Noida Builder-Buyer Trust Deficit Empowered by RERA
The real estate industry is in the cusp of regulations with the real estate regulatory bill being implemented from this month. The sector is progressing towards being more transparent with developers gearing to register their projects with the regulatory authority. The RERA law comes across as a positive sign for the real estate sector which is on its way to emerge from a slowdown.
Developers who were lagging behind with their projects due to litigation or farmers agitation have now pledged to complete their ongoing projects y by 2020. The guidelines under the ambit of RERA will set in accountability and much needed transparency in the sector. It will nourish the alliance between buyers and builders and give a push to fence sitters to invest. It will safeguard the interest of home buyers with positive implications like timely completion, funds in an exclusive escrow account, registration spelling out all the details of the project and much more. Besides it will also witness the swift execution of under construction projects following stringent standards to turn around the sentiment of buyers and fulfill the objective of the sector’s credibility. Compliance to the law and an action on time bound approvals and single window clearances will further aid efficient project execution and delivery. In a nutshell, it will prove to be a game changer for the industry which will inevitably lead to growing customer and investor confidence. Real estate practices and transactions will get smoother, transparent, streamlined, bring the sector in a bright light and above all this, create a widespread atmosphere of trust and professionalism in the sector.
RERA will put buyer’s interest at the forefront and discourage malpractices. Better regulation and accountability will stimulate investments from foreign and domestic financial institutions and will bolster longer term potential on real estate investments. RERA’s focus on mandating disclosure of projects, including details of the promoter, project, land status, clearances, approvals, etc. and the timely delivery of projects will help increase the credibility of developers as well.
In resonance with the views expressed above, the Confederation of Real Estate Developers Association of India (Credai) in a recent meeting with Noida authority have given a commitment to complete all their pending projects in the twin cities of Noida and Greater Noida by 2020. This news was published in the Times of India.