Real estate in Bangalore to thrive thanks to RERA
The Real Estate Regulatory Act has come into play in the southern state of Karnataka from July 10th, 2017 when it was notified. This is a big step taken for those involved in the realty business including the buyers and builders in the city of Bangalore which happens to be the capital of the said state.
Even though the Karnataka Real Estate Regulatory Authority otherwise known as RERA had come into power, there was no way for builders to register with this authority. The builders must be registered with this body as the per the law. But the state was not accepting the registrations in a physical form. But the online site of the body had not come into being immediately after the act became a reality. This was a big concern for the builders who had to be registered with the body by July 31st.
But the website seems to be functional now which will make registration easy for property developers. It is hoped that the state government of Karnataka will extend the date for registration considering the delay in the launch of the website.
Property buyers will now be able to breathe a sigh of relief. With the notification of the rules, real estate in Bangalore will become more transparent. It has always been a gripe of buyers that developers have been taking them for a ride. But RERA will curb the power of the builders in many ways.
If you are a buyer looking for apartments in Hebbal here are a few things you need to understand about the RERA which has been notified in the state. The developers in the city are expected to toe the line drawn by the government in terms of announcing their plans and layout concerning their projects well in advance and not straying from it. They are also expected to park 70% of the money received from the sale of a particular project into separate account which shall be used to complete the said project.
Real estate in the so called Silicon Valley of India has not been doing well for the last year or so. This is largely thanks to factors like uncertainty over demonetization and RERA. This uncertainty lead to a fall in new launches and real estate buys. But things look to be turning around for this city at least on the real estate front. With more clarity coming in about RERA and the effects of demonetization easing, things are expected to come back to normalcy here.
If you are looking to buy apartments in Hebbal and other northern parts of the city, now might be a good time. Besides the RERA, the metro connectivity in this part has become better with a portion of the Green Line of Namma Metro becoming functional. This will increase the connectivity of this part of the city which will increase the real estate prices here. There is already a visible increase in realty prices in the micro markets of the north. The RERA will add to this up beat sentiment of the market.