Successful Three Years of RERA
The latest announcement of RERA brought positivity to the real estate amid the covid crisis. The announcement of an extension to complete deadlines of projects by 3 months came as a major relief to home developers as it provides the much required extra time for completion and delivery of the project.
In the years gone by the regulatory body has achieved milestones in protecting the interests of home buyers and developers. RERA has importantly pushed to bring both developers and home buyers on a common platform and it has created a synergy between the two. With increased transparency amongst the stakeholders, it has been successful to bring a sort of confidence amongst the buyers. Here what the industry has to say:
Ashok Mohanani, Chairman, EKTA World and Vice President, NAREDCO, Maharashtra said, “It has been three years since the Central Government introduced the RERA Act within every state of India to witness a revolution within the real estate sector. The mandate of having a separate RERA for each state has been an absolute game-changer for the government, buyers, and developers.”
Rohit Poddar, Managing Director, Poddar Housing and Development Ltd, “RERA has been a huge success in Maharashtra along with other states, the trust gap between the developer and the buyer has largely been bridged in last 3 years. RERA has been very quick to address the issues of the developers and giving judgments on the conflicts between the buyer and developers. Reconciliation process through arbitration cell has become faster and convenient for the customers in case of delay in possession, which has consolidated the confidence of the buyers in the market.”
Ram Raheja, Director, S Raheja Realty shared, “One significant change in three years since RERA implementation is that credibility has been restored; fly-by-night agents and operators can no longer dupe customers with false promises and fraudulent measures. It has resulted in increase in fair transactions in the real estate sector, better accountability and transparency, and a upward shift in consumers’ sentiment.”
Sujay Kalele, Founder TRU Realty on 3 years of RERA, “RERA has brought in the much-needed regulatory framework for Real Estate Industry. With time, it impacts is quite visible now with the introduction of various measures for better governance and transparency. Consumers’ confidence has seen an uptrend and it will boost Trust and Reliability in the sector. Yet, there is a lot to do and Developers look forward to the same.”