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RERA may open up home market: experts

After a dull festive season last year, experts are expecting a better season for real estate in 2017. They are attributing it to various factors including the transparency in the real estate market because of RERA. Nealry 70,000 unsold apartments in tier one cities and home loan interest rates are at their lowest in the last 10 years.

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After a dull festive season last year, experts are expecting a better season for real estate in 2017. They are attributing it to various factors including the transparency in the real estate market because of RERA. Nealry 70,000 unsold apartments in tier one cities and home loan interest rates are at their lowest in the last 10 years.

A report by Anarock Property Consultants Pvt Ltd shows that builders are also coming up with lucrative schemes, the rationally priced under construction projects covered by RERA assurance are helping build confidence amongst the homebuyers.

According to Anuj Puri, chairman of Anarock, every year, the end of August ushers in the beginning of festive season in India. Religious sentiments lead innumerable Indians to plan important purchases and investments — including real estate — during this period. Developers also plan for these months well ahead of their arrival with a view to cash in on this positive sentiment.

“Post RERA implementation, developers are in a hurry to finish their under-construction projects and to offload their unsold units instead of launching new projects. Also, ready-to-move apartments with occupation certificates (OCs) are kept out of the ambit of the RERA and GST, making it much easier for builders to market these products. As a result, buyers have a wide choice of ready-to-move-in options. There are currently about seventy thousand ready-to-move-in unsold apartments in tier 1 cities,” said Puri.

Puri in his report has also mentioned that there has been a 59 per cent decline in units launched from 2015 to 2016. However, he has claimed that with RERA there will be transparency and accountability. Also, affordable housing is leading the way, and after it received infrastructure status, raising funds for developers will be easy.

At the end, the report has claimed that the home loan interest rates being at their lowest in the last 10 years have put buyers in a sweet spot.

Lucrative schemes

A report by Anarock Property Consultants Pvt Ltd shows that builders are also coming up with lucrative schemes, the rationally priced under construction projects covered by RERA assurance are helping build confidence amongst the homebuyers.

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