Property News

Property News #1: A decline in Home Prices, Registry in Haryana, Bhutani Infra

The decline in Home Prices in India during Pandemic

India has experienced a decline in the price for homes by 1.9% Year-on-Year (YoY) in India during the pandemic or after the lockdown (Q2 of 2020).

In most markets in India, the residential industry was affected by low demand. Furthermore, the pandemic downturn in the global economy has also impacted immobilization and homebuyers’ buying ability.”

In 56 countries and territories worldwide the mainstream residential prices rose at an average annual rate change of 4.7%, compared to Q1 2020 which was 4.4% only.

Moreover, it has been seen that while a great deal would depend on the opening up of the economy, the recent price drop will allow end consumers to decide on their purchases. Besides, the lower interest rate for home loans will provide the right incentives for the purchase of a house. 

Plot owner’s Aadhaar, OTP must for registry in Haryana

Several incidents were noted in the last year in the city where an impostor who claims to be the proprietor sold the land to another party. A residential plot in Sushan Lok-1 owned by the 82-year-old physician from New Delhi was probably transferred twice without the knowledge and consent of the real owner. The plot was moved to an impostor in the tehsil office.

With the implementation of many new security measures into its system of registers introduced earlier this month, the government now hopes to eliminate such fraudulent registries. The fraudster cannot go to the registration system without OTP, and this will help to deter fraud and illegal registration, ‘if any fraud is committed by an individual, the real property owner will be alerted to the OTP.’ The Haryana Land Records Information System (HARRIS), the portal used for the registration and recording of properties, has now been digitalized and each property received a unique identification number. Both property IDs are linked to the property owner’s Aadhaar card and mobile numbers.

All state-wide registrations were suspended several weeks after several complaints of irregularities were received by the government in the execution of the register of illegal settlements. Even if somehow one manages the right OTP, if the Aadhaar card number doesn’t fit the system records, the system will reject the application. Previously, one used to manually get the token. It is known that previously here was no method to match the applicant’s Aadhaar card number and verify that the applicant is the actual owner. Everyone may have a registry token earlier, but only the original owner can now get a token. “The device would also search whether there is a pending case on the property and if the property is owned or purchased by the government,”

Rs 5,000 crore in developing 16 million square feet of Grade ‘A’ office space in the next three years by Bhutani Infra. 

NAREDCO estimates that after lockdown its developer member Panchsheel Group offered 1,100 units to possess, that Migsun offered 1225, the Supertech home units 1976, the Sikka 250 apartments, and, the Trident group has acquired 350 apartments. On the other hand, it has been seen that several obstacles have arisen in the real estate sector due to a pandemic and a commodity supply chain disruption.

Moreover, it has been also observed that the construction speeds are rising with easing lockdown, and buyers can now expect early delivery of their homes. However, NAREDCO said that Authorities’ approvals were held on the grounds of the inability to deposit property dues which were flawed and unlawfully inflated with interest rates applied by them.

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Bengali Property News #1 | Advocate Chenoy Ceil | Real Estate | Aadhar OTP for Land Registration

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