{"id":709,"date":"2021-12-09T05:37:57","date_gmt":"2021-12-09T05:37:57","guid":{"rendered":"https:\/\/wordpress-799591-2908548.cloudwaysapps.com\/?p=709"},"modified":"2024-11-20T10:57:15","modified_gmt":"2024-11-20T05:27:15","slug":"how-has-rera-helped-shape-the-real-estate-sector-into-what-it-is-today","status":"publish","type":"post","link":"https:\/\/www.orientbell.com\/blog\/how-has-rera-helped-shape-the-real-estate-sector-into-what-it-is-today\/","title":{"rendered":"How has RERA Helped Shape The Real Estate Sector into What it is Today"},"content":{"rendered":"
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Orientbell Tiles presents Building A New India in association with TV9 Bharatvarsh, India\u2019s second most watched Hindi news channel. The 3 part series aims to bring thought leaders and policy makers to reimagine the realty sector.<\/p>\n

The first episode brought together Mr. Pradeep Aggarwal, Chairman, Signature Global, Mr. Praveen Jain, CMD, Tulip Infrastructure, Mr. Rajeev Nehru representing RICS along with Haryana RERA Chairman Mr. KK Khandelwal to discuss what is consumer\u2019s choice\u00a0Affordable or Premium Housing.<\/em><\/p>\n

Mr. Khandelwal on the panel RERA and explained how and why RERA was formed and role it is playing to regulate builders and developers to ensure consumer rights are protected.\u00a0<\/strong><\/p>\n

Why was RERA Formed<\/strong><\/h2>\n

Speaking about the quick rise of the real estate sector and its rapid decline into chaos, Mr. Khandelwal commented, \u201cOne of the biggest disadvantages of the real estate sector was that it was an unregulated sector. India has produced some very good builders and entrepreneurs who have done a great job, but due to the wrong business strategies of a few, the confidence of the investors and real estate buyers wavered in the system.\u201d<\/p>\n

He pointed that,\u00a0\u00a0\u201cNot giving possession of the property on time, making false promises of certain facilities and delivering something else, taking money from investors and then not starting the construction, made people lose confidence in builders and kept them on a constant guard against cheaters,<\/strong>\u201d he observed also stating that this was the core reason that put the Government into action and let to the development of the RERA law.<\/p>\n

RERA is a Regulatory Body not Licensing<\/strong><\/h2>\n

Mr. KK Khandelwal, who is currently chairing the Haryana RERA, also mentioned that this law was important since\u00a0any project that was being marketed, booked, sold, induced, or advertised, had to be compulsorily registered with RERA. RERA is not licensing, it is only registering information about the project.<\/strong><\/p>\n

Any project that is marketed has to be first registered with RERA and get all the information registered.<\/p>\n

Technological Intervention has Benefited the Quality of Products<\/strong><\/h2>\n

Speaking about the impact of technological advancement in the building and construction industry, Mr. Khandelwal mentioned how good quality tiles that were earlier available for Rs. 200 \u2013 Rs. 250 are now available for as low as Rs. 30 \u2013 Rs. 40. He said, \u201cIt is not that material costs have increased in all sectors over the years, there are places where material costs have decreased too, especially with technological advancement.\u201d<\/p>\n

He also mentioned how people buy what they see and\u00a0tiles<\/a>\u00a0are one of the first things a buyer registers while checking out the home.<\/p>\n

Mr. KK Khandelwal also mentioned the quality and services that are being provided by the building and construction industry such as paints has not just improved but also due to this the projects gets finished faster.<\/p>\n

You can now view the entire episode on Affordable Vs Premium housing here.<\/p>\n

Watch what Mr. KK Khandelwal said during the show below:<\/p>\n

With Building A New India Orientbell Tiles aims to bring thought leaders & policy makers in the real estate sector to re-imagine the realty sector.<\/p>\n