With RERA, Real Estate Industry Is Becoming More Organized

RERA impact on real estate

With RERA, Real Estate Industry Is Becoming More Organized

With no doubt one can say RERA is the best thing that has happened to the real estate industry in a hundred years. Yes, in the short term, some builders will have to rethink the way they have built and sold properties. But, once they make that initial correction in the process, things are going to be very positive for the entire industry at large. This is a one-time correction literally a builder has to make. Once having done that, the real estate industry becomes an industry in real terms.

People searching for the properties will start investigating the project details and the builder details in the RERA website, that too it is the biggest magnet for property investors based abroad. Those who stayed away all these days will now flock in, just as RERA gets fully implemented and settles in.

Ready to move flats with Occupancy Certificate

RERA, a regulatory authority with a set of rules and regulations to be followed by the builders and other associates. RERA recognizes the rights of the buyer dominantly. It protects and insulates a buyer on several counts. It recognizes liability. RERA compensates fault and default.

Even the strong real estate brands that exist in this space have to register the projects under RERA, if they can’t then they miss the prospective clients. Brands cannot rely only on trust in their brand offerings anymore. When trust becomes something everyone offers or is forced to offer, the better brands that exist today will need to re-invest in taking their existing brand offerings to the next level. These large players will need to really think brand now. The current stronger brands will need to up their offerings on the brand format to be able to elicit premiums. That is a challenge which will be met for sure. Real estate brands with foresight are already working on this aspect across India.

A good track record is a good thing for any builder to capitalize in the long run. Bigger builders have a window time of the next two to three years to monetise that. After that, expect the quality players will rise in the industry. Literally every offering will be what the others offer, by force of RERA of course. Transparency is something everyone needs to adopt. If someone wishes to check on any builder or property they will go online to the regulator’s website and check on everything that they must know.

For sure, the right time has come for the home buyers; those who are sitting with investible surplus will now take another look at property as something more reliable than before. Those who feared to tread into real estate in the past will now be bolder in their approach.

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Read more: Property prices goes up post RERA implementation

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