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RERA Impact on Real Estate Market

JAN 2018

12

RERA Impact on Real Estate Market
Grovy India Share

It's evident that the real estate market in India has witnessed an enormous transformation in the recent times.The infrastructural development in the country has been steady and this development along with positive steps taken from banks have resulted in increased demand in real estate sector.

A new chapter in the history of real estate sector was created in India with the implementation of the Real Estate Regulation Act, 2016, (RERA) on May 1, 2017. This act has provided opportunity to each state and union territory now to have its own Regulatory Authority (RA) that will frame rules and regulations which compliment with the Act. The implementation of this act had given hopes to Indian real estate market to get back on the growth track. Being a well established company GROVY INDIA gave capabilities to withstand these changes successfully.

RERA will protect the rights of the consumer and also will help building trust in direct investment in Real Estate that results in attracting more domestic and foreign investors. This also brings stability in the sector as it restricts developers by elevating prices unnecessarily. It doesn't mean that prices will set by any government authorities rather it depends on current market trends. This law looks promising in bringing more transparency and clearance in real estate sector, this turns out as biggest advantage to real estate companies as they are credited from market as well along with banks and financial service providers. This eases the fundraising process. It has brought new opportunities for Grovy India to mark its impact in real estate field as we have maintained the transparency since the inception.

The RERA states that the real estate developers have to specify the time that they are taking to complete the project , This has forced the developers to concentrate more on on-going projects. As Grovy India is been doing the same from years it has no obstacles on the track. We are well prepared to meet the current demands of real estate field and we are proud that we are well known for completing projects within given time. So this statement from RERA won't affect the working status of our firm and fulfilling the dreams of our consumers.