Sobha Developers is Benefiting From the RERA ACT.
Real Estate Industry is one of the leading business sectors in India. A wide business sector which constitutes more than 5 to 6 percent countrys Gross Domestic Product (GDP) and is supposed to reach US $180 billion by 2020. In fact, it is the second largest employer sector in India after agriculture.
Although, the India Real Estate is the most certain industry but there are many loopholes that heads to unethical and ambiguous business improvements. In order to confined the flaws in the real estate market, the Indian Government announced the Real Estate Regulatory Act (RERA) in 2016. On 15th March 2016, Lok Sabha passed the RERA bill thereafter the law came into operation on 1st May 2016 as the RERA ACT.
The advent of RERA totally revolutionise the way buyers and builders deal in the property market. Where earlier every developer has their own set of norms. Different builders followed different standards in such a way that the buyer-builder agreement will be in favour of the builders only. This marked the lack of transparency and unequal builder-buyer relationships. But, the implementation of RERA act as a stepping stone in transforming the operations in the real estate sector. It is expected to overthrow the noticeable issues such as delays in the possession of the property, biased builder-buyer agreement terms facilitating the developers, ubiquity of cash in property transactions, presence of unreliable developers with limited financial and operational experience of carrying the real estate property business. Subsequent to all these issues result in revealing consumer confidence, combined with elevated prices and subdued market environment result in slow down the demand in the real estate market.
What is RERA?
RERA ( Real Estate Regulation & Development) is an organised legal system to centralize the real estate industry. The law seeks to protect the interest of home buyers to regain the faith in real estate market. The law endeavor to bring accountability and transparency in the property market. The Act is passed by the Indian Parliament. It improve the scope of investment in the property market. The bill has been passed by Rajya Sabha on March 10, 2016 followed by Lok Sabha on March 15, 2016. It become functional from May 1, 2016. Out of total 92 sections, 52 sections were notified on May 1, 2016 and the rest provisions came in action from May 1, 2017. Under this act, the Central and State Governments should notify their own set of rules every six months on the basis of the model rules designed under the central Act.
The Real Estate Regulation Act is beneficial for both buyers and builders. It brings a great level of consistency and transparency in the functioning of the real estate industry. Here are some of the ways RERA will impact the real estate sector:
1. Projects will be completed on time: Till now, delay in the completion of any project is common in the construction process. But, with RERA, builders need to complete the projects in the committed time period. In case of any unavoidable delay, customers must be getting the benefit of adequate compensation.
2. Builders will be held more accountable: Builders are now required to be completely transparent in terms of where the customers money is being used and about the finer details regarding construction.
3. Customer grievances will be given priority: Customer grievances will be redressed promptly and in a more efficient manner.
4. A minimum standard of quality will be ensured: RERA calls for a minimum standard to be met when it comes to the quality of construction. There will be no compromises on quality and safety.
5. All real estate projects will be registered under RERA: Every real estate project must be registered under the RERA of the respective state, thereby making it more authentic, reliable and trustworthy.
How RERA ACT Proves To Be Beneficial For Reliable Builders
The Real Estate Regulation Act proves to be a favourable outcome for the premium real estate companies alike Sobha Developers. The brand is best known for the finest quality products. Till date, the builder have made timely delivery of their projects. It is the foremost reason why Sobha is the preferable choice for home buyers.
Recently, the Sobha Developer has launched two ultra-modern residential projects in Gurgaon. With the name of Sobha International City, the builder introduces presidential villas which is one of the most luxurious villa communities in NCR executing the International standard of architecture and design. The project spread across 150 acres envisaged with meticulous planning and executed with superior craftsmanship. Developed in well-planned phases, the Phase I of the project comprises of 200 villas of one million sq. ft. built-up area completed with families residing and experiencing a privileged lifestyle. Based on the International theme, these villa depicts the model of international architecture.
Phase II of International City spread over 46 acres comprising of Presidential Villas, Duplex Villas & Row Houses is already in advanced stages of construction and is certain to redefine luxury living in Delhi NCR.
Another premium project of the builder is based out at Sector 108 Gurgaon. With the name of Sobha City, its a luxury housing project spread on 39 acres of land. It is one of its kind urban park residences. The sheer size allows indulgence of open green views, more amenities, more sports and social activities. All these niceties are packed in premium 2 & 3 bedroom apartments. This latest offering from the house of SOBHA, is an impeccable blend of modern living, offering a multitude of lifestyle amenities.
Looking to purchase residential properties in Gurgaon, Myshopdeal one of the top digital real estate consultant in Gurgaon recommends Sobha Developers residential projects in Gurgaon. Whether you are looking to buy villas, high rise apartments or luxury duplex & row houses, Sobha project caters to all your living requirement.
Myshopdeal is the official channel partner of Sobha Developers. Check all the details of Sobha City and Sobha International City Gurgaon Projects details at Myshopdeal website at www.myshopdeal.co.in.