The recent Union bill concerning real estate brings promising news for homebuyers in Greater Noida. The latest budget amendments will empower those seeking to purchase plots while considering builders' concerns effectively. The Real Estate Regulatory Bill is designed to foster transparency within the sector, a measure that has long been anticipated. Fortunately, the finance minister chose the opportune moment to unveil these announcements in conjunction with the Union Budget of 2017.
In the aftermath of demonetisation, Greater Noida faced an increase in residential unit supplies yet saw a dip in investor interest; however, the implementation of new affordable housing schemes is reversing this trend. Now, a significant number of housing units are in demand, leading to a shortage. Consequently, after several crucial interventions, an extensive plan has emerged to ensure accessible housing for everyone by 2022.
The budget proposes to establish state-level regulatory authorities (RERAs), which developers must register with for projects that exceed a certain size. Non-compliance could result in substantial fines for builders. Furthermore, developers are required to disclose essential information—such as possession dates and construction quality—on their websites, thus presenting a transparent overview for potential buyers. A notable shift towards affordable housing is anticipated, as developers begin offering 3BHK flats at the price of 2BHK units.
These new regulations aim to bolster transparency in Greater Noida's property market. A significant impact is expected: homebuyers will engage in property transactions without fearing deception. This initiative is likely to restore credibility among investors, instilling confidence in the real estate sector. Moreover, buyers will benefit from clearer legal recourse if conflicts or construction delays arise.
This landscape becomes particularly beneficial for those interested in investing in Greater Noida. With the enactment of this law, the challenges that arose from demonetisation have started to dissipate, paving the way for developments that had been stalled for an extended period to regain momentum. As a result, the Greater Noida real estate sector is moving towards enhanced transparency, and construction that had been halted in the previous quarter is finally progressing, bringing dream homes closer to consumers.