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Real Estate (commercial And Residential Projects)
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NEW DELHI and GURGAON: Investors have made the most out of Indian markets thanks to economic growth and rising demand for real estate assets in the country. Over the years, real estate market dynamics have changed due to policy reforms. RERA has not only consolidated the real estate sector but has also brought transparency. It has infused confidence in investors to enter the market.
While buying a property, investors have high aspirations in terms of returns but the same turns into anxiety when returns don't come. Be it residential or commercial, one must consider a long-term horizon for good returns.
Real estate is certainly a wealth creation tool but to get the expected returns depends on many factors such as property, location, market trends etc. Indian buyers are more informed today than they were a few years back. However, they still need more information to fulfill their investment aspirations.
SUBHASH AGARWAL, MD and CEO, Anarock Capital says, "FDI policy relaxation coupled with landmark reforms (such as RERA, GST, Insolvency and Bankruptcy Code, adoption of REITs, etc) are altering the sector from being an unorganised one-man driven family business to an organised, structured and corporatised with financial discipline."
Long-term V/s short-term investment
Historic trends suggest that long-term real estate investments have yielded good returns as compared to short-term schemes where uncertainty is high. Due diligence is a must when you are investing your hard-earned money in a property.
RERA and Builder-Buyer Agreement
The Real Estate Regulation (and Development) Act, 2016 (RERA) came into effect on May 1, 2017. If you have invested in a property in the pre-RERA era, it is recommended that you get your Builder-Buyer Agreement RERA compliant as it will protect your investment. You must speak to your developer to stay updated on RERA registration and other changes he makes in the project.
"A builder buyer agreement has to be as per RERA. Existing buyers must also ensure that their agreement of sale is as per RERA regulations . it will help them address their issues in case of violations by the developers. Builders also need to inform buyers about RERA registration, " says Kalpnana Mishra , member , UP RERA
RERA defines the builder-buyer agreement as 'agreement for sale' and section 4 lays down that the builder is responsible for all obligations, responsibilities and functions as per the agreement for sale. If you have invested long back, get your old builder-buyer agreements RERA compliant.
Choosing the right forum
Choose the right authority to file your complaint depending on the hierarchy instead of going to large forums where you may not find solutions for minor disputes with your builder.
Firstly, speak to your builder and try to get a solution from him. Accordingly approach the higher authority, depending on the response you get on your complaint. Filing complaints at wrong forums may delay and complicate your case.
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