Expectations of Home Buyers from Union Budget 2014-15

Union Budget, the most substantial economic and financial yearly event of Government of India, demonstrates the frameworks of yearly economic planning. It provides a guesstimate of expenses and incomes. The budget forms the cost control for a project, operation, or program, hence all the economy sectors, as well as the real estate is awaiting the forthcoming Union Budget 2014. In India, buying a property is regarded as a breakthrough with respect to financial investments, and generally home buyers watch out for the measures taken during the Budget so that they can plan accordingly. 

Let us take a look at what the home buyers look forward from the approaching union budget 2014-15, so here are some significant discoveries made from a recent research done in top metro cities more with than 1500 home buyers:

• Many home buyers in the country want to introduce the new and eighth Fundamental Right called ‘Right to own a house’ and it was observed that almost around 90 per cent of home buyers gave a massive response by saying that owning a house should be a fundamental right of every Indian Citizen.

• Most of the home buyers strongly advised for a robust redressal forum, where the buyers who are cuckolded or who has been depressed due to delay in projects, allocation cancellations, and many other concerns.

• Though many are unhappy and frustrated with the existing state of real estate sector, home buyers expect Union Budget 2014 to be optimistic and constructive and will have a positive influence.

The real estate industry concluded the year 2013 with few positive notes such as the introduction of Land Acquisition Bill and Real Estate Regulatory Bill in the parliament. On the other hand, on a majority gauge, the home buyers continued to remain downcast and embraced the concept of wait and watch strategybecause of the high property prices and interest rates onhome loan. However, this recent research among the home buyers also revealed that almost around 90 per cent of the home buyers are disappointed and exasperated with the existing scenario in the real estate sector of the country.

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