RERA boosts the housing demand

Rera: Real Estate Regulatory Authority

The Central Government made the ground-breaking decision to enact the Real Estate Regulatory Act (RERA) in 2016. It was put into place as a result of several complaints from investors and home buyers who bought homes and lived in housing developments. But project delays were the cause of these buyers’ worry. Due to these delays in project completion, even after paying about 90–95 percent of the price for their properties and residential homes, they had to wait for many years to move into their home. The government responded to the concerns and cries of investors and buyers, and as a result, the Real Estate Regulatory Act (RERA) was created. Due to the tight guidelines established by the Central Government, developers and builders are now required to register their projects with RERA. This was done to improve the real estate market’s transparency. Additionally, it will result in greater confidence and trust among buyers and developers.

Rajasthan was the first state to adopt the Real Estate Regulatory Act (RERA) in June, and since then, there have been reports of increased growth in areas like Neemrana and Bhiwadi. According to a real estate consultancy’s Chief Investment Officer, Ankur Dhawan, “A cargo airport has been permitted in Bhiwadi, and a new motorway is being built to connect Jaipur with Delhi. Therefore, there were already some points earned. This is a significant improvement in such a short amount of time. The connection between Jaipur and the capital, Delhi, would have an impact on the Indian economy overall in addition to driving up real estate prices. Additionally, because all projects are registered under RERA, there is no longer any room for suspicion or doubt (Real Estate Regulatory Act). In fact, in order to start a specific project, developers and builders must obtain approvals. Consequently, there is no chance that the project will turn out to be fake. Following the adoption of RERA, purchasers’ desire to purchase has improved in both quantity and quality, especially in less well-known places (Real Estate Regulatory Act). Due to RERA, locations where buyers and investors previously chose not to invest in real estate and residential complexes are now beginning to show signs of development. It will result in the nation’s overall development.In reality, increased growth was seen in areas of Uttar Pradesh, Tamil Nadu, Haryana, and the periphery of the Delhi NCR in addition to Rajasthan (National Capital Region).

Although it is expected that areas such as Meerut, Mathura, and Vrindavan in Uttar Pradesh would also should positive development in view of the real estate sector. In order to make magnificent development in Uttar Pradesh, many initiatives like ‘Make in UP’ are being promoted by the state government. It would also attract investors and promote investment, which will eventually lead to the high level of growth in the real estate sector in Uttar Pradesh. Even, many industrial and infrastructural developments are also taking place along the Yamuna Expressway. It would work in favor of UP as an increased investment with an upward surge in demand for residential development would be witnessed in the surrounding areas. It would also turn out to a benediction for youngsters who are eagerly waiting and burning the midnight oil in order to get good jobs in order to have brighter future prospects as a lot of employment opportunities would be created due to these industrial hubs near Yamuna Expressway. Many other positive developments are foreseen as there are plans under discussion in order to boost development and increase opportunity for the common man. The most significant plan which is currently in news is that a link would be established in order to connect Varanasi to Gorakhpur. If this is finalized, it would turn out to be a boon for developers and builders as it would lead to an upward surge in real estate prices in Varanasi. But on the buyers and investors front, it would be the best time to invest as currently, prices are low in these areas, but after the aforesaid development, the would witness an upward trend. Hence, it would be better if buyers and investors invest in these places now.

Many developments filled with a sense of optimism was witnessed in the southern part of the country. Areas such as Tamil Nadu and Coimbatore have also shown a positive trend. Many IT parks and industrial hubs are showing development in these areas. Coimbatore has come a long way. It is consistently showing positive growth and sparkling among other major cities nowadays. A wave of change is also being felt in Tamil Nadu. With increasing importance of the most significant sector of the country economic system. Many state governments are giving special attention to this dynamic sector.

It would not be new if it said that growth in areas such as Gurgaon would be seen. As Gurgaon is the major hub for leading developers and builders in view of real estate. It has always been the first choice of leaders of the real estate market. Even, Anshul Jain, who is the managing director for India at Cushman and Wakefield admitted that buyers and investors are expecting long-term investment options in New Gurgaon and Rewari in Haryana as eyes of many builders are focused on these two areas. Other areas of positive growth would be Nagpur and Nasik. Many positive future prospects are foreseen in these key areas as industrial and commercial development is picking up pace steadily whereas earlier demand for real estate in these areas was not up to the mark. Profitable deals with good returns are predicted from areas like Hisar (Haryana), Mysore and even Bijapur in Karnataka.

Conclusion

All the above-mentioned changes connote to the fact that with the implementation of RERA, the real estate market is finally ready to show positive growth with increased transparency and emerge as the most profitable sector of India’s economic system.

Source by: propertyxpo