Real Estate Regulatory Act (RERA), 2016 is looked upon as a milestone for Indian realty sector. Experts at Modi Builders, one of the leading builders in Hyderabad, believe that the act has brought a sigh of relief for both buyers and sellers.
RERA came into effect from May 1, 2017. It was a major policy by the Indian government, which was initiated to bring the housing sector in order. The act ensures timely deliveries of projects. RERA, along with the other regulatory reforms, has brought much-needed changes in the sector.
Experts at Modi Builders believe that by establishing a mechanism in the realty sector, RERA will improve the sentiments of investors in the market. They are certain that developers will not exploit the buyers..
Before implementation of the policies, the Indian real estate sector has been largely unregulated. Property buyers were exploited largely and were left with no option, even when the developers didn’t deliver the property on time. There have been several complaints from the property buyers regarding the negligence of fraudulent developers. Analysts at Modi Builders are certain that RERA and other policies will lead the sector in a positive direction.
Indian Vice-President, M. Venkaiah Naidu recently defended the role of RERA at the inauguration of the 28th convention of the Builders’ Association of India. He said, “Real estate regulation is not for strangulation, but for regulation and promotion of the sector. Some fly-by-night operators had been misusing the customer’s confidence in them. That is why, I when he was Union Minister, after consulting others, introduced the Real Estate Regulatory Authority.”
Aware about the contribution of the sector in India’s development, Modi Builders agrees with the statement of the Vice-President. The experts from the firm said, “The government has designed various policies other than RERA. However they are implemented to protect the interests of the buyers, we at Modi Builders perceive it as beneficial for both investors and developers. Especially, RERA will create a more transparent market by eliminating the shady operators.”
Putting an end to unnecessary delays in projects, RERA has accelerated the completion of construction projects in the country. Moreover, according to the Section 7 of the Act, developers will be liable to provide an explanation for the delay in the projects. Thereby, it gives greater hope to the homebuyers and brings sustainability in the sector.
Offering luxurious villas in Hyderabad, Modi Builders incorporate sustainable ways of development. They have been building their projects on the bricks of trust since establishment. Their experts believe that the prices will pick up the pace as the balance between the supply and demand is being created. Standing in support of RERA, the realtors are certain that it will not just create a market for the buyers, but will also revive the housing demand in the near future.