Pune’s Developers Cheer RERA Implementation
The real estate regulatory bill has been long pending implementation, and homebuyers have been eagerly awaiting its nation-wide deployment so that they can finally invest in residential real estate with confidence and assurance. Industry stakeholders had been divided in their stance towards this vital regulator, resulting in massive delays for its implementation as a firm law. Now, the May 1 deadline is finally here and RERA is all set to usher in a new era of transparency in the Indian realty market. No doubt, there are still ambiguities and not all States have announced their RERA rules as per the deadline. However, there is now very real pressure on the laggards, and the ambiguities will get ironed out in the near future. What is important is that RERA is now finally here to empower and protect consumers. RERA imposes stringent regulations on developers as well as property brokers with regards to how they conduct their business. It is very encouraging that the bill is now a reality.
Anil Pharande, Chairman – Pharande Spaces:
The Indian realty industry needed the Real Estate Regulatory bill (RERA) more than any other policy measure or legislation. There was a very dire requirement of an apex regulatory body to protect consumers – be they end-users or investors – efficiently and transparently. With RERA now a firm reality in India, there will be a radical transformation of the entire residential sector. This is a process and not an event, and RERA will need to evolve so as to cover all contingencies as well as geographies uniformly – however, it is already equipped to enforce strict project delivery timelines, verifiable construction quality and assurance that developers will obtain all legal clearances for their projects. Consumers can now look at residential property purchase with far more confidence. The Indian real estate sector has historically been unregulated and very disorganized. RERA was drafted with a vision to give clarity and assurance to real estate buyers via various rules and regulations, and now that it is an enforceable law, there will be a very visible positive impact on how how domestic and global investors view the Indian residential real estate sector.