Good times ahead for middle-class buyers
(NewDesignWorld Press Release Center) --
The overall slowdown in realty sector may have given sleepless nights to major players, but it has also given hope to middle-class families planning to own a house. They are now eagerly waiting for the property prices to come down further before making a move. And things are moving their way. Real estate majors who jacked up property prices during the unprecedented boom in the property sector in the past three years, have suddenly realised that prices have gone beyond the reach of even upper middle class groups. With the global economic meltdown dampening the sales prospects, several builders have decided to cut down property prices to boost sales and to avert the effects of recession.
The National Real Estate Development Council, the apex realty body in the country, has decided to cut down apartment prices in the existing projects by 5 per cent. Those who plan to invest in future projects are luckier, as prices will be slashed by 10 per cent. Major players such as DLF, Unitech, Ansals, Parsvnath, Omaxe, Assotech, Som Datt Builders, Sobha Developers, Eldeco, and Raheja Developers are members of the council. Realtors feel the initiative will give a boost to housing and construction industry in times of slowdown. DLF and Unitech have already decided to slash prices and more builders are expected to follow suit. City builders however, say that the prices can be slashed further, even up to 30 per cent, if only the government rolls back the multiple and double taxation policies.
The government should ensure lower rates for home loans, bank credit to developers and offer a package to give a boost to the industry. “Apartment prices went up not only because of builders but also because of multiple taxation polices,” said Mr Sekhar Reddy, managing director of CSR Estates Ltd. “Flat buyers end up paying more taxes when compared to individual house owners.” Owners of individual houses pay tax only on the purchase of land whereas apartments are taxed three times higher in terms of building permission, urban development charges, and power and water connection. Additionally they have to pay 12.36 per cent service tax, 4 per cent VAT, mineral cess and labour cess............
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