23 Jan

It should be only RERA certified

After RERA, things have been changing for good at a faster rate. The foremost thing that has happened is that the buyer confidence has increased and they are now only going for the developers of repute, who have lived to their promise of delivering quality projects on time. Now, buyers also know that they have a platform to complain about the errant developers and hence they are less sceptic about investing. And when the rotation of funds takes place with regular sales the sector will definitely move towards fulfilling the dreams of millions of Indians.

In Punjab, 688 projects were registered under RERA as on May 2019 and this is an indication about the seriousness of developers towards living up to the expectations of buyers and also to stick to the laws of the land. These two years have seen a good jump in sales enquiries and sales because of the confidence that came back to the sector riding on the trust of the buyers.

However, it still at the nascent stage but the impact it is having on real estate is tremendous. Apart from weeding out the non-serious players, it is also bringing in the trust factor back in the sector. Most

After RERA, things have been changing for good at a faster rate. The foremost thing that has happened is that the buyer confidence has increased and they are now only going for the developers of repute, who have lived to their promise of delivering quality projects on time. Now, buyers also know that they have a platform to complain about the errant developers and hence they are less sceptic about investing. And when the rotation of funds takes place with regular sales the sector will definitely move towards fulfilling the dreams of millions of Indians.

In Punjab, 688 projects were registered under RERA as on May 2019 and this is an indication about the seriousness of developers towards living up to the expectations of buyers and also to stick to the laws of the land. These two years have seen a good jump in sales enquiries and sales because of the confidence that came back to the sector riding on the trust of the buyers.

However, it still at the nascent stage but the impact it is having on real estate is tremendous. Apart from weeding out the non-serious players, it is also bringing in the trust factor back in the sector. Most 

of the states have implemented it and are working tirelessly to improve their role.

The progress of RERA calls for applause and every activity of developers is under the scanner. The purpose of RERA is to mandate regular reporting of projects by developers. It has to be done with details such as carpet area, units sold and possession timings, etc.

The transparency has increased as the developers are required to report the progress of construction on their websites as well. This will make sure that the buyer is informed and can take a decision about investing in a property. It also stipulates a defect liability period of three years -- a safety measure for the buyers that the developer has maintained the promised quality while delivering the property.

In fact, developers cannot make any change on its own and have to inform the buyers and authorities before bringing it to any effect. And, it prohibits the developers to transfer the rights in a project before its completion and, thus, making it impossible for them to escape the accountability.

The trust has also come back in the market as the funds collected from the buyers from a project have to be deposited in an escrow account. This means that the funds cannot be spent on vested interest of the developer and that every penny is utilised in the development of the project.

Even the marketing has to be meaningful leaving no space of tall promises. Under RERA, the marketing is regulated and the promotion can only be done by stating the information that is relevant to the purchase of a property.

Motia HUYS (RERA No: PBRERA-SAS80-PM0061) is the flagship project of the Motia Group in Peer Muchalla adjoining Sector 20 Panchkula. The project has been designed around the concept of independent affordable floors. Motia Group is one of the leading developers in Chandigarh with excellent track record and responsible past deliveries.

Every State is trying its level best to follow RERA and yes it has opened doors to the increase in the level of trust. In this area of Punjab, the buyers should go for projects that fall under RERA. This will ensure that the buyers get the best of deals in projects being completed by the best of developers who stick to the promises made according to the planning of the project.

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