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How will be the situation of Real Estate until & after December 2020?

Source:Inhouse / Date: 24th November 2020

It’s no new news that COVID-19 has hampered all types of Industry worldwide. But the real estate industry has managed to sustain itself because of pre-booked properties and sellers continued efforts to serve their customers. During the lockdown, the property which was remained unsold, after lockdown the bookings of properties got faster because builders had already reduced their price, and 3% relaxation on stamp duty by the Maharashtra Government made it more compelling for buyers to go after buying and investing in properties.

In the year 2020, December is going to be a period where builders and developers are going to get returns for their investments and patience. The buyers now are aware of current situations and are actively searching for properties in Maharashtra even abroad investors are showing interest in properties of Maharashtra.

This is a golden period for buyers and as well as for builders & developers, where buyers can buy flats and can take the benefits of 3% relaxation on Stamp Duty and on the same page builders have the chance to start their marketing aggressively and reach to the maximum potential buyers.

Eventually, after December 2020 when the relaxation on stamp duty by Maharashtra Government on properties will get over, and then buyers will be least interested in buying new homes or to make new big investments in properties. So the numbers of interested buyers currently in the market compared to the numbers of interested buyers after December will decrease majorly and you might not be able to get the actual crowd of buyers you are looking for. 

On 31st December 2020, the relaxation of stamp duty is going to end and in the coming year, 2021 probability of a reduction in stamp duty is very less as the government of Maharashtra has already reduced it due to lockdown. Next year you will observe the least number of people taking interest in buying homes so this is the one-time offer where buyers and developers can take advantage and be in a win-win situation.

News

Housing Permission Again to the Gram Panchayat

Source:News Paper / Date: 2nd November 2020

Another decision of the Fadnavis government is canceled.

Another decision taken during the previous Devendra Fadnavis government has been canceled by the Uddhav Thackeray government. Now that the authority for building permission has been given back to the gram panchayat, it is understood that the decision has been changed as there are difficulties in building permission in rural areas.

The Fadnavis government had taken away the right to build houses from the gram panchayat. The authority for this was vested in the district level town planning of the urban development department. However, due to this decision, citizens were facing major difficulties in getting building permits in rural areas. As well as local MPs

The Mahavikas Aghadi government led by Uddhav Thackeray has canceled the decision taken by the then Fadnavis government regarding housing permission. Shiv Sena leader and Minister of State for Revenue Abdul Sattar announced in front of the media at Sindhudurg that the right to build houses has now been given to the Gram Panchayat once again. After the change of power in the state, some decisions taken during the BJP government were canceled, while many projects have been postponed.

The Mahavikas Aghadi government has revoked the decision on online transfers to curb nepotism in teacher transfers, and now the power to transfer teachers has been returned to the Zilla Parishad. The car shed in the Aarey area of ​​the 'Metro' project has been shifted to Kanjurmarg.


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