Kishore Bhatija, Managing Director-Real Estate Development, K Raheja Corp:
RERA has been a revolution for the real estate sector, transforming the very fabric of the industry. Completing a year since its enforcement, most of the states and union territories have functional bodies with an encouraging number of projects registered, pan India.
We certainly believe that it has been successful in bringing out greater transparency in the sector, beefing up sentiments for end-users, investors and developers alike. Our ground level feedback from customers has been positive and forward-looking in making purchases. RERA has brought about financial and development discipline among developers and has the consumer, better informed. The environment created will certainly give rise to professionally run development companies to succeed. Overall, the changes seen over the last year have been encouraging and have set the foundation for a robust market transformation.