RERA, as it can be set is a good initiative taken by the government to build up a strong bond between the home buyers and the developers where, the developer would be clear about the deliverables and the home buyers would equally be clear about what they would be getting and when they would be getting, this would definitely improve the market in times to come. Sikka Group, which has completed a series of real estate projects not just in the Delhi NCR region but also in the leading regions like Dehradun and Moradabad also feels that this is the best time for all stakeholders in Indian real estate where transparency is at its peak and things will only get better from hereon.
Commenting on the same, Harvinder Sikka, MD, Sikka Group says, “Although at the Government level, certain amendments in the act as well as in the rules are expected which has already been taken up by the realtors representatives body CREDAI clarifications regarding the formats to be used by the developers, guidelines for the renewal of the RERA registration, execution of the orders passed by RERA Authorities and the procedure for proper hearing of the complaints are to be looked into by the Government. However, in times to come, it is expected that RERA would provide more transparency in the market relating to the projects, its specifications and the terms and conditions of sale of a particular property, this will further improve the market conditions in real estate.”
According to Harvinder Sikka, elimination of various indirect taxes, lower transportation and logistics costs, benefit arising out of input tax credit and simplification of tax structure are the major highlights of GST which have allowed a much needed breather for the unorganised nature of the realty sector. A simple and clear method of purchasing property under the GST regime has attracted the homebuyers towards the sector which in the long run will add to the demand for property. Overall, this reform has surely proved to be a sentiment booster in the short run. Overall, GST has brought a multi edged positive impact on the sector, bringing in more transparency, eradicating multiple taxation systems and making the system more systematic and streamlined.