Norms to improve real estate business soon by Haryana CM Manohar Lal Khattar

The strong and aggressive methods adopted by the Indian government to bring transparency and build faith and trust on the Indian realty sector along with various infrastructure initiatives will help boosting the growth and development of the property market.

Real Estate (Regulation and Development) Act-2016

The RERA Bill, which is considered ‘pro-buyer Act’, was passed with an intention to make the realty market more simple, reliable and trustworthy.  The prospective homebuyers across the nation are quite hopeful that this act will help in skimming out unscrupulous and unethical builders out of the system and will bring about radical and positive changes in the way the housing segment is being planned/promoted and sold.

In order to boost the real estate investment and to safeguards the interest of the homebuyers and instill confidence in them, Mr.Manohar Lal Khattar, Chief Minister, Haryana, announced that the government shall soon be coming up with new rules and regulations that will help in the strict and disciplinary implementation of the Real Estate (Regulation and Development) Act-2016. The monthly meeting of the District Grievance Redressal Committee was addressed by Mr. Khattar where he committed for the establishment of a Real Estate Regulatory Authority for the proper execution of the Act. However, a deadline regarding the same was not announced.

 On November 1st, the Central Government had informed about the norms that need to be followed for the proper implementation of the Act in order to bring transparency and build trust in the sector. The Ministry of Urban Development will also be working on the similar grounds and these rules will be applicable For National Capital Region.

Grievance redressal of home buyers in Gurgaon

The Union Territories and other State Governments with legislature have the discretion to either follow the Centre’s guidelines or formulate their own set of norms latest by April 30th, 2017. Mr. Khattar, during the latest monthly grievance redressal meeting listened to over 22 complaints, filed by the home buyers in Gurgaon. On hearing these complaints, the Deputy Commissioner was directed to make and upload online a list of all the housing societies in Gurgaon and review their state of affairs vis-a-vis their commitments and the actual ground realities.

Demonetization

The sudden demonetization drive by Shri Narendra Modi‘s government’s will also prove to be a positive factor for the growth and development of the Indian real estate industry. Owning a home seemed to be a distant dream for many of the aspiring homebuyers due to the sky-rocketing property rates which made the people prefer rented accommodations. But the recent currency ban is expected to have a cooling effect on many of the segments of the property market. The sales that involved hard cash transactions will come down and as a result of which the land prices and therefore the property prices will also face a downward pressure. Overall it could be a great opportunity for the buyers who can negotiate well and crack the best possible deals especially in ready to move projects. This clampdown will prove to be a boon for all those aspiring to purchase premium residential projects since post currency ban the sales in this segment are likely to dip resulting in slashed prices.

Housing for All                
The interest rates will also reduce, bringing a sigh of relief for those who cannot afford heavy monthly installments of their home loans. The developers are shifting their focus towards the affordable housing category which would ultimately help in the accomplishment of the “Housing for All” mission. Banks will have more liquid cash at their disposal and will offer new schemes and loans under reduced rates benefitting the customers.

Need for professional real estate advisory

Taking into consideration the overall collateral effect of empowering the homebuyers by passing RERA Bill and curbing the menace of black money via demonetization, the real estate prices are expected to be rationalized. More and more people would be thinking of purchasing their own piece of earth and for this they would need the services of some good and professional real estate advisor.

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