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.
