“The RERA bill clearing Lok Sabha is a significant step in the right direction from a transparency perspective, and will improve consumer confidence no doubt. But I will also take it with some caution.
If the bill is implemented without implementing the single-window clearance and definitive timelines on sanctions, it will be disastrous.
The cost of doing business will increase and without definite timelines on clearance it will drive the smaller players out of the markets - players who have actually kept the prices sane. This can lead to monopolistic economies where only players with access to substantial funds will survive, and they would charge a premium hence prices can escalate again.
So what needs to be seen is the specifics of implementation and most importantly ease of doing business for a developer should also be achieved.”