For months together Indian real estate developers, industry experts, stakeholders and of course the homebuyers waited for the much-anticipated RERA to get rolling and it finally came into force from 1st May, in Maharashtra along with few other states.
Indian real estate space has witnessed many significant changes in last one year or so. The industry had to struggle hard to align itself with the positive intentions of demonetization which subsequently managed to eliminate the age-old ‘cash transaction’ practice to a good extent and then came knocking, the big bold RERA!
Post 1st May there was a period of confusions, assumptions and apprehensions. No one seems to know for sure the exact outcome and consequences of the much anticipated Act. Standing today, the buyers are marginally optimistic, the developers still are in ambiguity but more welcoming than before and the authorities are still in the process of adapting to the new regulations and rules.
RERA, in all likelihood will revive the real estate sector by bringing much-needed accountability and transparency. The Act is also expected to revive confidence of investors/stakeholders in the real estate sector. RERA primarily aims to safeguard the interests of the homebuyers.
While it’s easy to target the developers for a host of property related issues especially delays in deliveries and cost escalations, one has to keep in mind that it’s not just the developers’ shortcomings. Approvals of the projects get stuck at various levels in the system and authorities are equally responsible to ensure that a project is completed in time and buyers get possessions as per promised timeline.
Finally, the organized segment of Indian real estate industry is understandably positive about the bill as this will bring transparency and legitimacy for the industry and that will eventually open the door for quality domestic/foreign investments.
We, at UK Realty, remain fairly optimistic about the benchmark Act and the positive changes it brings along with it.
Authored by Mr. Dinesh Bansal - Co Founder – UK Realty