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Rise in e-registrations! Reforms effect?

Friday, September 22, 2017

How demonetisation, RERA and GST have affected the real estate market from the past several months has been a major debating factor. Suraj Uchil presents some interesting numbers

For the past many months, there has been a lot of mixed reactions about the real estate market over demonetisation, RERA and GST. While no one has been able to prove their point comprehensively with valid proofs, a recent statistics released by the Inspector General of Registration and Controller of Stamps (IGR) department has shown that there has been about fifty two thousand three hundred and two e-registrations in the Mumbai city for the first quarter of the current fiscal year, which is substantially more when compared to the registrations seen in the first quarter of last fiscal year.

Fact of the matter
The Inspector General of Registration and Controller of Stamps (IGR) department on its website has given the statistics for the past three years which shows the number of e-registrations that they have received in the financial year for the past three years. With more than fifty thousand three hundred registrations in the first quarter itself, statistics clearly shows that there has been a heavy increase in the registrations as compared to the previous tenure. This comes in as a great news for the real estate market which has been seening a slump since quite some time.

Rajan Bandelkar, Raunak group MD and Vice President – NAREDCO, said, “While many were being critical of the moves by the government, I was always of the stand that the steps taken would be beneficial in the long run and as you can see within a few months of its implementations, both RERA and GST have bought about a change in the market. People are now more confident to start investing again in properties. The implementation of GST means the builders will now start getting better profits which they will start passing on over to the home buyers.”

According to some industry experts, RERA also has played a huge role in these boost in the registrations. Yogesh Salunke from Blueberry Marketing feels that RERA has made people more conscious about their plans. “Because of RERA, people now know the exact time of delivery of their houses. And they can very well hold the developer accountable under the RERA Act. Also since the developers are now all registered under RERA compulsorily, home buyers don’t need to keep on doing checks on the developers past work and credibility. Also RERA will bring about a lot of transparency in the market.”

Rise in awareness
While many agree that the reforms are the reasons for the increase in registration, certain segment still believe that the increase might not all because of the reforms.

Haresh Chheda Secretary, CREDAI, BANM, explains, “Its way too early to make a decision about RERA and GST and their impacts. The rise in registrations was always going to happen. Because of RERA, many of the developers have now extended their date of delivery where as due to GST compliances in under construction projects, people are now opting to go for ready and developed properties. These are two of the major reasons why there could be an increase in the registrations of properties. More than helping these two reforms have now made people aware of what and where not to invest.”

With the festive season also upon us and with the good amount of registrations seen in the first quarter, the real estate industry is expected to go upwards only. Rajan Bandelkar explains, “Festive season in India are the best time for the real estate market. With the registrations already showing some good numbers, we are hopeful that this coming season the numbers will only double and so will the revenues.”

Whether the reforms have been the reason to celebrate or to be more cautious can only be determined in the coming months and with passing of more time. Till then, the market can rejoice and hope for the same trend to continue over the next two quarters.

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