By Ashish.R.Puravankara, Managing Director, Puravankara Ltd.
New Delhi, May 02, 2018: “With RERA making its entry into the industry in 2017, Indian real estate has witnessed a series of developments across the last one year. RERA introduced to the sector a string of regulations introducing structural changes, keeping the consumer in focus and also aiding in the development of a regulated and organized environment. For the first time the end user had easy access to property related data and information, creating a transparent interface. Consumer interest was on a rise and this translated into an increase in bookings and queries at the developer’s end. The strong latent demand in the last two quarters of FY18 is proof of the same. As for the developer fraternity, RERA was a timely move which brought with it a much needed regulator in place, paving the path towards the growth and development of the industry. Of course there is much more to be done collectively in the real estate community, but RERA has set the tone for the future – transparency & accountability!
RERA brought with it the consolidation of the industry just further driving the accountability piece but also making it customer-centric. For PE investors, this is a positive sign, along with a system which has measurable risk defined. With states across the country gradually aligning to the asks of RERA, this will be beneficial to all the key stakeholders viz. the consumer, developer and investor. In the days to come, we will witness the evolution of the Indian real estate sector into a transparent, organized and balanced system. “