted disposable incomes of over 66 per cent of respondents. "... Any further home loan rate hikes - particularly if interest rates breach 9.5 per cent - will have a 'high impact' on residential sales, according to 98 per cent survey respondents," Anarock said. The average home loan rate is 9.15 per cent currently, the consultant added. In the last one and half years, the mortgage rate has hardened by around 250 basis points, with the RBI raising the key policy rate to control inflation. Among other findings of the survey, Anaro

Conduct separate title searches on plot, apartment to avoid disputes

Not doing so can hurt buyer even years later, when he tries to sell the unit

Indians comprise largest share of homebuyers in Central Texas: Report

According to the report, Central Texas provides an alternative to expensive metropolitan areas like New York and San Francisco for Indian homebuyers.

Setback for realty developers as SC recalls order capping interest rate

With the recent order, the way has been unlocked for the government authorities to get the land dues worth Rs 40,000 crore from the defaulters which were pending for years

Future sentiment score hints a decline in housing market momentum in Q4

The Current sentiment score has declined marginally from 62 in the second quarter of 2022 to 61 in the third quarter of 2022.

Supertech twin tower: SC directs refund to 15 home buyers from deposit

The Supreme Court said on Friday 15 home buyers of the now razed twin-towers of real estate firm Supertech in Noida will be refunded on pro-rata basis from the Rs 1 crore deposited by the Interim Resolution Professional (IRP). A bench of Justices DY Chandrachud and Hima Kohli directed that Rs 1 crore more be deposited by the IRP by December 8 and be disbursed to the 15 home buyers. The top court listed the matter for December 13 for resumed hearing. The top court was hearing a batch of contempt petitions filed by home buyers seeking a refund as per the last year's order of court. On August 26, the top court had assured the home buyers of the razed 40-storey twin-towers they will be refunded the full amount they had deposited with the builder. The apex court had asked the IRP of the firm, facing insolvency proceedings, to deposit Rs 1 crore with the apex court registry. The twin-towers at Emerald Court Project in Sector 93A of Noida were pulled down using explosives on August 28.

Rising median loan rates lead to fall in affordability of homebuyers

A cumulative increase of 0.95 per cent in median home loan rate has impacted the purchase affordability and purchase decisions of homebuyers, according to the Affordability Index by Knight Frank

Consider festive offers that lower your cost of house acquisition

Don't let freebies blind you to key considerations like location, infrastructure, and the developer's record

Amrapali homebuyers urged to form association to take over project upkeep

The court received requested the Amrapali unit owners to step forward as neither NBCC nor the contractor will oversee the project's maintenance

Nearly 50% homebuyers expect property prices to increase: Report

Services activity, hiring and stable unemployment rate helping consumer confidence, it says

Hong Kong homes on the verge of becoming least affordable in 24 years

Hong Kong housing is at risk of becoming the least affordable in 24 years, as rate hikes by the US Federal Reserve drive up borrowing costs in the Asian financial hub

Who actually got punished: Homebuyers after razing of Supertech twin towers

As the Supertech twin towers in Noida were razed to dust on Sunday, homebuyers who have invested in the developer's other projects across the NCR wondered "who actually got punished" as they are clueless whether they would get possession of their flats booked years ago. These homebuyers, who had dreams of owning a home in the National Capital Region (NCR), had been glued to their television sets on Sunday watching the spectacle of the twin towers crashing like a pack of cards. Arun Mishra, a Gurugram resident, was checking constant updates about the demolition on Sunday and feeling dejected. Mishra, who booked a flat in Supertech's Hill Town project on the outskirts of Gurugram in 2015, has been waiting since then for possession. He was promised that the flat would be delivered to him by 2018. "One thing that I did not understand from twin towers story is 'who actually got punished'. Just demolition of illegal towers is sufficient? Why wasn't the builder sent to jail? Homebuyers us

It's not just China homebuyers; suppliers too now boycotting loans

Hundreds of contractors to the property industry complained that they can no longer afford to pay their own bills because developers including China Evergrande Group still owe them money

Planning to buy a house in Delhi? Check factors to consider, other details

What is the procedure to buy a house in Delhi? From home loan to location, here is a step-by-step guide on how to plan such an investment