What needs to be done

“Residential projects are continuously increasing in scale in terms of the number of units, height, and amenities which causes them to have completion timelines in excess of three years. Also, while the implementation of RERA has caused an improvement, the completion timelines of under-construction projects frequently exceed deadlines. This causes significant hinderances to homebuyers in setting-off capital gains in under-construction properties. To mitigate this, we recommend that the completion timeline of under-construction properties be extended to five years instead of the existing three,” said Shishir Baijal- Chairman & Managing Director, of Knight Frank India.In addition, the cap of Rs 2 crore on capital gains for reinvesting in two properties should also be removed, said Magazine.