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Quote from Mr. M. Murali, Managing Director, Shriram Properties on the impact of RERA on the industry
Posted on: 01/May/2018 5:12:55 PM
Any regulatory and tax reforms are seen to provide strength to the real estate sector, organizing the business in a more standard system. The real estate industry has always been ready for new and progressive policy introductions and the effect of reforms such as , RERA have played a major role in setting up new benchmarks of delivery, bring accountability and transparency for the sector. Shriram Properties has always seen these factors to be instrumental in enabling a tectonic shift in how India will see future housing.
The most positive aspect of RERA is that it provides a unified legal regime for the purchase of flats; apartments, etc., and seeks to standardize the practice across the country. As a company we are focused and committed to ensure customer satisfaction in all aspects of property development and we see the act to further boost consumer sentiments which will bring in a more equitable and fair transaction between the seller and the buyer of properties, especially in the primary markets. The most needed, RERA, I believe is now giving much needed peace of mind to home buyers.
Likewise, Shriram Properties looks forward for RERA to bring in more transparency in dealings, mandatory timelines; risk-free mechanism to protect the interest of the buyers and fair play. RERA post its implementation is looked upon as ensuring formalization of the Indian real estate sector with required transparency and strengthening the relationship between consumer and developer. With this policy established players in the market will grow in strength, edging out smaller developers in the process, which will bring in better planning, pricing and better execution and timely delivery. In fact, RERA will definitely increase the competitiveness and maturity of the market by ushering in greater transparency and good Corporate Governance.
Naturally, these will also bolster the confidence of potential customers who are looking to invest in real estate. Of course many of the reputed developers like us were already practicing most of the provisions of the ACT. RERA will also help realize the `housing for all` initiative by the government, and the seamless implementation of this reform will further consolidate the real estate segment in India. Thus, I would say, RERA is a great boon as it will see the sector to be still more transparent, credible and attractive with only structured players on the ground ensuring entire industry coming to a formal process of functioning. With the overall general perception that the Indian Government has brought in key transformations in India Real Estate sector to a satisfactory level, I strongly opine the days ahead will be very bright and right time to make the home purchase.”
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