Real Estate Transformation: Making Property Transactions more Transparent
Real Estate in India is going through a major transformation today and with quite obvious reasons. So, we should look into the broader picture in this perspective rather than concentrating on the figures of only a city or a state or just any region.
Let us accept this at the outset that things are very bright and promising for the end consumer, without whom the market does not exist, as at last a regulatory body has been placed on top of this sector to protect their rights. RERA has laid down rules which will also help even the developers in the long run.
The safeguard of the buyers was a major issue that was long delayed. This single step is going to boost the buying sentiment a big time in years to come and this implementation of RERA will sustain that boost for sure.
Such transparency in real estate transactions was very much required when we consider the amount and the buyer spends out of his whole life’s earning to purchase or invest in a property of his dream. This is a phase when the Real Estate fraternity has to stand together to get this RERA implemented smoothly across the country which will benefit them for generations to come.
Along with this, the obvious steps to recognize this mammoth of the industry as an Industry, at last, is going to help even further. This will help the industry people even more. With easy funding facilities to come in, this will attract more entrepreneurs for sure. And we know what can be the outcome if that actually happens consistently.
Truly a huge scope of development is awaiting a developing country like ours. And, most importantly, the Pradhan Mantri Awas Yojna is actually a game-changer. A country which needs homes for the mass was delivering more for the class for decades. This country, which lives more without an owned shelter, was delivering more for the rest. The thought to do otherwise was obviously there. But such public support was surely needed. With this scheme dedicatedly focusing only on Affordable Housing with lots of benefits for the buyer and also the developers, a true boom has, at last, come to the Indian Real Estate. We really believe that this trend is going to continue even after this PMAY scheme is non-existent.
It is a really good time for both India and the Real Estate Industry to embrace each other and usher in an unprecedented era of sustained growth and development.
Insights on Indian Real Estate by:
Mr. Rajesh Somani
Director – Somani Realtors Pvt. Ltd.
