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  • Category: Miscellaneous

    How effectively the RERA is working to regulate the real estate transactions?

    The Real Estate (Regulation and Development)Act or RERA has come into force with effect from 1st May'17 to make sure that there are genuine buyers for homes, the developers are brought into the fold of accountability and a transparency in the purchase process. Everyone felt that new era has ushered in housing and infrastructure development. Someone went on saying that henceforth the customer is king and the developers are brought to book. Does this act really a game changer for the Indian real estate sector and developers as well as buyers? Do you find any changes in the system after demonetisation and implementation of this act in cities like Bangalore and Hyderabad where real estate business has become more lucrative than any other one else?
  • #600656
    I do not think that the recent act made by the center to protect the interest of buyers has made any significant effect on the customers because those who are already in the real estate business and project development, they are already having their clients and their recommended customers who are having confident and faith even in the old set up. By the way the center brought the new RERA act to keep away the non experienced, non performing so called real estate persons who boast many promises and deliver nothing. The new rule does not affect the professional builders so far and no complaints even from buyers.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #600704
    As mentioned by Mr. Mohan, we are not finding any effect of this RERA. The people are same. Their skills are same. They have faith on each other. Hence things are going on the same way.No much difference. At the same time it is too short a time to see the difference. After demonetization lot of reduction was there in this area. No much transactions. Slowly it has started moving. Even now the activities are not at their full swing. But with this act, double registrations and selling non existent lands may get reduced. For persons who transact everything as per the law may not have any problem. But others should be careful.
    always confident

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