“Real Estate Industry to get a solid level playing ground and this will add to the investors appeal. Single window clearance system to be the key catalyst” – says Mr. T. Chitty Babu, Chairman & MD, Akshaya Pvt Ltd

At the time when RERA is building a strong case for itself, the recent demonetization move by the government comes as an act of genius. A well-orchestrated blow to the epidemic of corruption and generation of counterfeit currencies in the country. With the implementation of RERA round the corner, the smart move is just so precisely timed.

The Indian Real Estate is poised for a remarkable structural reform with a more buyer centric agenda and a lot more transparency in pricing and interest rates. As a first step, it calls for ease of doing business with diligent compliance to law & order, government policies and other concerned authority regulations, which will only benefit the economy & buyers. This is a surefire way to streamline the various industry bottlenecks while making the whole Real Estate Industry a lot more organized with better governance and better mobilization of funds while flushing out hidden wealth.

Banning of higher currency notes is the fitting answer to the protection of buyer rights and an opportunity to root out fraudulent dealings in the approved and unapproved property segments. This will bring in more order to all the formal channels of payments, making the deals emerge squeaky clean.

Honest tax payers and law abiding citizens could look forward to favorable times ahead in the form of economic equality. On the broader scale, it would provide a great level playing field to the Real Estate developers which would in turn accelerate the demand among the buyers while making way for enough supply. Now the single window clearance system will have a larger role to play, thereby making Real Estate more transparent in the coming times.

Given the massive cash component in the industry, this move would seal all the loopholes and will earn the buyers’ trust & goodwill, ensuring fair deals & procedural compliance. It is a major reform measure in organizing the unorganised sector.

This augurs well for the real estate sector as it’s likely to bring in more stability while improving and expanding the sector on the global front. As cash flow in the economy is expected to grow through the digital pipelines, the impact will be far-reaching and immediate, and shake up the sector for a whole new revolution. This move is going to be greatly appreciated by the world leaders.

We look forward to the government to usher in more such reforms which will further boost the credibility of the Real Estate sector and lead a paradigm shift in the way business is done, further making it more attractive for foreign investors.

While Black money deals are predominant in the unorganized sectors, with the new regime, this malady will perish. Happy to witness, Government of India is making such radical reforms and raising the bar on economic development with a strategic vision. This is sure to uplift the honest Indian citizens and safeguard their national interest.

The move is a real need of the hour in the direction of better tax compliance and improving the government’s fiscal position. Therefore, we affirm our support and commitment to the new regime.

Government of India deserves a standing ovation!