How is Real Estate Getting Benefits From the Projects of Gurugram?
One of the fastest growing cities in NCR is Gurugram. This place is an industrial hub where most of the multinational companies have their lavishing office situated. And if we were to believe the facts and figure, it says that the residential real estate of Gurugram is stagnant. Things have become still and projects are facing problems in getting completed. The reasons for this are more than one and one of them is the stagnant transaction activities faced by this city during the year 2016. To top it all, the introduction of demonetization had also brought in some adverse impact on the development here. This somehow led to completely stoppage in the inventory selling at a high rate. All this together clubbed with the pollution threats in Delhi has considerably slowed the construction and sales activity in this place.
Whereas we can say that the second half of the last year saw a few projects getting started because they were focused on using up the already existing inventory in their go-downs. Then the implementation of RERA which is known as Regulation and development act saw relatively slower transactions and construction activities. But still even after so many ups and down, there are a few finished projects that are giving out affordable housing schemes in Gurugram. Whereas on the other side of the coin, this place saw a robust increment in the demand of the marketplace by the people wanting to open their offices. We all know that buying a house in a developed place is a very healthy investment and most of us are always keen to invest in such places. Although we have a lot of options still we need to be very cautious while choosing. Now after getting to know the scenario of the market, another thing that comes in our mind is, How are the projects in Gurugram affecting the real estate?
To start with we all know how risky the real estate market is. It depends on various factors that one will get profit or loss from this because one wrong move and you are finished and so is your money. Even a minor change in the business scenario or the country can create disastrous results for the estate market. Now after the RERA intervene, many stockholders have to give the right of transparency to their buyers. Which means, previously the buyer had no right in looking at the norms of the building but now they have to be given each and every evaluation of the place. This act might have given a lot of power to the common man but as a business person, things have gone 90 degrees now. This act has been launched by the government to provide more accountability between the business person and the buyer.
According to one of the norms in the act, the buyer will be 100% responsible for any defect sustained by the building or the flat till 5 years after possession. So, if anything apart from the damage caused by the customer happens, the builder/ buyer will have to get it fixed. But there is not only dark in this, but the brighter side of this norm has also forced the builders to use all the good products because they would not want to get into the after possession formalities with the buyer.
Now there is something good for the builders as well. If by any change the builder does not want to complete the project all by himself, he can share the workload with the contractor. This will save a lot of time and will also prevent them from the after effect cause of the building. Is not it clever? Yes indeed.
There are many projects in Gurugram that are at halt just because the builders are not agreeing with the norms of RERA. But whole and sole we can say that all the small companies, as well as the startups who have invested a lot of money in this project, are sustaining a lot of burdens as well as loss. So this is negatively affecting the projects that are in progress and stopped in Gururgram. People are still objecting on the norms of RERA because this will be a downfall in their working scenarios. The real estate has seen its ups and downs for a long time now.
