RERA: Game Changer
In an exclusive interview with Parth Mehta, Managing Director, Paradigm Realty What are your views on the Real Estate Regulatory Bill? With all said and done, the much awaited Real Estate Regulatory Authority (RERA) act is now in place. The Act makes it mandatory for all commercial and residential real estate establishments, over 500sqm or above eight condos to register with RERA in order to provide greater transparency and accountability in terms of product development and executions. According to this Act the developer will from now have to quote the prices based on carpet area as defined in the Act. Another notable feature of this law is that in case of delayed delivery of the project the developer will pay the consumer the same amount that he has to pay back to the bank in the form of EMI. This will boost the customer and investor’s sentiments to invest into real estate market and increase the cash flow and at the same time will also reduce discrepancy and malpractices with regards to delay in development of the project. Will RERA boost FDI in real estate industry, explain? The bill will help in injecting FDI in Indian Real Estate by strengthening transparency, and accountability in the Real Estate fraternity. It will also help to avail cheaper funds for construction and resolve the liquidity crises in the Industry to a larger extent. Thus, this bill will help India become a lucrative destination for Investment.
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