Let’s Talk about Delhi, India's Beautiful Capital

Thinking about getting good returns for your investments? Real estate is the first think that would have come in your mind. Obviously, where else do you need to invest when the properties can get you income? Before investing, you need to stay updated with it. So just to make sure you don’t miss a byte and to end your daily hunger we serve you a light snack loaded with all what you need to know!

Let’s talk about Delhi, India's beautiful capital.

On the top of the list, we have the update of the 7th pay commission, the controversial tornado.

Just to give gist knowledge of "Pay Commission" The Pay Commission is set up periodically by Government of India, and provides its recommendations regarding the changes made in the pay structure of its employees. Let us tell you that the sixth pay commission was started in July 2006 and is now upgraded to the 7th pay commission. It was in the news for quite a long time now and was very controversial too! Although the Union Cabinet took some time to study the recommendations submitted by the 7th Pay Commission, they eventually accepted them.

There is a possibility of the basic pay being higher than the recommended percentage which clears that the government employees would be entitled to more than the 14.27 percent proposed by the commission. The salary hike has been effective from January 1. The Cabinet, however, has to decide whether to pay the arrears in the lump sum or installments. The Finance Minister Arun Jaitley congratulated government employees and pensioners on the increment in their salary and allowances.

The Real Estate (Regulation and Development) Act, approved by the Lok Sabha on 15 March 2016, might revive NCR realty market. According to the reports, The Real Estate (Regulation and Development) Act might take a long time to bring transparency into an industry that is profoundly affected by a by a credibility crisis. The experts expect the law to serve as an excellent instrument for the revival of the real estate in India, particularly Gurgaon, Noida, Greater Noida and Ghaziabad. Although the developers hardly pay any penalty to customers.

As a result, the buyers pay EMI on loans taken to purchase the apartment and the rent for their properties in Delhi. This affected the potential buyers, and they decided to turn away from the market. But now the homebuyers can bank on legal safeguards on their investments. So now the builders Under the Act can be punished with imprisonment up to three years if the violate the same. It is good news for the buyers.

The Supreme Court has stayed an order of the NCDRC (National Consumers' Disputes Redressal Commission) towering a penalty on real estate developer, Unitech Ltd for delaying the flats handed over to buyers. The NCDRC has charged a 12% annual interest to be paid by Unitech to its flat purchasers of its Sector 70; Gurgaon project called Vistas. The apex consumer forum said – "This would take care of the additional financial burden on the consumers and provide some monetary compensation, on account of the delay in handing over possession of the flat purchased by them."

A Supreme Court team of Justices J. Chelameswar and A.M. Spare agreed to hear Unitech's appeal against this order. The flat buyers have to respond within three weeks, the court said in its order on 17 August. Further, a stay on recovery was imposed on this case of compensation and certain other dues till the apex court hears the case. The NCDRC, in its order, claimed the builder to be faulty and a hypocrite for they charge an 18% compounded interest annually if the buyer delays in making payment but compensates 3% in case the builder does not give possession in time. The NCDRC said - "a term of this nature is wholly one-sided, unfair and unreasonable."

Before NCDRC, Unitech stated that buyers should have approached the state commission because the multiple cases of the flat buyers were not of a high enough value to be heard by the national forum. So these were all the necessary updates for the time so considering the happenings in the real estate sector we can say that the present situation is quite wavy. We can only hope the best in the future. Till then stay updated with the sector worth giving a shot.

Rahul Kumar has an excellent Knowledge about investment in Indian Real Estate industry. He passionate about writing about Real Estate market and investment for more details you can check out his latest articles on http://www.buyproperty.com/articles.