The elongated downfall which the real estate sector is witnessing has made the district administration of Gurgaon to prepare a proposal to reduce the property prices in Gurgaon by 5% among all segments. If the proposal is approved, people will have the benefit of low property prices in Gurgaon.

In the previous year also, the property prices in Gurgaon were lowered by 10-15% in various areas of the district.

But the two years previous to the last year had witnessed stagnant circle rates of properties in Gurgaon because of the plunge in the real estate sector.

According to the sources, the property rates of Gurgaon have not witnessed any increase for the past four years. But this reduction in Gurgaon property rates for the second time in a row has revealed the actual scenario of the property market in Gurgaon.

The proposal for low property prices in Gurgaon is prepared by keeping various issues in consideration and is waiting for the approval.

The circle rate of any city is the minimum amount at which the sale or transfer of flats, plots or commercial property is carried out. Lowering circle rates in Gurgaon by 5% will have various advantages for both, the developers as well as the buyers. These advantages will include getting rid of stamp duty, capital gains tax and registration charges.

Despite the reduction made in circle rates of properties in Gurgaon in the previous year, the gap in circle rate and market rate is still prevailing. This has created trouble for the developers to sell the property and the buyers are also showing reluctance for buying property.

The urban middle class are facing a downfall in terms of home ownership in India. This downfall is due to the high interest rates on home loan and high property prices in India being the major hindrances.

According to a survey, more than 50% of the people are not willing to purchase a house for at least six months. The main reasons behind this are high interest rates in India, reluctance to borrow and the scarcity of savings. The other reasons include the inadequate availability of loan and the high property rates in India.

Also, the survey shows that only 32% of people are living in homes that are self-purchased and 38% are still residing with their parents. On the other hand, rented houses comprise 30% of the respondents.

Around the country, more than 50% of the people want to buy affordable homes in metro cities or mini-metro cities with the area of less than 500 square feet. On the other hand, 31% have preferred smaller cities for their affordable homes.

The housing sector of India is being prepared to grow immensely, categorically in the field of affordable housing, owing to the vision of Housing for All by 2022.

Home ownership in India has been low because of one more significant factor that is high amount of tenancy. Tenancy is the highest in small cities comprising 37% of the total. On the other hand, metros and mini-metros comprise 29% and 23% respectively. If we consider the age-group factor, tenancy is at 63% in the 25-44 years age group.

People were facing challenges to obtain a home loan which included no loan history, high rates on home loan and inability to get the required amount.

When people are buying a house, there are many factors that affect their decision. These important factors are extension of loan tenure period, interest rates on home loan and benefits of tax that can easily influence and impact people when buying house.

The group of society which is self-employed is more inclined towards buying a house which results in an increased need for home loans. People consider buying a house as an investment option and that is the main reason for people wanting to buy a house.

When people are planning to buy a house, the average home price was Rs.34 lakh. The highest price is Rs.37 lakh in the metro cities while the lowest is Rs.27 lakh in small cities.

Everybody is aware of the unsystematic nature of the real estate sector in India. The financial year of 2016-17 has tried making some rules and regulations to increase transparency in the real estate sector. These include Real Estate (Regulation and Development) Act, 2016 (RERA) which will become active from 1^st May. Apart from this the Real Estate Investment Trust (REIT) is another option which is becoming active to bring a change in the real estate sector.

REITs are investment weapons that are going to make investments in rent-generating and finished properties which are called RIET-able assets. REITs in India will be able to invest in commercial and residential properties both.

REITs can be formed by any voluntary sponsors who are mostly developers who hold RIET-able assets. SEBI had also passed some regulations in 2014 which formally allowed the formation of REITs and had also put various conditions on their working. But these regulations have been introduced to liberalization which allows more than one sponsor to invest in REITs in India. They are also allowed to invest in projects like hotels, hospitals etc. which was earlier prohibited.

Even after these efforts of liberalizing, some more efforts are needed to be made to make REITs in India look like a beneficial investment weapon. Laws related to tax also need to be modified to make the pass-through mechanism available.

It is very difficult to liquidate the real estate sector. Developers who will be investing through REITs will have the entry and exit in the development easier. Investors will also be able to invest in properties in a low-ticket manner only through REITs in India.

Foreign markets have clearly witnessed the success of REITs. And therefore, SEBI is trying to imply standards similar to the foreign markets, for the operations of Indian REITs so that they are in line with the global system. REITs are becoming a favourable option in the realty market.

As per information provided to Lok Sabha, the total value of enemy property, which is immovable, has come out to be Rs.1.04 lakh crore.

If calculated in numbers, the total number of immovable properties which come under the bracket of Enemy Property is 9280. These properties are scattered over a large area of 11773 acres of land.

Recently, the Enemy Property Act had gone through amendment by our government safeguarding the claims, rights and succession of the transfer of properties of people left behind during the time of migration to Pakistan and China.

Any kind of property which belongs to or is managed by an enemy (Pakistan or China), or even by an enemy firm, is referred to as Enemy Property.

These properties have been place in the hands of the Custodian of Enemy Property for India, which is an official body coming under the Central Government.

The Enemy Property Act was passed in 1968, after the war between India and Pakistan broke out in 1965. The Enemy Property Act takes care of the regulation of Enemy properties and mentions the powers of the concerned custodian.

However, the Enemy Property Act was recently amended, stating that incase, the ancestors shifted to any of the enemy countries (Pakistan or China), their heirs will not be able to claim the entitlement of the property in India.

Greater Noida Industrial Development Authority (GNIDA) is planning to construct 10 feet over bridges across the city. Feet-over-bridges in Greater Noida (commonly known as FOB) are being constructed, keeping in mind the safety and comfort of pedestrians. According to the sources, the work and construction of this project will be launched soon.

The planning department of the GNIDA has prepared the proposal of FOB in Greater Noida. It is said that the construction of FOBs in Greater Noida will start according to the traffic master plan-2021. The building caliber of the authority will also be considered and kept in mind.

A thorough review and study has also been carried out to ascertain the areas which come under the FOB proposal in Greater Noida. Initially, as per the sources, the plan of GNIDA is to start with establishing four FOBs in Greater Noida. Three out of these four FOBs will be situated in Kasna Road, Surajpur and Guar City.

After the establishment of these four Greater Noida FOBs is done, Noida Metro Rail Corporation will take charge of the construction of the remaining six FOBs.

If we look at the cost and expenses involved in the accomplishment of these Greater Noida FOBs, the cost which is estimated for each FOB is around Rs.3.5 crore. But, the FOBs in Greater Noida that are being established at the Metro Stations are estimated to cost around Rs.4.5 crore each. The higher cost of the FOBs build on metro stations is because of the merging of FOBs with the metro stations.