It has been four years since the deployment of the Real Estate Regulatory Authority (RERA) and it has made an amicable change in the real estate sector. As the act came into existence various major changes are recorded, which was of course not before, there were several roadblocks before like:
- Delayed house possession
- Delayed hearings
- Unfavorable sales agreement clauses
- With RERA buyers can easily approach the authority and get quick decisions.
With the introduction of the Real Estate Regularity Authority (RERA), investors and genuine home-buyers’ confidence in the Indian real estate sector has improved. Just because of reforms in the policy, which led to greater transparency and accountability. The real estate sector, which was otherwise facing a rough phase, is now witnessing a long-term reform-driven growth.
Emerging Opportunity :
Genuine home-buyers’ or investors are looking for a lucrative market for real estate, especially with the rollout of both RERA and GST, which in turn has helped revive home buyer’s faith in the real estate sector. These reforms will certainly transform the entire face of real estate in India. RERA implementation will give a stimulus to India’s GDP in the coming years.
In the last four years, the Real Estate Regulatory Authority (RERA) has helped in remodeling & augmenting long-run growth by attracting exaggerated foreign and local investments at the same time. Also as per the world bank’s ease of doing business index, India has considerably improved its world ranking from 182nd to 52nd. in an exceeding span of 4 years that was supported by a gentle decline in days needed and processes needed for such permits. This will be more improved by closing a number of these last-mile gaps within the implementation of RERA.
All of those enhancements have boosted the emotions of homebuyers or investors. RERA has conjointly given further safeguards to homebuyers by belongings them check a true real estate project, residential or business before they buy it. Because of the increasing transparency, individuals are able to make correct decisions today.
Since the origination of the real estate restrictive regime, the general impact on the real estate sector has been positive. It helped the arena to register structured growth. In the coming days, a refined and economical execution of RERA across the country would promote an unbiased transaction between the buyer, builders, and financier by fostering high levels of transparency and trust amongst each other.
Written By – Mukund Kumar Pandey
About Agrawal Builders: It is a premium real estate developing firm in Bhopal with a wide range of residential properties and beautiful amenities like a modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.