Shishir Baijal, Chairman and Managing Director, Knight Frank India
“The Real Estate (Regulation and Development) Act, 2016 that became a reality last year is a path-breaking law, with immense potential to revive buyers’ confidence and drive momentum in the residential real estate market. States such as Maharashtra, which implemented the regulation in true letter and spirit, witnessed signs of uptick in residential sales and overall consumers’ sentiments. While it has been observed that just over one out of 10 state governments showed the political will and gravity in executing the Central act, we believe that other states would soon follow suit. We have maintained in the past that the resurrection of the Indian real estate rests on the long-term benefits of such structural reforms.”
Tushad Dubash, Director, Duville Estates
“Implementation of policies like RERA and GST last year had a significant effect on the real estate industry, and it brought about a substantial shift in the market. In the year since then RERA as a policy has already ensured that the consumer buying sentiment is finding its way back as is being reflected in sales off take levels of established developers. As a confidence building measure, it is certain that this will have a long standing impact on the sector and lead to positive momentum in the market.
Simply put, the act ensures transparency and efficiency in the market and safeguards the rights of the home buyers. The implementation of this key legislation has transformed the business for the better. At Duville Estates, we were one of the first to have obtained our RERA numbers for our individual product offerings at our 31 acre micro township called Riverdale. It is very pleasing to note that we now have much better informed customers who appreciate a high level of corporate governance.