The RBIs decision to increase repo rates by 25 bps to 6.25 per cent after four years of keeping them stable speaks of a carefully deliberated decision in light of the recent inflationary pressure on the economy.
The implementation of RERA has been nothing short of a game changer for the Indian real estate sector. The act has not only streamlined all processes and facilitated a transparent eco- system, but it has also enhanced homebuyers’ sentiment to a great extent which is also evident from an increase in sales in the sector.
The government’s approval on the long-pending Mumbai DP 2034 is a welcome move. The DP is likely to spur real estate activity in the city and also pave the way for the development of much-needed affordable houses in Maximum City.
The government’s push to affordable housing through various initiatives like Credit Linked Subsidy Scheme (CLSS) under PMAY, infrastructure status to affordable housing in Budget 2017, has started an affordable wave in the country, which will provide a major thrust to the Prime Minister’s dream of ‘Housing for All’ and reinvigorate growth.
There is absolutely no scope for correction once a developer fills his registration and hence, most of the developers waited till the end moment to ensure that all the specifics are met as per RERA. Hence, there has been an overwhelming response for RERA registration in last couple of days, says Jaxay Shah, President, CREDAI National.