RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders and while there’s everyone talking about how this well help the home buyers, we tried reaching out to some developers and take their perspective. Here’s what they have to say
RERA is a good move to get the consumer confidence back in the market but a lot depends on how it gets implemented. Hope the concerned authorities are also made answerable since they are an important part of the machinery. I believe Bangalore builders were always sensitive to the customer sentiments. Valmark in particular has been following the spirit of RERA from inception – Mamta Bharaktiya, Director Valmark
We welcome the new regulation – RERA. It will help regularise the real estate business and for big developers like Brigade, it will ensure that good practices followed by us will become a rule and also provide comfort to the end buyer. This will also ensure fly by night operators will vanish and only the structured players will remain in force – Viswa Prathap Desu, Sr. Vice President – Sales & Marketing, Brigade Group
RERA is a progressive act and, overall, will have a positive & favourable impact on the real estate industry. RERA augurs well for long term players in the organised sector while dissuading and discouraging the short-term and ‘fly-by-night’ operators. However, while the act is definitely a positive development, the new rules should address genuine concerns faced by builders and developers in getting sanctions and approvals in a timely manner – Cyriac Joseph, Senior Vice President – Marketing, Vaishnavi
RERA is a game changing act for a USD 100 bn sector. It will help in institutionalisation of the sector that is rather fragmented be it builders and brokers. By putting consumer interest at the center RERA is empowering him by ensuring – project cash flows are used judiciously, putting onus of quality and timely development on builders, and quicker dispute resolution. Once it is enacted in its spirit the sector will become more transparent that will foster better business practices and healthy competition – Abhishek Bhatewara, Director – Rohan Builders
We believe that, RERA is a very balanced act, that also puts responsibilities on the authority to grant approvals and declines in a defined time-period, hence pre-eliminating potential bureaucratic delays. This is why RERA is being welcomed by professional builders, who have been preparing for it for some time now.
Online real estate platforms like us can help in creating a trustworthy environment based on tangible data. Based on verifiable information, that should be available from the govt bodies, customers should be able to find about past project delays and incorrect promises and hence choose from the more professional builders. However, providing data and information for many new requirements will be a complex task. The entire buyer and builder community needs to readjust to the concept of carpet area, cost of delays, project centric funding and expenses, and potential of significant penalties. We believe the authority needs to manage the implementation well to avoid chaos in the industry that can run into a few quarters due to the massive nature of the changes proposed – Manish Sinha, EVP QuikrHomes
Sterling has always been supportive of measures that have influenced the society, the ecosystem in a positive manner. RERA is a significant step that regulates the Real Estate sector and strives to remove any doubt in the eyes of the property buyer. It is now that the Top players of the industry will standout, for they bring valuable forte in terms of best practices, track record, confidence & peace of mind to the buyer. We will have to wait and see how the governing authorities, bureaucracy, fund partners etc. are made accountable in the scheme of things, as if the act has to deliver on its vision there cannot be any stakeholder who is not held responsible. Looking forward to playing our part as Bangalore’s leading developer – Abhilash Baldota, Strategic Head Marketing, Sterling Developers