Indian Real Estate Boom: The Unspoken Catalyst
Awanish Shukla
RE strategy || P&L || Capital Projects || RE Product Manager ????????????????????????????????????????????? ??DLF's Young Leader ??Ex-KPMG & Shapoorji Intl.
Over the past 3-4 years, the Indian real estate market has experienced significant growth, particularly in the aftermath of COVID-19. Experts attribute this boom to several factors:
- The desire for homeownership
- The need for larger and better homes due to remote work
- YOLO (You Only Live Once) mindset
- The perception of real estate as a sound investment.
- Many have also bought properties due to FOMO (Fear of Missing Out).
However, one major reason behind this surge remains under-discussed: the implementation of RERA (Real Estate Regulatory Authority). RERA has fundamentally transformed the landscape of Indian real estate, instilling immense confidence in ordinary citizens to buy or invest in properties—a confidence that was previously lacking.
For decades, the real estate market was skewed heavily in favor of builders and developers, with buyers having little to no rights. Contracts were often one-sided, and seeking judicial relief yielded minimal results.
Today, thanks to RERA, buyer confidence has soared. The act has also boosted the confidence of developers and lending agencies, creating a more balanced and secure market environment.
Kudos to the Modi government for the swift implementation of the RERA Act and for ensuring its effective execution on the ground. RERA has undoubtedly played a pivotal role in rejuvenating the Indian real estate sector.
NOTE: All views personal. It has no relation with present or past employer.
Managing Director | Jai Vinayak Group | Co- Founder | Toplove | Angel Investor
8 个月The article provides a comprehensive analysis of the factors driving growth in the Indian real estate market post-COVID-19, highlighting the transformative impact of RERA in restoring buyer confidence and balancing market dynamics, making it highly relevant for understanding recent market trends and regulatory influences.
Globally recognized, award-winning Digital Transformation Consultant, Trainer, Mentor, Speaker with 22+ yrs experience. PMP I Project Management I 3D 4D 5D BIM I CDE I DigitalTwins I PrimaveraP6 I Synchro4D I MSP I GENAI
8 个月RERA is toothless body, capable of nothing. I’ can show lots of cases (especially in Noida) where RERA completely failed and home buyers are paying the price of it. Only benefitting Builder.