The Real Estate Regulation Act (RERA) passed by Central Government recently, will bring in the much-needed transparency in the real estate sector and this will ultimately lead to flow of funds from foreign and domestic investors, according to experts at the CII Realty and Infrastructure Conclave
It will also provide confidence to home buyers, they said. Anuj Puri, Chairman, CII Realty and Infrastructure Conclave and Chairman and Country Head, JLL India, said that Indian real estate faces a very different scenario in the near future, given the proposed changes in the regulatory environment as a result of RERA, among other aspects. “How will these new challenges be faced? This will define the future of the real estate industry,” he said.
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Arun Nanda, Director, Mahindra & Mahindra, said the industry needed to go back to basics and pay attention to what the customer wanted.
“The world is changing, disruptive is the key word in today’s world; ‘Normalcy’ is what real estate needs to go back to,” he said.