Implementation of RERA comes with its own set of introductory adjustment problems and therefore it will take its own time before the industry is able to absorb the different aspects of the Act in practice. This is why introduction of RERA is not an event but a process all together.
So buyers have two options at the moment. One is to go in for home purchase now; and two is to wait for the RERA implementation to be streamlined.
In most of the cities, buyers have kept their offers in most of the price brackets open and have also kept intact their special offers and schemes open to keep the sales momentum steady. Besides, prices have corrected and projects, which seemed too costly only a year back, are now quite affordable plots in bangalore
While on the one hand buyers are tempted to buy residences now, on the other hand under the expectation that prices would further correct and interest rates would further fall with the streamlining of RERA. As on date, developers have been given time till 31st July to register their projects under RERA; real estate agents who come under the purview of RERA have also been given similar time for their registration under RERA. Remaining States and UTs have also to frame rules and regulations in line with the letter and spirit of RERA. But all of this cannot happen instantly and so requires much effort and persuasion.
As on date, builders have also been allowed to continue with their marketing of ongoing or under-construction projects until they register these projects under RERA before 31 July. In the meantime, buyers should consider buying only such property which is in good location and which is under the process of registration and developed by those whose balance sheets are strong with good reputation.
In order to get a correct basis to make a decision, buyers should check with the developer’s website to ensure whether they are actively pursuing with RERA registration and compliance of sites in sarjapur
In a few months, market will undergo a shakeup when small developers that lack the capacity or willingness to comply with RERA vanish from the horizon. They will sell off their ongoing projects and land holdings to bigger players and dissolve their existing businesses. This is an expected by product of the RERA implementation process.
RERA will thus change the entire market’s landscape of the way projects are planned, executed and sold in the market sites in hosur
Home buyers will no more have to put up with loaded sales agreements, undue delays, unscheduled changes in building plans, and several other risks which were part and parcel of purchasing ongoing projects.