The introduction of the RERA has definitely moved the real estate market as it not only favors the buyers but ensures more participation from their end. The ultimate motive of this act was to bring in transparency that was always a question of worry for the buyers and this kept them aloof from investing in it. But after RERA has been announced things are quite different as the developers have already started following the practices so that they get used to the same and are able to see some growth in the coming months.
As per the decision of the government, RERA will come into the act from May 1 this year with all the states strictly following the rules. In no way, the government wants any compromise with the same and stringent action can be taken against the companies and the developers who indulge in unfair means or unethical practices. Everything is being done to safeguard the interest of the buyers and the government wants the developers to show their full cooperation in making the RERA a successful one.
Recently the states have demanded some sort of relaxation on the minimum plot size which was currently decided to be 500 square feet including the balconies. But the government is not all interested in making any kind of changes to the act and has sent a serious notification to all the states that RERA will be effective as per the rules laid down it and no changes are possible. If in case the same is done there are chances that the public may react in a negative way and it would not send a good sign to them. So keeping in mind all the aspects the government is in no mood to make any changes to the RERA.
The government is quite clear of why RERA is being introduced and how it will affect the real estate. The developers, as well as the investors, will have to show some kind of patience as it will take time in getting used to it but once it becomes active things will definitely change. There is no doubt that the real estate sector will become more apparent and the buyers will be able to enjoy higher security.
So RERA is definitely the much-needed change which will finally be enforced within few months. We just have to wait and see that how developers and buyers will get influenced by it and support RERA.