With the government seeking advice from the industry experts for the RERA act, it’s a good move towards building the Real Estate community stronger and making the act feasible for the industry to prosper in the right direction. The act has covered many aspects of the industry but still there are a few provisions in the act that are prejudicial to the legitimate business of the brokers. There are a few changes that the government should consider keeping in mind the interest of the serious and professional brokers. For example the Single Window Clearance for the developers that will help them to avoid delays. Also, a few qualification barriers should be added for agent to be a registered broker. Apart from this, the government should also try and incorporate a few suggestions from the broker community to safeguard their business as well.
RERA norms, will bring long-term fundamental changes in the Real Estate sector which is also set to gain from the increased transparency.
With the positive move in the right direction, buyers will feel secure for his investments and will help in regaining the market sentiments.
With the Ongoing Demonetization drive by the Government, we as Real Estate Industry are going to be the biggest benefiters in the long run. The concept of parallel economy is going to be a thing of the past. This will also help our industry by making it stronger and transparent. With the transactions taking place through a transparent channel, the industry will grow towards becoming more organized and hence increase the general public’s trust in this industry.
In the Long run, bigger and structured companies are going to play a larger role in shaping up the industry and making it more professional with their business model and education system.
With the RERA coming in, the time has never been so perfect for the real estate industry to move in the right direction. Coupled with reforms like Demonetization, FDI in Real Estate and Benami Transaction Act; this industry is going to witness a ground-breaking change in the way real estate is dealt in India. The coming year 2017 is going to be a great year for the industry and I assume that the annual sales of 2017 will be higher than the combined sales of 2015 & 2016. The significant change in the way business is conducted will also lead to the buyers regaining confidence. The Professional Realtors and Brokerage houses are going to prosper in the long run.