In 2016, RERA emerged. And so did a lot of speculation and negative sentiment. But in truth, RERA is just what the realty sector needed. We know that Indians love the idea of owning a home, and even as investors, we see great value in this asset. And the Act by the Real Estate Regulatory Authority has come in as a silver lining in an otherwise unregulated sector. It’s an opportunity for all developers to reinstate customers’ belief in the Indian realty sector, and ensure greater customer delight.
At the same time, while delight is a good-to-have, what will greatly benefit homebuyers is transparency. For example, customers tend to get anxious when they don’t know the progress of construction of a home they’ve invested in. That’s why, greater transparency in the entire home-buying process can help instantly win trust amongst customers. This is where RERA comes in. As the very purpose of RERA is completion of projects, it enforces accountability towards customers and helps ensure transparency.
The only way forward is to embrace this act, register projects with RERA, and through communication tools, keep them updated about the construction status of a home they’ve invested in. Watch Sangeeta Prasad, MD & CEO at Mahindra Lifespaces, shed some light in this regard –