PUNE, (GNI): Vineet Goyal, Joint Managing Director, Kohinoor Development Corporation on Real Estate Regulation Act (RERA).
PUNE, (GNI): The developers’ fraternity is welcoming the Real Estate Act. A positive sentiment is being witnessed given the opportunities that are expected to unfold for the sector in the near future. RERA, a customer-centric law would herald a new era for home buyers. The new law would help empowering home buyers to take decision on purchase of property in a very transparent manner. RERA will only bring in higher transparency and increase trust on the real estate industry.
Certain markets could see corrections in pricing until the existing stock of unsold inventory come to a minimum. Post that the markets are expected to witness an upward trends with respect to pricing.
RERA will act as a catalyst to help institutionalization of the sector which will lead to an economy that is more aligned to global compliance standards and an industry with high levels of corporate governance making it easier for entities to invest in India. The future spells opportunities for FDI, private equity and debt players to enter the real estate industry. The individual investors will also come back thereby help see the growth charts climbing.
Organized developers who have been catering to end users who are dependent on financial institution funding will benefit greatly from RERA as customers will choose to deal with developers who can offer transparency, ease of transaction along with compliance to the norms. Unorganized players and fly by night operators are going to be in risk and will be impacted adversely in the near future. The sector will witness mergers and acquisition of projects in certain markets. Consolidation and compliance orientation will the norm for the next few months and we can expect to start seeing the benefits of RERA from mid of this financial year.
To sum it up, RERA will benefit the customers with transparency and ease of transaction as well as help organized developers on governance, funding and gain on the much needed trust factor which the industry currently suffers given the unauthorized constructions.
About Kohinoor Development Corporation (Kohinoor Group Pune) : Kohinoor group is 3 decade old company, started in 1983, by Mr. Krishnakumar Goyal. It is a vibrant dynamic real estate development organization that is expanding across business segments of residential, commercial, retail and hospitality creating landmark footprints across the nation. Real estate development has been our core business since the time of our inception. Over the years, we have developed and promoted over 4 million square feet projects in the residential and commercial segments across strategic locations especially in the PCMC area in Maharashtra. Guided by founding philosophy a strong mission and vision “To Bring Love, Peace & Happiness in the entire world, by building life spaces for all”, driven by an uncompromisingly passionate team and world class building technology, Kohinoor Group is committed to accomplish a series of landmark residential and commercial projects across Tier II cities each of which promises to reshape the skyline of the cities forever.ENDS