The real estate sector of India has long been one of the most messed up sectors in India. Buyers have always been manipulated and looted away by the developers. Real Estate Regulatory Act 2016 has revived the hopes of end users. Timely delivery which has been a long debated issue in realty sector is expected to end with Rea; Estate Regulatory Authority. The sector is gradually picking up pace. The price correction, RERA 2016 Act and key amendments have brought visible changes.
In an interview, the executive director and head of capital markets, Rajeev Bairathi gave his opinion on realty sector. He believes the real estate market will rejuvenate but it would take some time. He believes RERA has given a much needed boost. The corrected prices are expected to increase affordability and sales with GDP growth.
Some recovery signs have been seen in few markets namely Mumbai, Bengaluru and Hyderabad where the sale of projects is recorded to be more than the projects being launched. But no such change is seen in Delhi NCR.
The good news for buyers is that with falling prices they can easy buy their dream homes and make the best investment.
Rajeev Bairathi further addressed the manipulation in real estate as weed and explained it will take somewhere 5-6 years to vanquish the poison in it. RERA thus is expected to amend all the flaws and boost the realty sector.