Updated | July 23, 2017 17:16 IST
Gulam M Zia, Knight Frank Executive Director, Advisory, Retail and Hospitality, has disclosed how RERA and GST impact in real estate prices.
With all his experience, he suggested the investors not to buy real estate, which is not an ideal time for it. He wanted to invest in gold, stocks and fixed income rather than investing in real estate if your motto is to earn from the investment because the real estate sector is not going to touch the sky in the coming 2-3 years. It takes nearly five years to expect the prices double on the investment of real estate, which really doesn’t make any sense to invest now.
Gulam advised to buy houses if you need badly but you don’t need to buy just now if you are in the position to wait for some time. He is claiming that the new tax system(GST) will benefit in coming quarters, which may bring down the cost of constructing a house. And apparently, you will be benefitted by owning a house for the better price, which is cheaper when compared to the past.
He also raised a doubt as these developers can easily pass the benefits to the buyers whose business has been dwindling due to RERA and GST, which needs a time for the real estate to gain the momentum. They don’t pass the benefits immediately to buyers because the developers tried to repair the losses which occurred due to the new tax system GST and RERA.
The Knight Frank Executive director also opens up about the Smart City Mission theme and about the speculations of the rise in sales. He said the Smart City Mission is to improve the living standards of the city and citizens not to favor or benefit any developer or project. He advised the buyers to go through charade where few developers use Smart Mission theme to lure and increase their sales.
Finally concluded that individuals no need to sell their assets in hurry like developers who have to raise the money in order to complete their projects. The individuals can sell their assets only if they need money badly to meet their daily needs.
Gulam M Zia, Knight Frank Executive Director, GST and RERA, Real Estate sales, Real Estate and house purchases,
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