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Wednesday, May 03, 2017

Real Estate Regulatory Authority (RERA) Law - Single Biggest Reform


By on Wednesday, May 03, 2017




Real Estate Regulatory 
Authority (RERA) Law - 
Single Biggest Reform

Mr. Anshul Jain, Managing Director, India Cushman and Wakefield on the RERA Act. 


The on-ground implementation of the Real Estate Regulatory Authority (RERA) law, beginning May 1, 2017 is the single biggest reform which will inspire the much needed trust in time in the sector and therefore boost investments from consumers and private & institutional investors. 

The act will bring almost 83,000 registered builders in India under its purview to ensure that the interest of home buyers are protected. 

Better regulation and accountability will spur investments from foreign and domestic financial institutions and will bolster longer term potential on real estate investments. 

RERA’s focus on mandating disclosure of projects, including details of the promoter, project, land status, clearances, approvals, etc. and the timely delivery of projects will help increase the credibility of developers as well. 

As for penalty, both homebuyers and developers will be penalized for delays in payment and completion of projects respectively. 

Furthermore, the act mandates the developers to deposit 70% of the project cost in a separate bank account to cover project development activity. 

This step will be substantial in ensuring timely construction of projects and act as a safeguard in the event of any delays as it would limit diversion of developers’ funds for other projects.

About Mr. Anshul Jain 

Mr. Anshul Jain is the Managing Director for Cushman Wakefield in India, and is responsible for overall strategy and growth of the firm in the country.

Anshul has over 20 years of international experience in the property sector and has successfully led businesses and teams in India, Europe and Singapore. He has a versatile experience in property sector, with consulting, investment and leasing transaction experience in India, UK, Central & Eastern Europe & South East Asia. 
His experience also includes a stint in the office design and project management industry and has keen interest in the social evolution which is shaping office designs to suit the millennial work force in emerging new age firms. Prior to taking on this role, he was CEO of DTZ in India.

Mr. ANSHUL JAIN
Managing Director - India
LOCATION
14th Floor, Building 8, Tower C
DLF Cyber City
Gurgaon, Haryana 122002
India


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