by Mr. Parveen Jain,
Vice Chairman, NAREDCO & CMD, Tulip Infratech
RERA has identified challenges in the last two years of execution and has a long way to go in making the real estate sector more efficient and transparent.
The Indian Real estate sector albeit having faced upheavals initially due to the implementation of RERA (Real Estate regulation Act) since its inception two years back, is now reaping the good results of the same. RERA has gone into depth to address the issues and challenges prevalent in the Real Estate sector and come up with the solutions which are buyers’ friendly and re-instils the trust and confidence of the buyers in the Real estate sector and setting a new benchmark in the process.
Due to the implementation of RERA, transparency has seeped in buying, selling of properties making the things more systematic. Now the buyers cannot be taken for a ride where they feel helpless and nowhere to go on account of delay in projects or other factors. The interest, confidence and trust of the buyers have rekindled in the Real estate sector because of RERA.
RERA has brought an ample amount of semblance and discipline in the last two years since its inception in the Real estate sector. With the advent of RERA, the ground realities, issues, problems and challenges facing the Real estate sector have been addressed in a dexterous manner. RERA is buyers’ friendly and the major problem of delay in projects has been looked into and taken care of, where otherwise earlier the buyers used to feel helpless. Due to the implementation of RERA, the Real estate sector is becoming more structured, streamlined, organized and moving forward on the positive right way.
The advent of RERA has proved to be a boon for the smooth functioning of the Real Estate sector where the unorganized things are falling into place and becoming organized. The things which were going haywire earlier unsolved are getting solved now due to RERA. Buyers who were feeling helpless earlier can now look up to RERA to solve their issues and problems. The success rate of implementation of RERA is improving gradually. In totality, the mission of RERA is to strengthen the Real Estate sector by providing solutions to its problems, so that there is no looking back for it and the Indian Real Estate sector can flourish vehemently.