One year of RERA

By Ms. Anita Arjundas, Managing Director, Mahindra Lifespace Developers Ltd.

New Delhi, May 09, 2018: “The Real Estate (Regulation and Development) Act, 2016 (RERA) is India’s first serious attempt to regulate an industry which has traditionally been perceived as less than transparent.  A year into the implementation of the Act, we can sum it up as a year of transformation and volatility and, at the same time, as one that holds the promise of new opportunities.

Developers with a long-term outlook and good corporate governance have been frontrunners in RERA compliance.  However, recalibrating to a RERA-regime has resulted in a slowdown in launches, with greater focus on project execution and sales of existing inventory.  Overall, the Act has improved consumer confidence and attracted institutional funds into Indian real estate, which is indicative of a positive impact on the sector in the mid-long term.  There is growing optimism, driven by a shift to standardized, transparent practices and a pro-consumer redressal system that bodes well for the sector overall. Homebuyer are also favourably considering established real estate brands with a track record of timely development and delivery. At Mahindra Lifespaces, our focus has always been on being customer-centric, on a transparent and accountable way of doing business, even when the real estate sector was not within the purview of a regulatory body.”

Corporate Comm India(CCI Newswire)