Real estate developers and companies across the country are now emphasizing on timely project delivery above all else, something which is attributed to the direct impact of RERA that has scaled up accountability of developers and overall levels of transparency in the industry. There is more awareness these days amongst buyers along with strict regulatory guidelines that have to be adhered to.
Real estate developers are striving to deliver projects in a timely manner, thereby fulfilling promises that were made to homebuyers. Customers are now the king and developers have also embraced more transparent ways of doing business. Experts feel that honest real estate developers will always thrive in such a scenario while the rest face problems. Meeting the targets in terms of delivering project is now a necessity for most real estate developers who wish to avoid regulatory action and penalties.
Several big real estate players in the NCR are already attempting to put things right by delivering projects on time. During the previous real estate boom, developers promised deliveries for projects within only 3-4 years, something which could only be possible in a period of 5 years or more. This is why, with regulatory hurdles coming into play, developers are focusing on finishing homes on time. With RERA, sentiments of homebuyers have improved considerably with regard to getting homes delivered on time.
The real estate market is favorable for buyers at present in terms of the stable and lower prices, more accountability, low interest rates on home loans and several offers and freebies from real estate developers who wish to clear inventory. Developers are also prioritizing timely delivery since that is when the customer’s final payment is made. This ensures higher liquidity for the real estate developer.
Under the RERA framework, delivery targets have to be clearly set and defined. Any non-compliance to this target leads to penalties being imposed on the developer and further action. Developers are hence trying to speed up delivery of projects. Developers are also deploying more manpower towards smooth and swift execution of projects.
