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RERA makes headway!

RERA and you Aug 22 ,2017

After all those initial hiccups and brickbats from the realty sector, RERA seems to have come a long way and the good news is, it’s seems to have settle down in the realty industry.

Rajiv Ranjan Mishra, Joint Secretary, Ministry of Housing and Urban Affairs, clearly stated that developers need to register their ongoing projects with a Real Estate Regulatory Authority (RERA) and stop seeking exemptions.

He also demanded that builders change their business model to manage cash flow efficiently as required under the Real Estate (Regulation and Development) Act, which was passed by Parliament in March 2016 and was enforced from May this year.

He did not mince words while voicing concerns over anxieties among buyers while buying a home due to uncertainties as they were still not sure regarding the delivery of projects. He asked builders to strictly abide by this law as this would inspire confidence in them.

Mr Anshuman Magazine, Chairman, CII Realty 2017 & Chairman – India & South East Asia, CBRE affirmed that this is a very interesting time for India’s real estate sector as there has been an unprecedented activity in boosting the segment. “Various government reforms like demonetization, RERA and GST are impacting the overall sector”. He also stated that we will witness further traction towards infrastructure in near future. This will boost growth and create more opportunities for the sector. He predicted that this would lead to an increase in medium to long term investment.

At last, RERA has evolved from rant to rave!

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