Bangalore has witnessed property developments like no other city has. Over the years, realtors have capitalized on key opportunities in the market and have come up with their respective projects. Known as the Garden City, Bangalore enjoys great weather throughout the year and is reputed for handing out employment opportunities in the IT sector. Concorde Mayfair by Concorde group is one such project that is strategically located at Medahalli in Bangalore. The project provides high-rise architecture marvels so residents can enjoy scenic views of landscaped gardens scattered around the project.
With the population increasing and because of the introduction of regulatory bodies like RERA and tax reforms such as GST, the demand for affordable homes has increased significantly. Residents are now flocking to different parts because of this as realtors are devising affordable pricing strategies to stay ahead in the market to have that extra competitive edge over others. However, realtors have to adhere by strict norms that are set by the government of India. RERA has made changes which have clearly furnished operations in the property investment market. Be it the transparency or product deliverable, realtors have to be in line with the policies framed in order to avoid huge penalties and even imprisonment in some cases. Customers can benefit from this as they would be now getting details regarding property development of the projects they are interested in at different stages of development. It’s crucial that residents consider different aspects before coming to a property investment decision. Real estate investments are long-term in nature and residents can have all the time they need to come to important decisions like these as the project’s success would solely depend on variables that fluctuate from time to time.
Customer to receive bonus amounts from realtors in case of delay in project delivery
This is a very crucial step which involves penalties that have to be paid by the developers to the customers. The penalty charges are because realtors aren’t keeping up with their expectations. In such cases where a realtor isn’t delivering the unit variant on time to move in, they would have to pay 5-10% of the penalty fee to the customers. This has doubled operations on the realtor’s side as they would now have to work twice as more. This was not always the case before such laws were put forward which wasn’t credible to the real estate industry. Developers were losing their recognition significantly which was contributing to stacking up on unsold inventory. After the demand for affordable housing, realtors are delighted as they can now make strategies and come up with offers which can help them release the unsold inventory that wasn’t sold in the past. This is an even greater opportunity for NRI investors as they can gather up on multiple properties for a secured future.
Full disclosure of legal documents and land deeds
Another factor that realtors should keep in mind is the complete disclosure of project features and specifications as a document to every resident who is interested in the purchase of the property. Along with this, the owner of the land should exchange land ownership affidavits with the developer so the issue with land ownership is not hampered. Property investment market is never stable and is fluctuating in nature. In order to avoid unforeseen circumstances, it’s always better to be prepared for the worst.
Adding conditions and not altering the existing ones
It’s important that a realtor devises certain specifications and features of the project before handing them out in paper to the customers who intend on buying them. According to RERA rules and regulations, a realtor is allowed to add features in the list of features pertaining to the project. However, making amendments in the pre-existing norms of operations is strictly prohibited.
Considering all these factors, it is quite evident that the real estate market is heading towards effective planning and execution of strategies for better service delivery so residents can go about with their property investment decisions with relative ease.