06
Jul
Impact of RERA
- Cushman and Wakefield report says residential project launches have fallen by 8% since the Real Estate (Regulation and Development) Act 2016 was announced.
- The fall in new unit launches is most noticeable in the NCR. Launches in the residential sector are expected to remain restricted over the next 2 to 3 quarters as developers will be making changes to their business structure, operations and marketing strategies to comply with RERA norms.
- The share of affordable segment in total launches has improved. While sales have been weak across segments, it has been prominent in the high-end and luxury segments over the last quarters owing to demand-supply mismatches
- Under RERA, all property brokers will have to register with real estate regulators in their states, thus sieving out the small-time players and consolidating major ones
- In a major relief to citizens, the Real Estate Regulatory Authority has decided to accept complaints about unregistered projects for free of cost from informants until the 90-day period granted to builders to register their projects ends. The law though states that a mandatory fee of Rs 5,000 is required for filing of the complaint.