Tag Archives: rera act

Tough times changing time, those who evolve will succeed : Real Estate

Last few years were tough time for reality sector and with sudden announcement of demonetization it became tougher bringing fear and insecurities to the real estate sector. But, somehow with changing times it gave a new ray of hope to the sector for clean and transparent market ahead. With new government policies of RERA and GST shaping the reality sector we hope for better and more stable real estate market. With every change fears and insecurities comes along as we get comfortable in the way we’re doing things and we have to go through some difficulty adjusting to the changes, But, those who embrace changes sees opportunity in every changes and they not only succeed but thrive. The secret to change is to focus on the opportunities lying ahead, not the old comfort way.

To survive, organisations have to embrace change. The strategy to survive and become a leader one needs to be constantly adapting to the change in an ever changing landscape. In order to achieve this, the focus must be on the opportunities lying ahead and aim for long term benefits of changes happening around even in a turbulent and continuously changing environment. Need to evolve a strategy for coping with unanticipated events. Those who evolve will succeed change happens fast and you must evolve to keep up with those changes or fail in the way. Changing times can imperil even the most successful companies. People who change after change will survive, people who change after change will succeed and people who cause the change will lead.

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How will home buyers benefit from RERA?

  • Home buyers who use the services of realty agents and agencies will now be protected as the Act renders brokers and agents punishable if they do not abide with the regulator’s strictures ruling.
  • It will bring transparency, better governance and accountability to the real estate transactions and processes.
  • False promises and wrong delivery of real estate property will end.
  • Home buyers can approach the authority to settle disputes with errant builders.
  • Developers will have to sell flats based on carpet area and not super built-up area.
  • 70% of the money received from buyers be deposited in an escrow account and used only for the purpose of the development of a project.
  • The unfairly falsely allotted property buyers is entitled to receive compensation under RERA.
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Will RERA change the way real estate functions?

Definitely. With a promise of protecting the right of consumers and ushering the transparency The Real Estate (Regulation and Development) Bill, provides a legislation to protect home buyers and encourage genuine private players. Passed in March last year the long awaited RERA Act has finally coming into effect from May 1 where consumer is the king.

It will change one’s home-buying experience as the primary aim of the Act is to bring transparency and accountability from all stakeholders. Violation of orders of regulatory authorities may cause imprisonment of up to three years for developers and up to one year in case of agents and buyers . it will make mandatory for the builder to disclose details like approvals received, layout plans, court cases against them,registration etc.

Demand will improve as buyers will have increased confidence about investing in the property market. The real estate prices will remain stable now but rates could rise in the next six months. RERA will boost the confidence of investors. It will protect buyers who have purchased flats in the past. the RERA will provide relief to home buyers. It will help buyers get well-defined product typology and interior specifications. Therefore, Buyers will be able to make informed decision on a well laid-down information.

 

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