NEW SCHEME-EXCHANGE OLD PROPERTY FOR NEW ONE
Loan Mela and Housing MELAS were arranged by the sellers/marketing agents/developers to boost the sale of the unsold inventory in the real estate market of Bangalore, Now, a new entrant with EXCHANGE of old properties with new apartments are being offered by a leading developer.
It is a good sign. The Government on its part has increased the housing loan benefit for the affordable housing from Rs.25 lakhs to Rs.35 Lakhs. This benefit along with income tax benefit under 80C must boost the sale and now, a middle-class family can have their own roof at a reasonable price.
RERA Karnataka is doing their bit to provide the clear titled property with proper approvals.
It is said that there are over 1,00,000 + apartments lying vacant in and around Bangalore and Bangalore is the only city, where the prices of the property have stabilised.
B Katha property, gram panchayat property may not be considered for the EXCHANGE.
Many leading builders with clear titles are offering their projects to the buyers, but are too far from the workplace.
Beware of prelaunch. Never buy B Katha or illegal or buildings with violation and deviation.
The RBI might be coming up with a serious note and direction to the banks NOT TO PROVIDE FINANCIAL ASSISTANCE FOR PROJECTS WITHOUT RERA APPROVAL AND CC AND OC.
Illegal layouts and construction have come down drastically in the last two years.
The real estate market appears to be little BUYER FRIENDLY NOW.