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News: Will Residential Property Prices Go Up Following RERA Implementation?-05.05.2017

Will residential property prices go up following RERA implementation?

Anuj Puri, Chairman, JLLanswers the real estate queries from our readers.

Will residential property prices go up following RERAimplementation? Does it have any direct or indirect implication on real estate pricing?
There will obviously be a higher cost of compliance for smaller developers who have not been obtaining all the necessary permissions for their projects in the past or were taking various short-cuts.

Strong, organised developers who have been obtaining all necessary clearances and permissions as part of their overall transparency framework should not be affected, as this is already factored into their cost structures.In any case, the slow pace of sales which has been affecting the residential property segment will not accommodate any price escalations, regardless of the reasons.

Should I go ahead and make a decision to buy a house or wait for some more time now that RERA has been implemented?
Well-known and developers with credible track record always remain a safer bet. Upon implementation of RERA, projects registered on the website will be good choices to buy.Established players are already taking stock and moving towards RERA compliance before launching new projects.Buyers' due diligence remains essential and choosing the right project developer are key considerations when purchasing an apartment now.

Even buying right now would be a good choice if done wisely in projects which do not run afoul of the RERA rules of the respective state. The right buyer attitude as of now is to look beyond the financial benefits and take a long-term perspective based on developer profile, project quality, and pricing transparency.

I have been reading that several states have not notified their RERA rules. What does it mean for homebuyers in those states?
States which have not notified their respective rules under RERA will now be under pressure to do so. Until such a time that they do, buyers should stay focused on strong, reputable developers and their projects. They should also refer to the exact requirements of their respective state RERA rules, which will indicate which projects fall under RERA and which don't.

I understand that brokers also need to register themselves under RERA. Which brokers, as a homebuyer, can I engage with? How do I ensure that am dealing withright broker?
A broker or brokerage, who is registered with RERA will have a certificate to that effect. At the current time, there is still a rush to obtain these certificates as the window for online application opened only very recently. Right now, the focus of a buyer should be on buying into projects which do not run afoul of RERA.

 

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