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.
We couldn’t be more excited to announce the recommencement of the “Campaign for RERA Awareness in India (CRAI)”
The Real Estate (Regulation & development) Act , (RERA) is a revolutionary reform by the Government of India in the real estate sector.
Last Night, the President of India, Pranab Mukherjee implemented the Goods and Service Tax , GST