RERA implementation by the state governments will renovate real estate transactions. The state government’s RERA rules will profit the real estate sector as never before. But speculations doing round are this will cause an upsurge in the cost of to consumers and the developers should have to be punctual and timely notify the consumers regarding the same.
Just a day after the state government released the final Real Estate (Regulation and Development) Rules, 2017, market experts unanimously have come up with the analysis of these new regulations.
It shows that there is a march in registration charges roughly by 10 times as of now. Along with it are costs by way of a range of clearances. Maharashtra Credai Chapter considers that with the rules implemented May 1 onwards, developers might increase the project cost to meet the expenses.
As a trending property portal in Kolkata we too think that project costs such as – title and environment clearances, land title and land sanctions will add up builders’ investment budget and they will definitely levy these on none other than the consumers. Buying home involves a whole lot of money. Now with RERA implementation the risk involvement will incline towards the builders’ side and to beat this they will pressure up the consumers by pricing up the constructions in order to make up the cost of expenses.
From the developers’ end it’s informed that buyers are interested rather to pay an increased amount than dealing with delay in delivery or inferior form of constructions. The consumers are looking more firm while booking any real estate unit, despite the fact that they are paying more. The sole concern of the consumers is whether the rules will be property executed or not.
As per the industry predictions, there will be limited numbers of new launches to give a pink slip to the unsold inventories. Statistics show that there is a reduction in the number of inventories amongst the major cities across the country. It’s expected to go downhill further. The only exception comes from the Mumbai-Pune belt where new launches are taking place, instead of trimming the inventories.
_ LNN (Liyans News Network)
Panic of Project Price Hike In Maharashtra Doing Rounds Post RERA
