The big news for the real estate sector in this year is of Real Estate Regulatory Act (RERA) implemented on May 1, 2017. Passed in 2016, RERA is established as a government body, for both residential and commercial real estate, with redefined rules to increase transparency in the industry. It will also build bridges between the buyers and the developers as “the consumer shall be the king… the queen obviously is the developer. And there shall be a happy marriage between the king and the queen, for both to live happily ever after.” as described by Urban Development Minister, M Venkaiah Naidu.
Though in the initial period it could be a little painful, but that’s true for any change of this magnitude. This move will help serious players grow and will weed out short term players from the industry. Builders will be answerable for their promises and thus will market exact amenities/specifications to be delivered by them. It will further help buyers in tracking actual approvals and permissions received by the builder.
Implementation of RERA can be a turning point in the history of Indian Real Estate. The largest sector in the country was least regulated so far and thus it was long due in time for something like this to come and lay the rules of the game. RERA is meant to protect the rights of the home-buyers as well as to make sure fair practice prevails in the sector.