Are there chances of real estate prices crashing?
The increase in property prices may still be sustainable. The growth in the property market is going to continue for some more years. However, it has to limit itself at some point of time where property prices will stabilise and firm up. What changes do you expect in the Urban Land Ceiling Act or stamp duty act? Two states are still favouring the Urban Land Ceiling Act, Maharashtra and Bihar. There is a necessity to abolish this act in Maharashtra. The real estate industry is constantly asking government to remove the Act but due to political reasons, it does not want to do so. The main problem is that if government decides in favour of the builders’ community, the step will not go down well with the public. The government is scared it might loose its vote bank. About stamp duty I would like to appreciate the fact that the state government is bringing it down from 5 to 3 per cent. However, I would like to suggest that since government is charging stamp duty on resale, it should at leas
