Almost half of the Indian states have notified and implemented the Real Estate (Regulation & development) Act (RERA). Since this new real estate reform has the power to change the present scenario of the real estate sector, most of the small real estate developers are finding difficult to comply with the rules.
The realtors have witnessed a plethora of changes in the realty sector. They are trying their best to fit themselves in the room provided by the government. The giants of the sector have stepped their foot and trying their best to rejuvenate but the smaller and the aspiring ones are facing the dilemma on how to comply with the RERA. Due to lack of proper information on the RERA , small builders think that the RERA is a buyer friendly reform and will affect the developers adversely.
In hassle to cope up with the impact of the RERA, many small builders in the country are collaborating with large builders to save their projects from getting stalled. As per the sources, many small builders are approaching large builders such as Oberoi Realty Ltd, Puravankara, Godrej Properties and others to take over their entire project. As per the giants, this is the best time to prove ourselves and earn more from the rising opportunities for the distressed sale in the market.
While the RERA is promoting discipline in the realty market and leading the realtors to get on the right track, it is acting as a guardian for the newcomers.
The RERA will help aspiring realtors to carry out the business in an unambiguous way and will allow them to build their credibility in the realty world. This is very beneficial for the newcomers who can do the business with a fresh mind without facing any legal hurdles which the existing developers are facing now.
All in all, the RERA is the colonnade or a pillar of the real estate sector and will get stronger day by day.
The Real Estate (Regulation & Development Act) popularly known as RERA came into effect on 1st May 2016 after the government of India sought to promote discipline and transparency in the real estate sector of the country.
The government of Uttar Pradesh has notified the UP Real Estate (Regulation & Development) Act (RERA) on 29 October 2016. Counting to regulate the real estate sector in the state
We all have heard a proverb “Tit for Tat” but it seems that this is not true when it comes to the RERA.