“We’ve transitioned when it comes to registration (of properties with the RERA authority),“ Sobha managing director JC Sharma said. “But at the same time, clarity is required on the sale agreement rules. The real challenge is how quickly the authorities respond in granting approvals.“
With the requirements of the law now almost clear, realtors are confident it is a matter of time before fresh supply starts trickling into the market. The registration of existing projects, which come under the RERA ambit, has also got off to a smooth start, they say .
Sobha’s 32 ongoing projects in Bengaluru and nine in Chennai and Gurgaon are under RERA. The company is set to launch a new project in north Bengaluru in September, for which the building plan has been obtained from the Bangalore Development Authority (BDA). The company, which did not provide specifics in April on its projects pipeline, said an additional 3-4 projects could be launched by the end of the fiscal.
Shriram Properties managing director M Murali said builders would be more confident in making new launches if the regulator does not come back with frequent questions regarding existing projects. Rent commercial property Bangalore “If there are lots of queries, then realtors have to first settle the problems in their ongoing projects,“ he said.
Shriram has three new projects which were on hold over the past few months.The company will go ahead with the launches towards the end of the year.
Sanchaya Land & Estates, which builds projects around Anekal near Electronic City , is also planning to launch two projects which they say have been delayed by two months due to the uncertainties associated with RERA. Real Estate in Bangalore
“New launches will be easy , but we have to adhere to the deadline,“ Mansoor Ahmed Khan, the company’s associate vice-president for CRM and sales said.
The Karnataka Real Estate Regulatory Authority said it received registration requests of more than 700 projects as of July 31, which is relatively small compared to the number of ongoing projects. “But that was because the portal opened for registration just a week before the deadline provided by the government. The list, however, has builders across strata applying, which shows that builders generally have been able to grasp the subject to some extent,“ Vinod Menon, managing director of midmarket-focused developer Citrus Ventures, said.
Citrus will launch two new projects next month.
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