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Important Issues to Keep in Mind Before Buying Property in India

If you are looking for a property in India, there are certain issues that you should keep in mind. These include the tax liabilities of buyers, the impact of FDI on the real estate industry, and the legal issues involved. Listed below are some of the most important aspects to keep in mind before buying property in India. Once you have a thorough understanding of these issues, you can make a smart buying decision. Read on Hassan Allam Properties to find out more!

Taxes on real estate in India

Real estate in India is taxed at varying rates. The property tax rate depends on the type of property and location. Land and buildings are the two main types of real estate properties. The government also collects house tax from residential properties. While these taxes are collected from the property owner, they may be lower or higher than the market value. It is essential to understand the difference between property taxes and house tax to avoid any unwanted surprises.

The tax rates for capital gains vary and can be a significant factor when planning to sell your property. For example, if you sell a property held for over two years, the gain is considered long-term and taxed at 20% plus applicable surcharge and cess. However, if you sell a property held for less than two years, the gain is considered short-term and taxed at the seller's tax rate.

Liability of the buyer for real estate

There are various obligations of the buyer when buying a property in India. For instance, the buyer is responsible for divulging the interest of the seller, paying the purchase money to the seller, and paying dues to encumbrances, such as existing mortgages. Besides, the buyer has to pay rent. If the property is rented, the buyer must pay dues to utilities as well. Liabilities of the buyer include the cost of maintenance and insurance.

Legal issues in Indian real estate industry

The real estate sector in India is governed by various laws and policies, both central and state. There are numerous nuances in land acquisition, property tax, and rent control. Regardless of your location in India, you must know the relevant laws to ensure the best possible outcome for your business. In this article, we will outline some of the key legal issues for Indian real estate. We will also discuss a few common misconceptions about real estate in India.

A few key examples of these issues include:

Impact of FDI on Indian real estate industry

FDI in real estate is a welcome development for India, but it has many challenges as well. Foreign investors face difficulties in establishing legal title to properties in India. The article highlights the key issues faced by foreign investors, and discusses possible amendments to local laws and FDI norms. The article concludes with an analysis of the industry's future. It also provides guidance on how FDI can enhance the market.

India's real estate industry has long been characterized by regional or local civil construction companies that have taken the role of developers and real estate planners. The reality is that these firms have been lagging behind most 'developmental' objectives. Further, they have displayed a selling orientation towards their customers. This paper attempts to identify the need for FDI in real estate in India and how it can enhance the transparency and professionalism of the industry.

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