The working of the real estate sector was not organized in the past few years as it has faced a lot of challenges like economic slowdown, absence of professional & organized players. The Real Estate (Regulation and Development) Act, 2016 (RERA) implemented in the country makes the real estate sector an organized sector catering major problems like, project delays, quality of construction, price correction, timely delivery of projects and makes the process more transparent. RERA is proving to be a game changer for the entire real estate industry including affordable housing section bringing more transparency and accountability to the real estate market.
As soon as RERA has been implemented in various states and UTs, a sudden correction in property prices has taken place, making it the most favorable time for the buyer/investor to buy a property as the prices will gradually increase in times to come due to market trends. Transparency and restoration of investor’s faith will have a great positive impact, as the demand in urban areas for housing is anyway on the rising curve.
The Real Estate in today’s scenario mainly comprises of young first time buyers mainly interested in new smart city projects. Till recent time, before the implementation of RERA, buyers do have bit of concern regarding the project management i.e. delivery of the project, seeing the track of the promised and actual delivery dates. But as RERA comes in action, young buyers are investing their hard earned money. Moreover as a regulatory authority RERA is making sure that any details referred by any of the developer is properly followed and all the infrastructure services deadlines are met. This gives a boost to customer’s satisfaction and surety of his funds, and thus giving improvement in sales in Real Estate including government Pradhan Mantri Awas Yojna (PMAY) scheme. This is a win-win situation for everyone. The customer is secured, the developer getting good clients, the projects finishing on time.