As far as RERA is concerned, it was much needed. The customer was not happy with the Real Estate industry. Bangalore created a lot of problems for the real estate buyers. Many developers were not able to deliver the houses on time and some were not available to answer some simple queries from its customers. People had put in their hard earned money to buy their dream home. Finally, the authorities stepped forward and the RERA act was created. The major plus point of RERA is its transparency. For the first time in our country, one can think of buying a house and can also know everything about it. The carpet area of the property and the timeline for construction which are the two important basic pieces of information will now be easily available to the buyers. Any developer who doesn’t stand by these rules of transparency will be penalized.
Developers who were already stressed before the RERA will now have to escrow money. Some of them are worried as they do not have adequate funding. The government might have to assist these developers in completing their existing projects.
Because of the transparency and openness, it will bring in a higher amount of investment in the real estate field. People will feel confident to invest. So people who didn’t have a home of their home will start thinking of buying their own property as now the investors are not worried. They will be able to see what is happening. Companies with brand names will benefit more from RERA.
The implementation of RERA has brought in the much-required positivity, transparency and accountability on part of the developer, which in turn will enhance trust and confidence on part of the home buyers. From the home buyer’s perspective, it will enhance confidence in the real estate developers while providing a stronger legal remedy that will result in many fence sitters making a buy decision.
The real estate consumer is getting matured especially in urban areas. But it is more circumstantial rather than through education. This has happened more out of a bad experience. People got cheated in Bangalore and other places and then they learned their lessons. It is similar to what happened during the global financial crisis. After the crisis, many rules were put in place to make the world a safer place in terms of extreme financial products that caused the crisis. Basically, RERA has been introduced to reboot or clean up the system.
GST and RERA are part of the process that will bring in accountability and transparency to the real estate industry. Some of the aspects may seem painful initially, but the overall impact will be positive.
After reading all this one would definitely be interested in investing in a project and what better can it be other than investing in Embassy Springs project Devanahalli a branded project from the Embassy Group. This is a 300 acres township project which is located very close to the Bangalore International Airport. Overall a very good investment option for all those who have been waiting to buy their dream homes.