As till now real estate is the most unmanaged market in India & There is no administrative body under which the real estate can work legally. So government has taken the decision to form & implement RERA in the current year due to the significant increase in complaints against the builders & channel partners referring to their false promises of delivery time & quality of the projects & also focuses on to safe guard the interest of the public who are looking to live their whole life there.
With RERA coming around there are going to be more positive effects takes place like most builders are not launching new projects in the market, they are more into completing their running projects so that they will not come under RERA.
So RERA will have the following positive impacts on real estate market are:
- All builders have to maintain an escrow account for the every single project they are running & the cheque they will collect also in the name of escrow account & not in the name of company since till now builders simultaneously running multiple projects at a time & takes cheque in the company name for one project & use that money in other projects. So now they will not be able to do these things.
- According to RERA , any new projects will launch in the market only after all the permissions & licenses they have gained from the government & on the launched day they have to allot the unit to customers, after that only they can bank the cheque .
- There is also a clause of equal delay penalty on the builders if they will be giving a possession late & same case is applicable to vice-versa. Like if builder will give possession late or customer will give money late then there will be equal penalty on both of them.
- The promises made by the builder with the clients, now they have to deliver the same thing what they have promised. Since now it will be all written documents & due to RERA builder can’t make false promises.
- Now the builders have to show the prices of the property according to the carpet area what the customer is getting. Since earlier the property sell on the super area but the actual carpet area is very less for the customer for use. So government told builder to show the prices of the carpet area of the property also.
- So as per my opinion after coming RERA which will be big boost for the good builders in real estate who works ethically & follows the government norms. So only good builders will be able to survive in the market which gives the quality & timely possession. So it will be good for the customers, channel partners & builders & also safeguard their interests.
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