Confused? Whether you should wait for RERA or buy a Property now
Apr 14, 2017 Home Trading Steps
Now it seems aspiring property buyers are waiting for the Real Estate Regulation Act to be implemented by the States by the first half of coming year.
The situation is like this because after implementation of RERA, only builders with sound reputations will remain in the league. RERA law is definitely going to change the ways in which residential housing projects are planned, offered, sold and possessed all over India. Therefore the property buyers will no longer have to worry about issues like unfair contracts, delayed possessions, non-notified alterations in building plans and other risks.
By bringing in better accountability and transparency RERA is aiming at making real estate purchase simpler.
If one goes through the RERA laws carefully, he will realise that the laws have been made by keeping in mind both the buyers and sellers perspective. Although on one hand the promoter is required to obtain necessary documentation such as the completion certificate, but on the other hand, the buyer is liable to be fined if he delays in payment. However, failure to register the property or comply with other regulations of the Act will lead to hefty fines and which might even lead to imprisonment in certain cases.
Now the question is whether you should wait for RERA law or buy a property now?
Right at this moment due to low property demands, property prices across India’s major cities have sunk to incredibly low levels. Moreover, unlike previous times, now the buyers have a wide range of options in locations, budgets, amenities and – perhaps most importantly – in developers. That is why, now a days, even within a modest budget one can buy a quality project by a trustworthy and reputable developer.
However, apart from RERA which is not going to be implemented before May 2017, there are other dynamics which are changing on the Indian property market. Reduced pricing coupled with attractive deals in most cities have already started catching the attention of the fence-sitting buyers.
The real estate gurus are envisaging that there is no scope for current property prices to decrease further. In fact, after the implementation of RERA, promoters will be bound by more procedures, and this may increase the cost of their projects. This is because RERA will not only ensure that unscrupulous developers and their business practices are driven off the market, but will ensure that builders with sound reputations and impeccable track records will become stronger. Not only that, the builders will have to invest extra time with regulatory bodies to work along the extensive details of construction plans, clearances, approvals and other details related to their new projects. This might result in the delay in delivery of the project.
As there are already many builders with strong reputations and credible market practices, therefore, buying a property from such a builder now instead of later would be a wiser decision. RERA might as well cause upward pressure on prices. So, to conclude with; to make the most of current attractive pricing and offers, there is actually no better time than now.
The situation is like this because after implementation of RERA, only builders with sound reputations will remain in the league. RERA law is definitely going to change the ways in which residential housing projects are planned, offered, sold and possessed all over India. Therefore the property buyers will no longer have to worry about issues like unfair contracts, delayed possessions, non-notified alterations in building plans and other risks.
By bringing in better accountability and transparency RERA is aiming at making real estate purchase simpler.
If one goes through the RERA laws carefully, he will realise that the laws have been made by keeping in mind both the buyers and sellers perspective. Although on one hand the promoter is required to obtain necessary documentation such as the completion certificate, but on the other hand, the buyer is liable to be fined if he delays in payment. However, failure to register the property or comply with other regulations of the Act will lead to hefty fines and which might even lead to imprisonment in certain cases.
Now the question is whether you should wait for RERA law or buy a property now?
Right at this moment due to low property demands, property prices across India’s major cities have sunk to incredibly low levels. Moreover, unlike previous times, now the buyers have a wide range of options in locations, budgets, amenities and – perhaps most importantly – in developers. That is why, now a days, even within a modest budget one can buy a quality project by a trustworthy and reputable developer.
However, apart from RERA which is not going to be implemented before May 2017, there are other dynamics which are changing on the Indian property market. Reduced pricing coupled with attractive deals in most cities have already started catching the attention of the fence-sitting buyers.
The real estate gurus are envisaging that there is no scope for current property prices to decrease further. In fact, after the implementation of RERA, promoters will be bound by more procedures, and this may increase the cost of their projects. This is because RERA will not only ensure that unscrupulous developers and their business practices are driven off the market, but will ensure that builders with sound reputations and impeccable track records will become stronger. Not only that, the builders will have to invest extra time with regulatory bodies to work along the extensive details of construction plans, clearances, approvals and other details related to their new projects. This might result in the delay in delivery of the project.
As there are already many builders with strong reputations and credible market practices, therefore, buying a property from such a builder now instead of later would be a wiser decision. RERA might as well cause upward pressure on prices. So, to conclude with; to make the most of current attractive pricing and offers, there is actually no better time than now.
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