RERA makes real estate condense!
The Real Estate (Regulation and Development), popularly called RERA was Enforced in May 2016, which rapidly completed a year. Several reasons make it worth to celebrate the legislations anniversary. Especially the transparency it has ushered in the industry and also the encouragement it has offered to the buyer sentiment.
In 2017, there was fear and anxiety among the industry in adopting RERA, its implementation and effectiveness. After a year, some of these do seem to have grounds.
What have been some of the nascent repercussions of RERA? Within the first six months of 2017, the industry had to fulfil compliance needs instead of business, thus damaging it. Transactions were weak and the market shrunk for a major part of the year. Nonetheless, RERA was influential in regaining consumer confidence.
To track the leading 10 cities in the country, there are around 45,000 developers and there shouldn’t be any astonishment if this number goes down to fewer than 20,000. This consolidation regime will guide enhanced professionalism.
India’s real estate market is now finding a balance and current trends indicate that we are witnessing early stages of a turnaround.