For NRIs, these changes herald good omen since many builders
are already adopting 100 per cent transparency policy and cheque payments,
which obviously boosts the trust level between the two parties.
"The implementation of Real Estate Regulation Act (RERA)
rules, have also been instrumental in bringing professionalism, standardization
and transparency in real-estate sector. This, along with the recent wave of demonetization
has helped the Indian realty industry emerge more transparent and
buyer-friendly," he said.
Despite initial hiccups, experts foresee an uplift of the
real-estate sector in the long-term as a result of these corrective measures.
Consumer sentiment has already improved over the last year, and reputed
developers are reporting higher transactions.
With RERA Bill in place in particular, NRI consumers will no
longer have to deal with delayed possession, fluctuating prices and diversion
of funds towards other projects - to name a few - instilling confidence in the
Indian developers and the country's real-estate sector.
"The direct and most significant benefit of demonetizations
is increased liquidity across the banks. Such availability of funds will lead
to lowering the rate of interest across different loans which will in turn
reduce EMI giving a boost to real-estate demand. We expect Home Loan Interest Rates to
be down to approx. 7-8 per cent
"By bringing greater compliance, RERA will help making
real-estate class more efficient, transparent and healthy than any other asset
class, so best time to buy real estate is now," Shah added.
"The passing of RERA the Benami Transactions Act and the
demonetizations move will ensure the sector loses much of its historic taint.
Only players who conduct their business with integrity are expected to survive.
"This bodes well for end-users, who will be aware of
their rights and have the assurance of not being cheated. They will be able to
buy properties of their choice at affordable prices, in projects which will
undoubtedly be delivered on time.
[Source: http://www.business-standard.com/article/pti-stories/post-demonetisation-best-time-to-invest-in-property-116120900448_1.html]
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