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Real estate industry: Review & Outlook

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In conversation with Buildotech, Manoj Gaur MD, Gaursons India and President, CREDAI, Delhi NCR talks about the real estate scenario, the new developments, trends and challenges facing the industry.

With over 20 Years of rich experience, Gaur is well versed with business dynamics of the real estate industry and has immense understanding of the Indian buyer’s preferences. Apart from being the Managing Director of Gaursons India Limited, he is the Founding Member of IGBC and the current President of CREDAI NCR chapter. Commenting on the real estate scenario across India he said that it can be considered neutral in case of both end users and investor sentiments. “There is no rush from either side to go ahead as they all are trying to come to terms with the new regulatory laws which have been passed recently. Moreover, there is stagnancy in the market because of all the negativity going around but in that as well, people who had been doing there work honestly have been excelling. Also, investors and end users had been showing their faith in these set of developers even in this phase.”

Gaur also feels that corrections are an ever going process that have helped the industry grow. He explained, “Corrections are done after a thorough research and brainstorming which means that all the aspects are taken into consideration.If the corrections are not yielding results, either the brainstorming is not being done properly or the demographic segregation has not been done properly. You need to keep suggesting corrections and implementing them accordingly in order to help the industry grow.” He also added that with the introduction of black money law and RERA, there is an upward climb for the sector. “Though, the sector witnessed its biggest low in the recent past, the demand is still there. It’s just a matter of time when the deliveries start rolling out because delayed deliveries are the biggest concern for every buyer.”

Green certification is not something which can be availed just by applying for it. Developers need to provide concrete evidence that the stringent norms set ahead are met and the checks conducted. One can be assured of the fact that if a developer is claiming his projects to be green certified, they must have adhered to all the norms and policies by Indian Green Building Council (IGBC).

The Real Estate Regulatory Bill (RERA)

With RERA now in place, developers will follow strict guidelines to make sure that buyers’ interests are not hurt and demand flow is kept intact. We will finally witness a much filtered real estate scenario. The biggest highlight of RERA in the upcoming few months will be the gradually growing positive sentiments of the buyers which will pave way for better future demand for housing. Every builder and even the brokers will have to register themselves in order to work in the sector, thus putting a tight leash on the sector.

But all said and done, there is still a lot of work pending which needs to be addressed for the smooth implementation of RERA. Single Window Clearance and Industry Status would hold key to its implementation. In RERA itself, many aspects have not been looked holistically from the developer’s perspective but hopefully in the due course, the government will address these concerns as well and accordingly make amendments in the act.

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