The Real Estate (Regulation and Development) Act, 2016 that became a reality last year is a path-breaking law, with immense potential to revive buyers’ confidence and drive momentum in the residential real estate market.

The Real Estate (Regulation and Development) Act, 2016 that became a reality last year is a path-breaking law, with immense potential to revive buyers’ confidence and drive momentum in the residential real estate market.

On implementation of RERA, Shishir Baijal, Chairman & Managing Director, Knight Frank India has said, “The unorganised world of broking in India would see a new paradigm with the implementation of the Real Estate (Regulation and Development) Act 2016.

This has been one of the path breaking budgets with far reaching changes especially for the real estate sector. It is positive that the real estate sector has come in the central spectrum of the Union Budget. This has come at a time when the beleaguered sector has been looking at measures to boost the sentiments.

Knight Frank India welcomes this move and we believe it´s a step in the right direction. With a 25 bps cut in the repo rate, the key policy rate is now down by 75 bps this calendar year. However, we also think that an additional reduction in the CRR would have given a bigger boost to the struggling real estate sector by improving its cash crunch scenario.

The approval couldn’t have come at a better time keeping in mind the prevailing paucity of funds coupled with an economy that is on the verge of reaching the takeoff stage.