The implementation of the Real Estate Regulation Act (RERA) created to regulate the New Delhi real estate market has gained momentum. Nearly 90 percent of the states and union territories have notified RERA , leading to increased accountability in the real estate market. This information was revealed in a study by property consulting company JLL . According to the study, the market has seen an impressive improvement in housing sales in 2018, with the sector again restoring buyers’ confidence.
The sales boom continued in the first half of 2019 as well. The sales of residential units increased by 22 percent in the year 2018 as compared to the same period. A total of 43,398 real estate projects and 33,270 real estate agents across the country have registered under RERA as of June 30, 2019, based on data from the Ministry of Housing and Urban Affairs, which shows the boom in its implementation.
According to the study, about 69 percent of the registered projects are already in progress. This has made it easier for stakeholders associated with a real estate project to access and register their projects. However, experts in the report said that the real impact of RERA will be more evident in the next few years, as projects will deliver within the timeframes mentioned in RERA registration and will effectively resolve the dispute between buyers and promoters.
The main objective of RERA is to increase transparency, bring financial discipline in the market and create accountability among stakeholders,” said Ramesh Nair, chief executive officer and country head of JLL’s Indian operations. If the regulation is implemented effectively it will become the new norm.
He said that in the housing category, RERA has created a level playing field between home buyers and developers. As a result, India’s residential sector has undergone major changes since the initial challenging phase. The market has seen an impressive improvement in housing sales in 2018, with the region restoring buyers’ confidence.
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