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Thursday, May 18, 2017

Real Estate Regulatory Agency - RERA Applies on Property under Construction

Real Estate Regulatory Agency - RERA Applies on Property under Construction

by Mr. Gulam Zia, Knight Frank India

Question:

How will RERA protect me and help me make a wise property decision?
In case if you are buying a ready property from a builder or an investor, RERA will hardly have an impact on you deal.However, if you decide to buy an under construction property, then RERA comes to you as a boon.

For a long time, unsuspecting buyers going for an under construction apartment have been on the receiving end of it with little or no respite in case it they got a raw deal.

Delays in possession, misrepresentation of area measurement, quality falling short of the promised product, financial mismanagement, etc., have been the most common grievances that will be things of the past once RERA is fully operational.

Question:

Will RERA help bring down property prices?

RERA does not propose any market control measures. Real estate prices are fully governed by market economics with practically no governmentregulatory control or interference.

RERA will require developers to change their processes and systems and get complaint with the RERA rules. Such compliance will be definitely an additional cost which every developer would try to pass on to the buyer.

However, the real estate market has been on a decline for last three consecutive years and seems like a buyer's market almost all over the country.
In current times where buyers aren't too keen to buy, passing any additional cost seems difficult. However, since the risk of buying an under-construction property will be much lower under RERA regime, a premium towards that is only justifiable.

Mr. Gulam Zia, Executive Director, Knight Frank India



Executive Director - Advisory, Retail & HospitalityT: +91 22 6745 0152M: +91 98208 52726
Real Estate Regulatory Agency - RERA Applies on Property under Construction Reviewed by S. Chitra on May 18, 2017 Rating: 5 Real Estate Regulatory Agency - RERA Applies on Property under Construction by Mr. Gulam Zia, Knight Frank India Question: How ...

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