GUIDING REAL ESTATE SECTOR IN TOUGH TIMES
Motivational speaker Robert Schuller famously said, “Tough times don’t last, tough people do.” His words sit well on the broad shoulders of Mr Praveen Jain, President of NAREDCO. Over the years, Mr Jain has been witness to many tough times through which India’s largely unregulated real estate sector has sailed. But he has survived those times. Even though not everybody in the sector is trying to make a quick buck, there are a few black sheep that have today brought the industry down on its knees. As President of NAREDCO, he is in a position of power and influence to guide the industry in what can be considered real estate’s toughest phase yet. With numerous projects delayed for years, there is hardly any acchee din in sight for buyers and investors. Several builders are bombarded with a slew of cases in courts, police stations and tribunals. It is a testing time for Mr Jain. He’s navigated in choppy waters earlier, and knows that the present crisis is actually an opportunity in disguis
Views about RERA on real estate sector
RERA is going to have positive effects on the industry as it has addressed the issues and problems being faced by the industry. RERA is buyer friendly and is going to make the system more transparent, systematic and streamlined.
The Real Estate Regulatory Act (RERA) has a plethora of advantages which shall help the home-buyers in manifold ways. RERA has taken into consideration and has tried to improve the things for the better so that the home-buyers do not suffer in the process of home-buying. RERA shall improve the real estate sector reducing disputes to a great extent. The state Real estate regulatory authority shall be the body to which any grievances, problems, issues can be addressed to for solutions.
The rule of RERA of depositing around seventy percent of funds in a dedicated account will ensure sufficient funds for the projects to speed up and lead to getting completed on time. This timely delivery of the project is the biggest factor or cause of concern for the home-buyers and by taking this step if it helps in having a timely delivery, then it shall be a big relief for the home-buyers.
RERA is likely to bring in more transparency in the Real estate sector, it shall lead the sector to be able to attract more FDIs. This is set to improve the feasibility of financing options availability in the market leading to increased investments and propelling more FDIs and thereby making the system more efficient and home-buyers friendly. Taking into consideration all these factors, the ultimate beneficiary is going to be the homebuyer.