The Real Estate’s new Union bill spells happiness for Greater Noida homebuyers, as the recently rectified budget will give more powers to those who want to buy plots in Greater Noida and will also keep in mind the concerns of the builders to a major extent. The Real Estate Regulatory Bill directly aims at bringing transparency in the real estate sector. However, the announcements were being planned from a long time but the finance minister made the right time to announce all of it with the Union Budget of 2017. However, after demonetisation, this area has more supply for residential units and less investors but after the affordable housing schemes it is turning out to be the opposite. Most of the housing units sold in Greater Noida now have a lot of takers but have less supply. Therefore, after taking some major steps a mega plan has finally been sorted out to cater affordable housing for all till 2022.
The budget is expected to establish state level regulatory authorities RERAs with whom developers have to register projects above a certain size. If this will not be carried out, the builders will have to pay major fines. The developers will now state all facts like possession dates, construction quality facts public on their websites so as to give clearer picture. The developers will have to focus more and more on the affordable housing. They will now be providing 3bhk flats in the price of 2bhk.
All these new rules are expected to set transparency in greater Noida properties. The Big Impact is that this will prompt homebuyers to purchase property without the fear of being cheated. This will bring in more creditability to investors and the belief to invest in the real estate sector. This will also give a clear legal recourse in case of any dispute or delay in the construction.
This has helped people who were interested in buying in Greater Noida as with this law the problems of the dust made by demonetisation will settle down and more over the development which tends to cater the needs which was stalled for a long time is finally getting its breath back. This is helping the Greater Noida real estate sector to become more transparent and the work has finally resumed and the building which were left unreconstructed the last quarter, are now coming to an end to supply its consumers their dream home.