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RERA

RERA, and how it is changing the real estate sector in India

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The real estate sector has been facing numerous challenges when it comes to timely delivery of projects. Incomplete projects, increased construction costs, regulatory issues, demonetization and various other factors make it difficult for people to receive possession on time.

The Centre has issued new policies to curb this problem. With the coming of Real Estate Regulatory Authority (RERA)Act, Real Estate Investment Trust (REIT) and other policies, the face of real estate is changing. RERA was implemented to protect home-buyers, and also increase investments in the real estate sector. It will not only create adequate affordable housing in various cities such as Hyderabad, Mumbai, Delhi, etc., but will also attract fast growth in real estate markets.

Providing a win-win situation for developers and buyers alike, RERA is an effective tool. It will be beneficial to both developers and consumers. While the former will enjoy the confidence of consumers, the latter will benefit from the necessary transparency and on-time delivery of projects.

With the coming up of these policies, real estate developers like Modi Builders, Ashoka Developers and Builders Ltd, Prestige Group among others, have started implementing them. This has not only created a positive image, but has also helped the builders in increasing the much-needed consumer base.

Aligning with the consumers’ interest, RERA has made the policies for launching a new project very strict. Participation of the Supreme Court has brought the necessary changes. Claims like ‘project delivery in 3 years’ are now considered bogus because it takes around 5 – 6 years to complete one project.

Talking about major real estate hubs in India, Delhi has been witnessing a lot of real estate development. There are various projects that are lined up, and are awaiting final delivery. Similar is the case with other hubs, such as Mumbai, and Hyderabad. RERA has made it mandatory for builders to deliver existing projects before coming up with schemes to launch new ones.

Considering Hyderabad in particular, the net commercial space was around 32 million square feet last year. With consistent growth, the space will rise to around 600 million square feet by 2019. There has been an upsurge in the number of queries from buyers, particularly in Hyderabad. With millennials taking interest in property, the trend is predicted to continue. Residential developers like Modi Builders are taking the real estate sector to a new level with their close following of RERA and the commitment to deliver projects on time.

As a result of changes in policy, the growth of investment and residential market in India is expected to be steady in 2018. Among other cities, Hyderabad is also on the path to becoming one of the most coveted cities in housing markets. Realty experts from Modi Builders foresee an aggressive positive change in the market with the coming of RERA and other policies.

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Modi Builders Review the Recent Developments in the Indian Real Estate Sector

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The Indian government has been introducing various policies in the recent few quarters. Modi Builders Review that a proper mechanism is necessary to address the issues of the real estate sector of India.

The rapid urbanization has been leading to the growth in India’s real estate sector. The sector is the second largest employer in the country, after agriculture. However, several unreliable developers also exist in the market. Most of them miss the mark in timely deliveries of their projects. Moreover, they have been overcharging the buyers and exploiting them.

The Modi government has been taking keen initiatives to change the scenario of the Indian realty market. They have implemented various major policies, with an aim of creating transparency in the real estate. The Real Estate Regulatory Act (RERA), Benami Transactions Act and Real Estate Investment Trusts (REITs) are some major policies that brought a visible change in the sector.

Modi Builders has reviewed that the steps taken by the government are of value to both the investors and the developers. It believes that the new acts will create a market for the consumers and will knock out the inappropriate constructors. Modi Builders Group is a leading construction company of Hyderabad. It is serving quality and honesty to their consumers since establishment.

The new regulations are designed to promote timely completion of projects and to maintain the steadiness, by regulating the sale in real estate sector. According to Modi Builders Group, these regulations are likely to create affordable housing for the buyers. It is anticipating that the middle-class will be able to buy houses at reasonable prices.

Goods and Service Tax (GST), and Demonetization have been other major regulations that impacted the home buyers, builders and property agents. The Indian government has been putting the efforts to enhance transparency and bring greater accountability in the realty sector.

The Hyderabad-based realtors expect that the new regulations will bring a positive change.