Business Wire IndiaThis Diwali has truly been positive for real estate, according to Niranjan Hiranandani, CMD, Hiranandani Communities and Founder-President NAREDCO (Maharashtra). “At our on-going projects in Thane, Panvel, Ahmedabad and Chennai, this festive season witnessed serious enquiries getting converted into sales,” he said.
“Slowly but surely, ‘fence-sitters’ have begun turning into ‘actual buyers’ - this has been a result of festive sentiments that were driven by Diwali. But that was just one aspect; what also made this Diwali special for real estate was the announcement about implementation of the Real Estate Regulatory Act (RERA). This, coupled with the festive sentiment-lead buying, created ‘twin positives’ which were the driving force for the positive trend in real estate this festive season,” he added.
While the festive season driven positive sentiment is expected to result in some more sales across the next few months, Niranjan Hiranandani said he expected implementation of RERA to also play a positive role, by ‘instilling more faith in the real estate industry’. The Indian Government on 31 October, notified the final rules to implement RERA. It aims to bring about transparency and accountability in real estate. “Both these are positives, transparency and accountability – but, there are some points where we need clarity; putting the entire blame for delay in possession on real estate developers is patently unfair – we hope this and such issues will get sorted out, so that it is not unfair to real estate developers,” he added.
With RERA having been notified by the Union Government and now being implemented at state level over the next few months, real estate across the country will witness positive buyer sentiment, he said. “RERA will come into force all over the country from May 1, 2017,” he added. “This regulatory law will bring about transparency and professional style of working in real estate, and this will work out to the advantage of both, the home buyer as well as the industry,” he concluded.
Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (Maharashtra), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.
