A successful endeavour to change homebuyer perception
Authored by Ashok Mohanani, Chairman, EKTA World, Vice President, NAREDCO Maharashtra
It’s been two years since the Real Estate (Regulation and Development) Act (RERA) came into existence across the country and the Central Government aims to implement it in every state of India and there is a visible momentum too. RERA has identified challenges in the last two years of execution and has come a long way in making real estate sector more efficient and transparent.
Although, the Indian real estate sector has faced disorders initially due to implementation of RERA, however, it is now reaping the benefits of the same. RERA has gone in the depth to address the issues and challenges prevalent in the real estate sector and provided solutions which are buyer-friendly and build the trust and confidence in the real estate sector.
For example, MahaRERA has received as many as 6,631 complaints (as on April 2019) since its commencement, out of which the state authority claims to have resolved of more than 64% of the complaints. RERA has brought an ample amount of impression and discipline in the last 2 years. With the advent of RERA, the ground realties, issues, problems, and challenges facing the real estate sector have been addressed in a dexterous manner. RERA is buyers’ friendly and the major problem of delay in projects has been looked into and taken care of where otherwise earlier the buyer used to feel helpless. Due to the implementation of RERA, the Real estate sector is becoming more structured, efficient, organized and moving forward on the positive right way.
Registration of projects and real estate consultants has been increasing across most of the states, from November 2018 to April 2019. RERA has importantly pushed to bring both developers and home buyers on a common platform which was not the case before and it has created a synergy between the two. Many started looking for a harmonious answer and ultimately withdrew complaints. Over the years, the residential segment has slowed down, as demand crawls and supply is in profusion. The real estate sector is grappling with various problems, namely liquidity shortage in the aftermath of NBFC’s issues & high cost of capital. The intention of RERA has majorly been to provide with additional protection to consumers, safeguarding their interests, ensuring that the delivery of the ongoing construction is a relatively seamless process.
In the long run, it is anticipated that the act will bring a positive paradigm shift in the perception of the home buyers. One should also applaud the efforts of the real estate companies who have stood strong to the challenge and the regulators who have been instrumental in ensuring that the Act is carefully implemented. MahaRERA has guaranteed developers and home buyers to further lessen registration and dispute-redressal time to accelerate the processes. MahaRERA completes 2 years; we expect that these measures will in the long-term work to create a stable, more mature and organized industry, where the trust deficit between the developer, the investor and the customer will significantly improve.
All in all, it has successfully become the face of fair practices for real estate fraternity.