So, Mr PM has shaken the whole country with the big announcement. For better or worse, the demonetization is real. The realty sector of India is highly dependent on cash payment, especially the secondary market. The affordable housing is supposed to be unaffected by it. One thing is quite positive; the real estate would now have a better transparency. RERA has already laid the foundation of better future adding credibility to the market.
Indian real estate is considered to be the best and reliable investment and not only the residents but also NRIs move here for their second home or vacation home. Let us see how the scenario is changing and bringing more transparency.
1. The information is digitised and internet is forever
The digital India initiative is revolutionising the realty sector and the information regarding the project, the documents, certificates; all are digitised. As such, the possibility of the loss of the data is negligible. The end users will get the access to all these information and there will be no disambiguation. Many online property portals are active in this direction. They are acting as a bridge between the buyers and the builders\sellers. All the information regarding the project is on the internet and one can choose a property after evaluating his needs, budgets, locality etc. Own A Roof is such a portal which is successfully serving many customers in a day. It is a unique concept as it targets only the Jaipur properties, hence providing better solution to the buyers,
2. Nothing escapes the eyes of Social media
Happy or sad; people like to announce it on the social media. The brands and builders are also using the platform to connect with the customers. They are offering all the data that the audience need to know, also they are involving the buyers and asking what they would like in the house they want to buy. Thus, the buyers are showing more confidence in the modern builders. If they are not happy with the experience they received, they are showing the grievance right on the social media where others can read and do not make the same mistake.
3. The consumer forums can make or break the reputation
These are the portals made specifically to address the complaints of the buyers. One mistake cannot make the builder a bad one, the consumer forums help the builders to know what their buyers are not happy about. If a builder is using the unethical means to sell the property or cheating the buyers, they can complain on the forum and aware future buyers. Like the good reviews help selling a product, the bad reviews can damage it too.
4. Rating agencies making the task easier
Some local agencies keep close tabs on the projects by the developers and rate the projects. Their ratings are credible and the buyers can make the decision based on their judgement. If this is not transparency, what can be? The ratings show the track record of the builders and the progress of the project. Thus, the risk is reduced and the confidence of the buyer increases.
5. Loan means bank verification; one more assurance
The most of the buyers who are interested in buying in the primary market, are taking loans. To get a loan against a property, the person needs to give the details of the project he is investing in. The bank official makes sure that the project is genuine and would be completed in due time. If there are any red flags, the bank rejects the loan application and the buyer can save himself from making any wrong decision.
The transparency is fairly increasing and the future seems to be bright for investors and the homebuyers. The modern reforms will only add to the better situation. Let us hope for the best.