How to get India’s Housing Sector in Order?

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How to get India's Housing Sector in
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It is pretty clear that Prime Minister Narendra
Modi wants the homes to be affordable for masses.
The realty sector has been under the hard gaze as
it is evident from Real Estate Regulation Act
which came into the force some months ago. The
Prime Minister is tightening his grip on the real
estate sector. Said as the magnet for black
money, the real estate sector is, however, not
just consumer-friendly, especially for
middle-class home buyers. The home buyers have
been at mercy of the developers that at times
delay deliveries as well as overcharge. Also, the
government is planning to bring one more
regulation and will discipline the profit-seekers
who keep the rates high in the essential sector.
Idealistically, high rates of homes might come
down if the revenue department proposal gets
implemented. It certainly plans to ask to pay the
taxes on the unsold stock of the ready homes. On
the basis of the court order, which held the
ready unsold apartments held by the developers as
stock-in-trade are accountable to be taxed as the
income from house property even if these are not
rented out, income tax department suggested that
the finance ministry is garnering more taxes. The
real estate organizations show their finished
homes as stock in trade, as well as the income
from these, is somewhat shown as the business
income as in most businesses. In rising market,
various developers hold the apartments to
advantage from appreciation of rate that will
accrue some years after the project is
complete. With the new regulation, the developers
will have either to sell the properties soon,
perhaps by proffering the discounts or get into
the expensive litigation. The inventories that
are unsold including properties that are
under-construction and completed has risen
further from over 734 million square feet or
734,000 apartments at
2
end of March to 765 million square feet or around
760,000 homes at end of June. Since numerous
developers do not bring down the rates as per the
expectations of consumers but would actually hold
the inventory, a huge number of middle-class home
buyers are at risk of missing the bus or being
rated out in the market. The proactive approach
of the government on the real estate sector is
somewhat expected to bring in relief to all such
home buyers. Another move is being considered by
the government is linking property with Aadhar.
Not only will this bring in the transparency to a
sector which is the first and the last resort of
black money but it also softens the home rates.
It is also indicated that linking property
transactions would be mandatory with Aadhar. Such
a move would be sucking out black money from
realty market and helps in the crackdown on the
Benami properties. Seeding the Aadhar to property
transaction is a great idea but not going to make
the announcement on that. Aadhar is already begin
linked to the bank accounts and can take in some
additional steps for the property market as
well. Those who buy the property to hoard black
money jack up the rates for the end-consumers.
The Aadhar linkage will definitely hit the Benami
property and drive-out black money from real
estate, making the home rates affordable for the
end buyers.
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