The RERA or the Real Estate Regulation Act has finally become a reality. Though there are still plenty of hiccups and it will obviously take some time for the industry to absorb all the facets of the Act, it should be kept in mind that the RERA is a process, not an event. Meanwhile, the foremost question in property buyers’ minds is - should they wait until the RERA process is streamlined, or can they go in for home purchase now?
Buying a home is in many cases a once-in-a-lifetime event, and one which most people look forward to and plan for assiduously. At the present time, the real estate market in most Indian cities is flush with options for buyers in most price brackets, and developers have also kept various offers and schemes in place to maintain the sales momentum. Prices have corrected in most locations, and projects which seemed too pricey only a year ago are suddenly quite affordable.
Indeed, buyers have every reason to view this as a very favourable time for home purchase. Yet the ongoing implementation process of the RERA is giving them pause. In the past, we saw that anticipation of price corrections and lower interest rates kept many potential buyers on the fence. Paradoxically, the announcement of the RERA is now having a similar effect largely because buyers are unsure of whether they will benefit from it immediately or whether the benefits will take some more time to come in.
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June 1 - 31, 2017