Bengaluru, March 19, 2016: The much awaited Real Estate Regulatory Authority bill that was given a go ahead in Rajya Sabha recently has made it through the Lok Sabha as well. It is now just a matter of time when it is made into an Act after our Honourable President Mr. Pranab Mukherjee puts his signatures on the same. After the upper house test, it was pretty much on the cards that RERA would see through the lower house as well. The buyers of the realty sector have finally got the news that they were waiting for a long time now.
Industry reacts
Mr. Avneesh Sood, Director, Eros Group
After the strong Rajya Sabha test of RERA bill, it was an easy ride for the government to get it cleared in the Lok Sabha, where they are already sitting in the majority. The time of buyers has finally come where they can now blindly trust the sector with a promise of justice. This will in turn help the demand to boost in the near future where we will see the corruption free side of the Indian realty sector.
Mr. Sudeep Agrawal, MD, Shri Group
RERA has finally become a reality now with its passage through both the houses. Customers are overjoyed and are expecting this news to take this sector to a different level. With RERA now in place, developers will follow strict guidelines to make sure that buyers’ sentiments are not hurt and demand flow is kept intact. We will finally witness a much filtered real estate scenario where buyers will now be on top.
Mr. Ankit Aggarwal, CMD, Devika Group
The biggest highlight of RERA in the upcoming few months will be the gradually growing sentiments of the buyers which will pave way for better future demand for housing. Every builder and even the brokers will have to register themselves in order to work in the sector, thus putting a tight leash on the sector. With the real estate bill active, government should now push its focus towards the passage of single window clearance system.
Mr. Rahul Chamola, MD, One Leaf Group
Indian real estate sector will shape up in a different manner now. With RERA on board, each state will have a regulator in place to safeguard the interests of the buyers and promote fair dealings in the sector. The housing demand in particular, will catch up momentum which will allow better performance of the sector. There will now be greater transparency which will make sure retention of buyers in this sector and enhance investments.
Corporate Comm India (CCI Newswire)
