"RERA in Motion Would Benefit Real Estate Industry": Pankaj Bajaj Eldeco

With an intention to protect the interest of home buyers, the Real Estate (Regulation and Development) Act, 2016 (RERA), has kicked out all the fragile players from the market who would have proved trickery in meeting the demand of the actual investors.

Considering RERA as the new horizon in real estate industry, Eldeco MD Pankaj Bajaj, and the newly elected president of Credai-NCR said, ‘Credai was always in favour of RERA because the act will be instrumental in separating the authentic players from those who will not be able to deliver on promises. While the Rera does have teething issues, it is in motion and over a period of time things would settle down for the benefit of the real estate industry as well as for the buyers."

 Implementation of RERA has rejuvenated the hopes and boosted the confidence among homebuyers as, in the current scenario, RERA allows only those builders to continue further who are legally committed to meet their mentioned deadline of possession. The act has surely taken a hold of the fringe players in the market and only the committed ones are left to continue further. With RERA, the promoters of any real estate brand can only advertise what they are actually offering and any false commitment might lead to a lawsuit against them, that’s what has put homebuyers in a prominent position take advantage of the situation.

Especially in Noida, where the real estate has been reaching its heights, RERA has brought a transparency in the real estate sector which has made it even more possible to meet the Government’s agenda of housing for all due to the left-out existence of only the committed and genuine builders in the region.

While real estate, in India, has been one of the major employment generating sectors, its revival is not only beneficial for the home buyers but also to those who are directly or indirectly dependent to drive their earnings from it.