Chennai home buyers look forward to options

CHENNAI: After the highs and lows that the real estate sector saw last year, buyers can look forward to a slew of options in 2017.
Last year has been a significant year in the real estate market in terms of policy making and it has led to some changes which will be apparent this year and decide the fate of the market as well. The real estate sector was run with less transparency in terms of quality, delivery and clarity of property titles but this is likely to change this year.
The RERA is likely to improve disclosure and protect investors.The new law will ensure the timely-delivery of projects, good construction quality, funds management and better services to home buyers. These new rules are expected to prevent siphoning of funds for other projects and will help buyers get their homes without delay.
"RERA is a big step that will bring transparency to the real estate sector and I feel that the Chennai market will benefit from this. We have IT professionals and NRIs investing and they are the educated segment. They want safety for their investment so transparency is not just good for buyers but investors also," says Neeta, a senior real estate consultant in Chennai.
The Benami Transactions (Prohibition) Amendment Bill 2015 is another positive aspect of the real estate sector and it will help better transparency not just in Chennai market but across real estate markets in the country. This new law is expected to bring unaccounted money to light and will lead to seizure of benami properties. "I think new laws will bring a positive effect in markets in major cities like Chennai, Delhi, Mumbai and Bengaluru. All these steps are key factors that will empower home buyers," says Neeta.
These two laws are expected to bring much-needed transparency into the real estate sector and give buyers confidence to enter the market without hesitation. The real estate market of Chennai is mainly influenced by the manufacturing and IT sector.
The centre government's recent demonetisation has led to a slowdown in the resale segment of the residential market and land deals where a lot of cash transactions took place. Lower interest rates and reducing land prices are two positive aspects which will push the real estate market of Chennai. The market offers lot of opportunities for buyers especially first-time buyers who have been hesitant owing to delays in delivery of projects, construction quality and other key issues.
(Ravi Kumar Diwaker, Times Property, Magicbricks Bureau/ Chennai)