Will The Real Estate Market Grow In 2016?

The year 2014 was a lethargic one in the real estate market sector. The high interest rates and political uncertainty were the two main reasons behind the inactivity of buyers towards property purchase. Home buyers postponed their purchases for the entire year, which is why the number of unsold properties increased over the year, which in turn increased pressure on the developers. This is the reason why developers started putting up alluring offers like gold coins and easy payment plans to attract customers. Mumbai and Delhi saw the highest number of piling inventory.

Real-Estate-Market-2016
Real Estate Market Growth 2016

This year i.e. in 2015, with the rising GDP growth, economic activity is picking up speed. The GDP is expected to rise by 6.5 % in the next financial year. An increase in the number of jobs in the corporate sector has also been observed this year. Thus, with improving business standards, the demand for commercial and office space is definitely going to see a rise. Slowly and gradually, even the demand for residential property will start increasing. This can be said because this year, there has been a positive change in customers’ attitudes towards property purchase and there have also been interest rate cuts. The reduction in interest rates for home loans has been a huge factor for this changing attitude. If the property prices stay stable and the interest rates stay low, it will definitely attract the middle class buyers.

Another major reason that will change the way properties are bought and sold is the implementation of the ‘Real Estate Regulation Bill’, which has been made to govern contracts between real estate buyers and sellers. Until now, buyers were compelled to abide by the one-sided contract terms, sky-high prices, uncertain plan changes and delay in deliverance. But with the implementation of this Bill, the records of projects, promoters, agents and violators will be maintained by the ‘Real Estate Regulatory Authorities’. Before a developer launches a project, he will have to register his plan with every tiny detail with the authority for approval. If these terms are violated, the developer will be highly penalized. The developer will also be required to keep 50% of amount received by customers in an escrow account, which will be used only in the development of the project. Thus, there will be complete transparency and security towards the customers, which will uplift the real estate market activity.

There has been an increasing demand for affordable housing and townships this year, and the demand is expected to rise even next year. The government is also working towards establishing 100 smart cities across India. This idea compelled the ‘Land Acquisition, Rehabilitation and Resettlement Act’ to ease off some of its provisions like those related to rise in compensation to original inhabitants and rehabilitation clauses.

With all these factors and the number of developments taking place in the real estate sector, it seems like the property market in India is expected to significantly improve by the end of March 2016.

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All You Want To Know About A Will

We all are mortal, and this is the harsh fact of life. You achieve so much in life through hard work and struggle. You save every penny of your income and buy a new house for yourself. You buy so many valuables – properties, cars, valuable jewels and more. But, what are you going to take with you when you are gone? Nothing! So, what is going to happen to all your assets after you are gone?

Know-About-A-Will
Know-About-A-Will

You may say that all your wealth and assets will be transferred to your spouse or children. But, how can you be so sure that your property will be equally divided amongst your own people? It will be the state you live in that will decide on who the recipients will be and how the property will be divided amongst them. But, it may be that you wished for something else. So, in order to transfer your properties among the people you want, in the manner you want, you need to prepare a ‘Will’.

What is a Will?

A Will is a legal document that you can write once you are above 21 years of age, representing how you want your assets to be distributed after you are gone. This is a way you can plan who your successors will be and what percentage of property will be transferred to each of them, which will save any kind of disputes at the time of property distribution. This is one of the most important documents you will ever write. Make sure that your Will complies with the State laws so that it is considered valid. It is better if you appoint a lawyer to help you out with this. Your Will may include every property you own – cash, properties, furniture, jewellery, vehicles, bank accounts, shares, etc.

How to write a Will?

In India, it isn’t necessary that you write your Will on a stamp paper; a plain white paper will do. But, it is advisable to write your Will in your own handwriting so that it can be verified after your death in case of any doubts raised by relatives.

In order to write a Will, you will need a Testator if you want someone else to write for you, an Executor who will ensure that all your property is responsibly distributed and two witnesses to justify your document.

First of all, you will need to declare at the very beginning that you are in your full senses while making this Will and are not doing so under any pressure. Mention all details about you to confirm the same.

You need to be very specific while writing which property will be given to which individual. Clearly state the complete names of the receivers and also of your residential and commercial properties, if they are multiple in numbers. If you are giving your assets to a minor, make sure to appoint a trustworthy custodian of your assets until he/she reaches an adult age. In case of any debts or taxes, you will be stating the name of an executor who will be responsible for paying them after you.

At the end of the Will, sign carefully in the presence of two witnesses. Also, mention clearly the date and place of writing the Will. The witnesses will also be signing the Will along with you. Seal the Will properly and bear your signature and date of sealing on the envelope.

Can a Will be changed?

A Will is a fluid document that can be changed as and when you require. There may be chances you want to add or remove the name of a recipient or update your Will after major life changes like marriage or divorce, buying more property or additions to your family. But, make sure that whenever you make any changes, you mention the date and confirm that this is your latest Will and all previous Wills should be nullified.

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