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Does the implementation of RERA mean increase in price of existing real estate?

Does the implementation of RERA mean increase in price of existing real estate?

Does the implementation of RERA mean that there will be few new launches and hence increase in price of existing real estate?

Ravindra Agarwal, Noida

With RERA, what you should look forward to is transparency and better accounting and handing over processes by real estate developers. They will have to stick to timely completion of projects and stick to costs. Buyers will also have provisions of flexibility of claiming a refund within 15 days of purchase of property, if one is not satisfied with it and most of all, no misuse of money by developers for any other project other than the one for which they have taken money. However, prices may not have an immediate direct impact. It may increase for new launches given the stricter compliance that developers have to adhere to or it may decrease owing to the large amount of inventory overhang in the market.

 

olmdesk@outlookindia.com