India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
In an address to the nation amid increasing Covid cases through the Omicron variant of the virus, he said the precaution dose will also be available for citizens above 60 years of age and with comorbidities on the advice of their doctor from January 10 next year as well.
The judgement came on a plea of 'Forum For People's Collective Efforts' , an umbrella homebuyers association, challenging the constitutional validity of West Bengal Housing Industry Regulation Act, 2017, which is more or less identical to the Centre's RERA.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
'The government has just scratched the tip of the surface with the recent announcement. They are not realising the gravity of the situation.'
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