RERA to Boost Demand for Affordable Housing

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RERA to Boost Demand for Affordable Housing
?May 22, 2017 ?Real Estate ?affordable housing
program, affordable housing scheme, low income
housing apartments ?Srishti Chandola
Real Estate (Regulation and Development) act 2016
finally has come into force across India on May
1. It is expected to protect the interest of the
home buyers and weed out the unscrupulous
players from the market. Will the act, however,
help to increase the demands for budget
housing? The industry experts say that it
definitely will. With PM Narender Modis Housing
for all by 2022 agenda, the central government
has begun various initiatives to endorse
affordable housing for first-time home
buyers. Already, there is huge untapped demand
for mid-income and affordable housing. Due to the
postponement of the project as well as other
irregularities, however, the investment
sentiments are presently low. Real Estate
Regulatory Authority or RERA will help to rebuild
the confidence among the home buyers to invest
in affordable housing and real estate as a whole.
The act has brought numerous customer-friendly
provisions that are bound to grow the demand in
realty market. There are various consequences of
Real Estate Regulatory Authority that should
certainly increase the transparency as well as
help to improve the complete confidence of the
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buyers. Developers believe that RERA will
definitely bring accountability and transparency
to the system. People those are buying
affordable housing are the most vulnerable
segments as their hopes rest on effective
implementation of RERA now. Once these are
implemented, Real Estate Regulatory Authority
will not only make realty industry more
transparent as well as accountable but also make
sure that budget housing segment will have only
the reliable developers delivering homes. It will
provide the customers an added assured quality
and delivery. The information will flow freely
and the focus will be completely on cash flow
management and the project delivery. The reputed
developers will only stay while the
non-performers will perish. With the
implementation of Real Estate Regulatory
Authority, the homebuyers will buy budget
housing in a relaxed way by being assured that
the rules and regulations will certainly protect
their interests. RERA coupled with the present
government sops to bolster the budget housing
which will certainly be a game changer for the
realty sector. The strict provision of the act
certainly usher accountability as well as
transparency into the real estate sector and push
out the fly-by-night developers. This will
certainly bring in some positive customer
sentiment as well as will definitely boost
affordable housing demand. However, some
developers do believe that although RERA will
lead a positive sentiment among the home buyers,
it is housing which is affordable that
certainly will compete with affordable
housing. It will always be a compromise for the
basic affordable housing due to the
circumscribed parameters by the authorities such
as poor ventilation, crunched room sizes,
limited amenities, no car parking, poor
specifications, etc. instead, home buyers will
certainly
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? Green Homes to be Profitable in Long-run
Places to Visit in Bangalore ?
choose the homes which are affordable as well as
offers quality living with well-ventilated rooms
of loaded amenities, good sizes, high-quality
specifications, allotted car parking, etc.
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