Real estate companies sharpen focus on timely delivery
Delivering homes on time is no longer a matter of choice for developers amid rising awareness and stringent norms. Rising awareness levels among homebuyers, stringent regulatory norms and a pro-customer judiciary have compelled real estate firms to focus on timely delivery of projects and being accountable?to?promises made. At a time when many developers are fighting disgruntled customers in courts of law, delivering homes on time is no longer a matter of choice. To deliver what one has promised is the essence of the new Real Estate Regulation and Development Act (RERA). What this is likely to do is, put the customer at the centre of the business and improve accountability, and also change the way the sector operates—typically, home sales have always been more important than staying true to what’s promised. The capacity and intent to be honest to buyers are the qualities that will set good developers apart from the rest of the pack, say developers and analysts. “Meeting project delivery targets is a matter of survival for developers today. There are penalties today and the regulator has the power to take over the project,” said Anuj Puri, chairman, Anarock Property Consultants.
Tags : News/Views