RESEARCH PROJECT

ON

IMPLEMENTAION IMPACT AND

ISSUES OF
Real Estate (Regulation and
Development) Act, 2016
in partial fulfillment of the requirements for the
award of the Degree of

MASTERS OF BUSINESS
ADMINISTRATION
(RETAIL MAGEMENT)
(2018-2020)

Submitted by:

GHAN SHYAM CHOUDHARY

21035

UNIVERSITY INSTITUTE OF APPLIED MANAGEMENT SCIENCES

PANJAB UNIVERSITY, CHANDIGARH
1
2
 Certificate

This is to certify that the project titled “Implementation, Impact and Issues of Real
Estate (Regulation and Development) Act, 2016” is an academic work done by
“Ghan Shyam Choudhary” submitted in the partial fulfillment of the requirement for
the award of the Degree of MBA (Marketing) from University Institute Of Applied
Management and Sciences , Chandigarh. It has been completed under the guidance of
Mr. Sanjeev Sharma (Faculty Guide) and Mr. Satinder Singh (National Head). We
are thankful to HDFC Ltd. for having allowed our student to undergo project work
training. The authenticity of the project work will be examined by the viva examiner
which includes data verification, checking duplicity of information etc. and it may be
rejected due to non fulfillment of quality standards set by the Institute.

DIRECTOR’S SIGNATURE

3
 DECLARATION FROM THE CANDIDATE

This is to certify that the project report entitled “Implementation, Impact and
Issues of Real Estate (Regulation and Development) Act, 2016” submitted to
UNIVERSITY INSTITUTE OF APPLIED MANAGEMENT AND SCIENCES,
CHANDIGARH in partial fulfillment of the requirement for the award of the degree
of MBA (Marketing) is an bonafide work carried out by Mr. Ghan Shyam
Choudhary.

Name: Ghan Shyam Choudhary

Class: MBA (Retail Management)
Date:
Place: Signature of candidate.................

4
 INDEX

Contents Page No.

An Overview of Real Estate 8-16

(Regulation & Development) Act, 2016

Introduction to Real estate industry 17-31

Review of Literature 32-35

Research Methodology, Scope & Limitations 36-39

Data Analysis And Interpretations 40-54

Findings and Conclusion 55-56

Bibliography 57-58

Annexure: Questionnaire 59-63

5
 ACKNOWLEDGEMENT

My Project Report with HDFC Ltd. is a lifetime experience that I will cherish
throughout my career. This project has provided me a great opportunity to
experience the work culture and work process of HDFC Ltd.

I would like to take the opportunity to thank and express my deep sense of
gratitude to my corporate mentor Mr. Satinder Singh (National Head,
Chandigarh ) and my faculty mentor Mr. Sanjeev Sharma. I am greatly indebted
to both of them for providing their valuable guidance at all stages of the study,
their advice, constructive suggestions, positive and supportive attitude and
continuous encouragement, without which it would have not been possible to
complete the project.

I am thankful to Mr. Satinder Singh for giving me the opportunity to work with
HDFC Ltd.

I am grateful to all faculty members of UNIVERSITY INSTITUTE OF

APPLIED MANAGEMENT AND SCIENCES, Chandigarh and my friends
who have helped me in the successful completion of this project.

I hope that I can build upon the experience and knowledge that I have gained
and make a valuable contribution towards this industry in coming future.

Thank you...

6
 Preface

The objective of the project was “to understand the Implementation Impact and Issues of
RERA Act” for HDFC Ltd.,. The Real Estate sector is of prime importance from individual as
well as national importance and to regulate the sector and to reduce the ambiguity to the
customers, RERA (Real Estate Regulation Act) was implemented in the year 2017.

The act provides various provisions, which focuses on various issues of promoters, builders,
real estate agents and customers as well. The act is a remarkable change in improving the
efficiency of the government in regulating the Real Estate Sector. This focus on transparency,
safety, imposes penalties on errant builders and follows the regulatory mechanism in the field.

The project was started on 15st of May after knowing all the relevant information regarding the
project, under the guidance of Mr. Satinder Singh (National Head, Chandigarh) and Sanjeev
Sharma(Faculty Guide). The first part of my project involves the study of the "The Gazette of
India" published by "Ministry of Law and Justice" dated March 26,2016 the reference has
enriched my knowledge pertaining to this field.

A survey was also conducted on Potential Home Buyers of Luxury, Mid and Affordable
segments to understand their Psychology and real estate understanding buying behavior
pattern to identify their concerns, likes and dislikes, outlook on economy and environment,
appreciation potential and future outlook.

The research survey was undertaken for Chandigarh region during one month. The sample size
of the research survey was taken to be 201 home buyers.

Most important part is analyzing the information.

Ghan shyam choudhary

Signature

7
 An Overview of Real Estate (Regulation
& Development) Act, 2016
Overview of Punjab RERA website

Figure 1 Punjab RERA Website

Establishment of RERA
Real Estate Regulatory and Development Act is the full form of RERA.

It has been implemented on 1st May 2017, with an aim to regulate the real estate
sector of India with a strict hand. RERA Act 2017 has not only empowered the
buyers but also shaped the total regulation of the activities of the builders
regarding the real estate property.

Salient Features Of RERA:

There are certain features of the RERA Act which makes the RERA rules totally
consumer friendly and appropriate for managing any transaction relevant to the
real estate:

• More security to the investment made by the first time home buyers
• Better assurance of timely possession
8
• More strict actions against any fraud or false promise
• digitization of all records, to reduce loss of data.
• Quick remedies for any dispute
Difference between Old Rules and New RERA Rules
The Real Estate Development and Regulatory Act has brought several changes
in dealing with the real estate projects. Read this article to know how it has
changed the scenario of the buying and selling of the real estate properties:

• Registration:
Before RERA: Before 2016, many projects started its transaction without a
valid registration. Neither the authority, nor the law were much serious regarding
the registration and security of the buyer’s rights.

After RERA: RERA Act has made the registration of each project compulsory.
Without registration, they cannot - proceed with the construction, sell any plot or
flat, take any advance, make advertisement for selling, or get into any
agreement.

• Advertisement:
Before RERA: Before the Act came into existence, anytime the advertisements
were published, and people were shown a empty plot and designs on the paper.
They were promised that a project will be constructed over there, but often it
was seen that, no project took place even after few years.

After RERA: RERA rules clearly bans any kind of false promise. If a rooftop
swimming pool is promised, it has to be delivered, if a 8 ft/3 ft balcony is
promised, they can not reduce it to 6ft/2ft. Even if they have not mentioned in
the agreement but has mentioned in the advertisement, they are liable to that.

• Transferring Right:
Before RERA: Before the implementation of RERA Act, even if the project was
transferred from one builder to another, the buyer were often not informed. If the

9
buyer faced any issue, the previous owners refused to respond to it, stating the
reason that the previous owners does not have any more responsibility towards
the project. This harassed more the home buyers.

After RERA: The Real Estate Development and Regulatory Act made it
compulsory that any project which is being transferred to any other person, it
requires to get notified to the allottees, investors, buyer, and the authority. The
name and the ownership will be changed on the documents. Everything must be
done in the prescribed way. Until the total procedure is completed, the previous
owner shall not be released from the responsibility.

• Timely Possession:
Before RERA: Before the Act took the matter into its grip, there was no
assurance when the property would be delivered to the buyer. Often it made
delay of 10-15 years, which is really stressful matter for a common man. Many
times, the project was not even started on the promised delivery day. The
builders and sellers also used to get unresponsive to that problem.

After RERA: The Real Estate Development and Regulatory Act imposed
certain rules regarding the delay in possession. If the possession is delayed for
an unreasonable period, the buyer gets certain options like - alternate shelter till
the project is completed, money back policy along with interest or alternate
residence of same standard that has been promised by the builder. In the
alternate residence, if any extra cost is required, the builder shall bear it.

• Quality Material:
Before RERA: When the sale deed of a property or a plot is prepared, it is
necessary to write the quality of each essential materials those are to be used.
Often it was seen that, the material used were of lower quality that has been
promised, which resulted in earlier decay and damage to the products. When a
person spending his hard earned money in projects, it is really a fraud happening
on such person.

10
After RERA: When the Real Estate Development and Regulatory Act was
implemented, it became compulsory to use the promised product and if any issue
appears, materials of similar quality is to be used. In case, worse quality
products are used, the builder is liable to pay compensation on that ground. If
anyone has suffered any loss due to usage of such material even later on, the
victim can claim for a compensation from the builders.

• Carpet Area:
Before RERA: Previously, the builders used to play a trick game. They either
used to mention ‘area of xxx sq. ft.’ or ‘carpet area of approximately xxx sq ft.’.
Later on they used to defend that, there is a difference between total area and the
carpet area or they never promised the exact carpet area. Such tricks are not easy
to understand for a common person. This way, he often was not getting an area
for which he has paid.

After RERA: The Real Estate Development and Regulatory Act made it
compulsory to mention the exact carpet area or the reasonable variation of that.
For example, now the builder has to mention ‘carpet area of xxx sq. ft, more or
less by yy sq.ft’. If the flat is of lesser carpet area, the buyer shall pay only for
the area he is under possession.

• Essential Documents:
Before RERA: Before this Act came into existence, the buyers hardly used to
get any essential documents other than the sale deed in their hand, which always
kept them in ambiguity regarding the project.

After RERA: After the Real Estate Development and Regulatory Act got
implemented, all the builders are obliged to handover necessary documents
related to the details of the project and the area or plot where the person is
investing his money. The documents include - brochure, copy of registration,
copy of the drawing of the flat and the project where he is investing.

11
• Bankruptcy:
Before RERA: Bankruptcy of the builders terrified the buyers in previous time.
The builders often after taking money from the buyer, leaving the project
incomplete, used to declare himself bankrupt. That used to safeguard him from
any liabilities, and ultimately it is the common people who used to suffer an
irreparable loss.

After RERA: As per the Real Estate Development and Regulatory Act, the
builder has to open a separate account for the project under consideration. This
account must be totally separate from the personal account of the builder or any
of his relative/friends. The builder has to deposit 70% of the total raised money
in that separate account, which will be used only for the purpose of the project.

• Post Possession Liabilities:

Before RERA: Before RERA was implemented, the builders used to go totally
non-responsive towards any issue occurring to the project. The law prescribed
that any damage occurring within 6 months of possession (legal/physical
whichever is earlier), due to the manufacturing fault, shall be taken care of by
the builder.

After RERA: The Real Estate Development and Regulatory Act has extended
the period till 3 years from the possession.
Therefore, RERA has brought a drastic change not only in regulating the real
estate laws, but also brought the buyer and the seller under tight observation.

12
Table 1-Nature of offence/Penalty/Prosecution

Nature of offence Penalty Prosecution

Promoter
1 Advertise, market, sell or offer Extending up to 10 In case of non-deposit of penalty or
for sale or invitation to public to percent of the continued violation - Imprisonment
purchase the plot, apartment or estimated cost of RE for a term extending up to 3 years
building without registration project or fine upto 10 percent of the
with RERA estimated cost of the RE project or
both
2 Failure to make an application Extending up to 5 -
for registration of RE project or percent of the
providing false information estimated cost of
the project

3 Failure to comply with the Penalty for per day of default, -

orders or directions issued by which may cumulatively extend up
RERA to 5 percent of the estimated cost of
the project

4 Failure to comply with the Penalty for per day of default, Imprisonment for a term extending up
orders or decisions of the which may cumulatively extend to 3
Appellate Tribunal up to 10 percent of the estimated years or fine
cost of the project

5 Contravene any other Extending up to 5 -

provisions other than listed percent of the
above (including failure to estimated cost of
register the agreement for sale) the project

RE Agent

1 Failure to obtain registration or Penalty of INR 10,000 for everyday -

fails to comply with his during which the default continues,
functions as prescribed cumulatively which may extend up to
5 percent of the cost of the
apartment, plot or building

2 Failure to comply with the orders Penalty for per day of default, which -
or directions issued by the may cumulatively extend up to 5
RERA percent of cost of the project

3 Failure to comply with the Penalty for per day of default, which Imprisonment for a term extending up to
orders or decisions of the may cumulatively extend up to 10 1 years or fine
Appellate Tribunal percent of the estimated cost of the
project

Allottees

1 Failure to comply with any Penalty for per day of default, which Imprisonment which may extend to 1
order or decision of RERA or may cumulatively extend up to 5 year or fine (imprisonment is
Appellate Tribunal percent of cost of the project compoundable as per Section 70)

13
 Amendments to the Bill

The current NDA government made following amendments to the bill –

➢ The amendment made it mandatory for all developers, including of housing

projects, to keep minimum 50 percent of funds collected from buyers in an
escrow account to meet construction cost. In original bill, it was 70 percent.

➢ Applicability of the Bill is extended to commercial real estate also.

➢ On-going projects that have not received Completion Certificates have also been
brought under the purview of the Bill and such projects will need to be
registered with a proposed regulator within 3 months.

➢ Promoters will not be allowed to change plans and structural designs without the
consent of two-third consumers of a project.

➢ Real estate agents also have been made punishable for non-compliance of orders
of regulatory authority.

➢ States have to make rules in this regard within one year.

14
Hits and Misses – For Consumers
• Increased affirmation on
timely completion/
delivery of RE projects
• Increase in quality of
construction - Defect liability
period of 5 years from the
handing over of possession
• Balanced builder-buyer
agreements (otherwise
agreements heavily loaded in
favour of developer)
• Regulated RE Agent/ Broker
environment
• Greater visibility into the
developer’s delivery track
record
• Sale on the carpet area basis/
terms to help improve
transparency in pricing and
bring in standardisation
• Timelines for approval by the
regulatory authorities not
defined
• May lead to slightly higher
prices for RE due to the reduced
competition, insurance and
other ancillary costs passed on
by the Developers etc
• Little elbow room to utilise
money collected from
homebuyers. Combination of
this with plethora of guidelines
to be followed may put brakes
on the number of new launches
(in the short term)
• Existing practice of soft launch
may end due to the restriction
on the launch of projects before
getting approvals
15
Hits and Misses – For Developers
• A more regulated
sector would bring in
efficiencies and result
in higher investments
(FDI) and possible
reduction of the cost
of funds
• Increased scope for
eliminating casual
operators, leading to
the better organization
of the sector
• Greater visibility
into the developers’
delivery
performances
• Higher focus
on project
delivery
capabilities
• Overleveraging which
generally result in
project delays may not
be possible
• Power of RERA-
disproportionately
coercive and may limit
the ability/ incentive of
developers to compete,
especially when it
involves undertaking
market risks
• Fixing a rigid capital
reserve ratio (70 percent
deposit and 10 percent
booking amount) in the
statute itself imposes
greater liquidity
constraints on developers,
consequently impacting
their entry into the market,
subsequent expansion and
project cost
• Multiple forums for dispute
resolution of grievances
(Consumer forums, RERA,
CCI) could facilitate
forum-shopping and lead to
conflicting jurisprudence –
FAQs state not possible
• Accountability of
buyers/ developers/
brokers set -
Government Agencies?
16
 Introduction to Real estate industry
Real estate sector in India is expected to reach US$ 1 trillion by 2030. By 2025, it will
contribute 13 per cent of the country’s GDP.
➢ Real Estate stock in India is expected to reach 3.7 million square feet in 2019, with
addition of 200 million square feet during the year.
➢ Rapid urbanization bodes well for the sector. The number of Indians living in
urban areas is expected to reach 543 million by 20251More than 70 per cent of India’s
GDP will be contributed by the urban areas by 2020.
➢ Construction is the fourth largest sector in terms of FDI inflows. FDI
➢ in the sector1 stood at US$ 38.92 billion from April 2000 to December
➢ 2018.
➢ Government of India’s Housing for All initiative is expected to bring
➢ US$ 1.3 trillion investments in the housing sector by 2025.
Table 2

India’s Real Estate Market (US$ billion)

1500

1000
1,000
500 650
120
0
2017 2025 2030
Table 3

Urban Population in India1 (million)

600

400 543
461 483
429
200

0
2015 2018E 2020F 2025F
Table 4
Cumulative FDI inflows1 between April 2000-December 2018
(US$ billion)
30.00

20.00 24.91

10.00 14.01
0.00
Construction Construction Development

Source: Ministry of Tourism, KPMG, World Bank, Census 2011

17
 MARKET OVERVIEW AND TRENDS

➢ The urban housing shortage in India is estimated at around 10million units* which
is being addressed through Pradhan Mantri Awas Yojana (PMAY), Urban, under which
more than 6.85 million houses have been sanctioned up to December 2018.
➢ Significant increase in real estate activity in cities like Indore, Raipur, Ahmedabad,
Jaipur and other 2-tier cities; this has opened new avenues of growth for the sector.
➢ Relaxation in the FDI norms for real estate sector has been done to boost the real
estate sector.
➢ Government’s plan to build 100 smart cities would reduce the migration of people
to metro and other developed cities.

SEGMENTS IN THE INDIAN REAL ESTATE

SECTOR

Residential segment contributes ~80 per cent of the real

Residential space estate sector. Housing launches across top eight Indian
cities increased 75 per cent in 2018 to 182,207 units.

Few players with presence across India.

Commercial space Most of the activity is in the leasing segment

FDI in multi brand retail to boost demand

Between 2015 and March 2018, the retail segment in

Real estate sector
Indian realty attracted private equity investments of
around Rs 5,500 crore (US$ $853.4 million) up to March
Retail space 2018.
Around 5.1 million sq. ft. of retail space became
operational in top seven Indian cities in 2018.

Hotel room supply in the country increased 7.5 per cent in

Hospitality space FY18.

As of January 22, 2019, India had formally approved 421

SEZs, of which 213 were in operation.
SEZs
Majority of the SEZs are in the IT/ ITeS sector.

Figure 2: SEGMENTS IN THE INDIAN REAL ESTATE SECTOR

Source: KPMG Cushman and Wakefield 1

18
 INDIAN REAL ESTATE IS A LARGE, GROWING
MARKET…
Table 6

Market size of real estate in India (US$ billion)

1200
1000
1000
800
600
650
400
200 120

0
2017 2025 2030
Table 5

NHB India Housing Price Index*

135
130
125 128.52 128.9

120 122.08
115
116.6
110
110.2
105
100
Mar '14 Mar '15 Mar '16 Mar '17 Mar '18

Source: KPMG
➢ Real estate sector in India is expected to reach a market size of US$ US$ 1
trillion by 2030 from US$ 120 billion in 2017.
➢ Increasing share of real estate in the GDP would be supported by increasing
industrial activity, improving income level and urbanization.
➢ Mumbai and Bangalore have been rated as the top real investment destinations.
➢ The government also launched 10 key policies for real estate sector, namely:
➢ Real Estate Regulatory Act
➢ Benami Transactions Act
➢ Boost to affordable housing construction
➢ Interest subsidy to home buyers
➢ Change in arbitration norms
➢ Service tax exemption
➢ Dividend Distribution Tax (DDT) exemption
➢ Goods and Services Tax
➢ Demonetisation
➢ PR for foreign investors
19
 DEMAND FOR RESIDENTIAL SPACE EXPECTED TO
GROW SHARPLY
Table 7

Cumulative Housing Demand-Supply in Top 8 Cities (‘000 units)

2016-20

717

HIG

351

1,457

MIG Demand
Supply
647

1,982

LIG

25

0 500 1000 1500 2000 2500

Source: Cushman and Wakefield

➢ A localized, fragmented market presents opportunities for

consolidation with only few large, pan-India players such as DLF.
Scenario: ➢ More foreign players might enter the market as FDI norms
have eased.
➢ Furthermore, norms on land acquisitions is expected to be
relaxed.

➢ Rapid urbanisation
➢ Growth in population
Key Drivers: ➢ Rise in the number of nuclear families
➢ Easy availability of finance
➢ Repatriation of NRIs and HNIs
➢ Rise in disposable income

20
 ➢ Housing sales are expected to increase by 16 per cent
year-on-year by 2018 end.
Notable Trends ➢ NCR is expected to generate maximum demand in
➢ MIG and HIG category followed by Bengaluru.
➢ Developers now focussing on affordable and mid- range
categories to meet the huge demand.

METROS DRIVING DEMAND FOR COMMERCIAL SPACE

Table 8

Demand for Commercial Space in Top 8 cities (million sq ft)

30

25 28 28 27
20 22 23

15

10

0
2013 2014 2015 2016 2017
Table 9

City-Wise Commercial Space Demand (million sq ft) 2013-17

35
30
25 32
20 25 26
15
10 16 8 15
13 4
5
0

Source: Cushman and Wakefield

➢ Few large developers with a pan-India

Scenario: presence dominate the market.
➢ Operating model has shifted from sales
to a lease and maintenance.

➢ Rapid growth in services sectors: IT/ITeS,

BFSI and Telecom.
Key Drivers: ➢ Rising demand from MNCs.
➢ Demand for office space in Tier-II cities.

21
 ➢ Commercial office stock in India is
expected to cross 600 million square feet by 2018
end.
Notable Trends ➢ Mumbai, NCR and Bengaluru accounted
for 60 per
➢ cent of total office space demand in India
in 2017.
➢ Business activity shifting from CBDs to
SBDs, Tier 1 to Tier 2 cities
➢ Co-working space across top seven cities
has increased sharply in 2018 (up to September),
reaching 3.44 million square feet, compared to 1.11
million square feet for the same period in 2017.

OFFICE MARKET OVERVIEW

Table 10

Source: Cushman and Wakefield

➢ Office market has been driven mostly by growth in ITeS/IT,BFSI,

consulting and manufacturing. Moreover, many new companies are planning
a foray into Indian markets due to huge potential and recently relaxed FDI
norms.
➢ Commercial office stock in India is expected to cross 600 million
square feet by 2018 end while office space leasing in the top eight cities is

22
 expected to cross 100 million square feet between 2018-20.
➢ Grade-A office space absorption is expected to cross 700 million square
feet by 2022, with Delhi-NCR contributing the most to this demand.

➢ Net absorption of office space is expected to increase 12 per cent year-

on-year to surpass 37 million square feet in 2019.

RETAIL SPACE LIKELY TO SEE STRONG GROWTH

Table 11

Source: Cushman and Wakefield 1

➢ Currently, retail accounts for a

small portion of the Indian real estate market.
Scenario: ➢ Organised retailers are few and the
organised retail space is mostly developed by
residential/office space developers.

23
 ➢ Booming consumerism in India.
➢ Organised retail sector growing 25-30 per
Key Drivers: cent annually
➢ Entry of MNC retailers.
➢ India’s population below 30 years of age
having exposure to global retail are
expected to drive demand for organised
retail.

➢ Around 32 new malls with area of 13.5

million
Notable Trends ➢ square feet are expected to start
operations in 2019
➢ Mumbai, National Capital Region (NCR),
Bengaluru and Kolkata witnessed highest growth
in retail real estate during 2018.
➢ During January-March 2018, private
equity investors invested Rs 950 crore (US$ 147.4
million) into Indian malls.

HOSPITALITY MARKET TO WITNESS LARGE

INCREMENTAL CAPACITY
Table 12

Source:Cushman and Wakefield

➢ NCR and Mumbai are by far the

biggest hospitality markets in India, followed
Scenario: by Bengaluru, Hyderabad and Chennai
➢ Besides hotels, the hospitality
market comprises serviced apartments and
convention centres 24
 ➢ A robust domestic tourism industry
Key Drivers: ➢ The increasingly global nature of
Indian businesses boosting business travel
➢ Tax incentives for hotels and
higher FSI

➢ Serviced apartments appear particularly

Notable Trends attractive within the hospitality space
➢ Government initiatives to promote tourism
in Tier 2 and Tier 3 cities is generating significant
demand for hotels in such cities, especially for budget
hotels.

ECONOMIC GROWTH ALONG WITH GROWING

URBANISATION IS BOOSTING REAL ESTATE DEMAND
Table 13

Source: IMF World Economic Outlook Database

➢ The Indian economy has experienced robust growth in the past decade and
is expected to be one of the fastest growing economies in the coming years.
➢ India’s urban population is expected to reach 543 million by 2025 from 461
million estimated in 2018**.
➢ Rising incomes and employment opportunities have led to more
urbanization and more affordability for real estate in cities

25
TOP CITIES TO CONTRIBUTE TO GROWTH

Figure 3

Source: Cushman and Wakefield

26
 Company Profile

Figure 4: Company logo

Square Yards

CULTURE
Square Yards is a technology-enabled real estate brokerage and India’s largest player for
primary real estate. It’s subsidiary Square Capital is one of the largest marketplaces for
secured mortgages in India. Square Yards platform offers an integrated consumer
experience & covers the full real-estate journey from search, discovery to research,
transactions, home loans and post-sales service – fully integrating buyers to an extensive
network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards
is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed
by the competence of more than 3000 employees in 30 cities and 10 countries.

27
 COMPETITORS

• Acquest property and hospitality services pvt ltd

• Paras Rampuria
• HDFC Realty
• JLL
• RK Mumbai Realtors
• Spacio Realtors LLP

CORPORATE
This real estate company has a team of employees into marketing and other are telesales,
their job is to generate leads which are then sent to the relationship managers on CRM
base for follow-up of the interested customers. The firm operates all over India. They are
channel partners for the developers and they perform marketing and sales activities on
digital media platform to attract buyers for their clients including Emaar, Ats, ireo rise,
Trishla, Hero Realty, Bestech, Omaxe, Sushma Buildtech, etc. they have tie-up with
online realty websites such as property.com, 99acres.com, magicbricks.com etc. Leads
are generated through these websites and from their digital marketing campaigns. The
leads are forwarded to the tellecallers by the marketing team and followed by relationship
managers, then the follow-ups are performed by the relationship managers. Flats are
shown to the potential buyers and if a buyer buys a property then the builder/developers
pays a fixed amount of brokerage to Square Yards as a commission for the flat being
sold.

28
CLIENTS

Following are the real estate developers who offers residential apartments in Chandigarh
are clients of Square Yards.

Figure 4.1: Emaar Group Logo

Figure4.2 : ATS Developers logo

Figure 4.3 : Ireo Rise Logo

29
Figure 4.4 : Trishala Developers logo

Figure 4.5: Hero Realty Logo

Figure 4.6 : Bestech Developers Logo

30
Figure 4.7: Omaxe Projects logo

Figure 4.8: Sushma Buildtech logo

Figure 4.9: DLF Ltd . logo

31
 Literature Review

1.Indian Express(Dec 26th ,2012)Indian real estate sector has been facing a slump since 2012.
This is due to factors like : Low rental yield ,Unclear taxes and arbitration. However, the
property prices have not stabilized accordingly (The Indian Express, 2017). As a result demand
for property has decreased further. This reduced demand is causing a slowdown in recovery of
investment for builders. Due to this reasons detailed study of this act is done by us.

2.Dr. Reena Vasishta- additional secretary. To The Govt. Of India (26th March 2016)- The
Gazette Of India Extraordinary

3. Anitha ,A. Abbas (2019) in his study made an attempt to measure the customer
satisfaction in regard of RERA and finds that there are few key performance indicators
for Buyers that are critical to them, these are;
• Approving applications and providing customers with an access to their fund quickly.
• Setting and meeting expectations during the application approval process
• Avoiding surprising the customer during the origination process
• To protect them from exploitation.

4.Hoyer and Brown (2019) With RERA coming into effect, builders and developers are
more transparent with the home buyers which have boosted the housing loan industry.
As the result of such the housing loan industry is being increased by threefold and the
future of housing loan industry is more bright.

5. J.Singh & Sharma (2019) The emergence of Real Estate Investment Trust in the
Indian market has also opened up a new window of investment for the investors to
participate the real estate growth story and RERA help in achieving so.

6.Karthik (2019) in his study about the Housing loan find that due to more of
illiteracy in India people has less faith in the act passes by government as a result of it

32
home loan buyers has less faith in RERA and more in local sellers.

7.Deepa Devi (2018) It sets out the definitions of affordable housing in India and the
issues with the various definitions of affordable housing, the institutions and agencies
responsible for formulating and implementing affordable housing policies in the state
and found that RERA hasn't any significant result due to lack of awareness on the part of
buyer.

8.Meghwant Singh Thakur (2018) The Real Estate Regulatory Authority (RERA)
brings transparency, accountability and efficiency into the housing sector with the rights
and duties of both buyers and developers being clearly defined. Which helps in bringing
a better and clear picture for both buyers as well as developers.

9.Pavan N. Ghumare, K.A. Chauhan, S. M. Yadav (2018) finds that to safeguard

homebuyers and investors in the real state segment, the parliament of India passed
the principles and procedures of RERA in March 2016 and with the implementation of
it the relation between buyer and seller is also enhancing.

10.P. Hanumantha Rao (2018) The changes made by RERA are very significant from
the perspectives of housing market in India. Activities in housing market depend on the
efficiency of housing finance industry which is also boosted by RERA act.

11.Paul Jack (2018) in his study he made an attempt to analyze the overall customer
satisfaction. The study pointed out that for consumers shopping for a home loan things
like closing cost and price including interest rates and fees are particularly important
considerations than just going blindly for RERA act.

12. Swapnil Shashikant Shinde (2018) RERA act brings centricity for the real estate
and transparency between the buyer and seller which is boosting the housing loan
industry. but irrespective of all positive aspects there are some loopholes which soon has
to be fill in order to make it a complete package for both buyers as well as sellers.
33
13. Hussain and Zafar (2017) Customer is more interesting in taking home loans where
the state has implemented RERA irrespective where the act is not in use. As result gather
from secondary resource shows that buyers are 68% more intrigued to buy home where
RERA is implemented in comparison of other places where RERA is not in action.

14.Ram Sharma (2017) The research covers the initiatives of Government undertaken
to boost affordable housing in India. The credit linked subsidy scheme was found to be
effective in improving the housing affordability of the economically weaker sections as
comparison to RERA as buyer actually doesn't know the benefit of the act and
moreover every state is not following it too therefore restrain themselves to come into
the boundaries of RERA.

15.S. Bahadorani (2017) have conducted a study to understand the major factors
affecting the housing finance decisions of customers and have found out that reputation,
interest charged on loans,price,ease of buying are of less importance rather than Criteria
like whether RERA is being in used is given more importance.

16. Shalini Rohilla Panigrahi (2017) The main aim of RERA is to provide relief to the
buyers from the malpractices of unfair builders. In case of any wrongdoing by the
builder/developer, the home buyer can also file a complaint to this authority and timely
& duely actions are taken by the authorities.

17. Soni and Singh (2017) finds that there is direct and deep impact of RERA on home
loans buyer needs and psychology. As per study conducted it was found that almost 72%
of buyers seek whether the norms of RERA are being followed or not.

18. Sumant Kulkarni (2017) The enactment of RERA Act 2016 , it able to make a step
forward for the sophisticated and transparency in the Real estate market for both seller
and buyer. But implementation of RERA hasn't derived tremendous result as well.

34
19.Arun Kumar (2016) It covers need of development of large–scale affordable
housing that is greatest necessity of urban India today. The objective of creating
affordable housing is to provide adequate Affordable Housing shelter to all. To make
affordable housing work in India, it would require that RERA should be implemented in
a diligence manner.

20.S. M. Yadav (2016) Housing affordability is a multidimensional problem and is

present from a very long time but RERA could act like a game changer and could turn
the table which will favor the Housing loan industry.

21. S.R. Chauhan (2016) A sustainable and accessible model for the affordable housing
can be achieved in developing nations like India through proper implementation of
government schemes like RERA which has completely revolutionized the way housing
industry work and converted into more easy and convenient industry to deal into for
both buyer as well as seller.

22. Venkatesh (2016) This study shows that the forte of RERA is very large which is
beneficial on one side for the parties concerned but along with it also brings great sort of
confusion therefore to make it more convenient the RERA act should be amended with
some sort of easiness

35
 Research Methodology

Title: Implementation, Impact And Issues of RERA

Need and Significance

Need for this research is important to know whether the consumer will be reliable on
RERA or not. RERA is a body which is going to change whole game of real industry. To
know the consumer behavior while buying a residential real estate property this research is
required. Every research has its special significance in solving problem of business and
industry. This research is going to help real estate developers and real estate agents to
know the consumer’s perception toward buying a real estate property.

Objectives of Research

Main objective
To Study how RERA is going to impact consumer buying behavior while buying a
residential real estate property.

Secondary objectives

• To study how RERA is changing dimensions of Real estate Industry

• To study what consumer will think while buying property after implementation or RERA
• To study whether introduction of RERA had a positive, negative impact on the industry.

36
 Research Design

Descriptive research

Descriptive research includes surveys and facts findings enquiries of different kinds. The
major purpose of Descriptive research is the description of the state of affairs, as it exists
at present. It provides the data about the population or universe being studied.

Descriptive research is used when the objective is to provide a systematic description

that is as factual as accurate possible. In this project we have to find whether outdoor
advertising influences people to buy products & services, therefore our research is
descriptive

Sources of Data

For our study, we collected both Primary as well as Secondary Data:

1. Secondary Data was collected from internet browsing various websites.

2. Primary Data was collected through questionnaires

Tool used for data gathering

Data was gathered through self-administered questionnaires. A majority of the questions

were objective in nature in the form of multiple choice questions or ratings.

37
Sample design
The sample size is 201 and the sample is chosen using simple random sampling
technique so as to cover the groups of interest in the right proportions. Each individual is
chosen entirely by chance and each member of the population has an equal chance of
being included in the sample.

Nature of sample

Age group mainly focus in this research is from 20 – 50 and above which is a working
population and are in the occupation of business, professionals and employees or any
having any other source of income who are interested in buying real estate property
having annual income from Rs 2,50,000 -10,00,000 and above

Scope of Study

Real estate (regulation and development) Act is a significant and crucial law which will
impact the whole real estate sector and it is going to change the whole picture of real
estate industry forever. It has made real estate industry more transparent. RERA has
made the consumers real winner of the industry and also it is going to protect them from
unscrupulous activities. Research had RERA has generated a trust in the mind of the
consumer to invest in real estate. Home buyers are agreeing to the clauses of RERA they
are going too protected with regulatory body. Major home buyers who are currently now
focusing on price will shift to think about amenities, brand, and location. This study is
only complaint towards RERA and real estate consumers, real estate promoter and real
estate agent.

38
 Limitations of study

1. The survey was restricted to selected areas in Tri-City only.

2. The time duration of this survey was 60 days only.
3. The response from the respondents was fair enough but not up to the mark or good
enough.
4. This project was only restricted to the residential properties & not commercials & others.
5. The survey area were too far as the city is big enough which caused many transportation
problem.

39
 Data Analysis and Interpretation

Introduction

Survey was conducted on consumers of residential real estate property to know what
those factor which impact consumer are buying behavior due to implementation of
RERA. Questionnaire are filled by consumer which consist of 201 sample size.
Following are interpretation of the question asked to consumers.

1.

Figure 5.1: Age Group wise distribution of sample

Interpretation

Out of 201 responses, it is observed that 18.4% respondents (i.e. 31 people) belong to the
age group of 20-30 years, 43.8% respondents (i.e. 88 people) belong to the age group of
31-40 years, and 28.9% respondents (i.e. 58 people) are between 41-50 years of age,
whereas 18 people (9%) belong to the age group of 51 and above.
Middle aged people (31-50 years) are comparatively more into buying properties, the
main reasons for buying a property being either for living or investment which surely has
to be backed by the ability to spend. The youth (20-30 years) is seen to have relatively
lower purchasing power than middle aged buyers due to less savings.

40
 2.

Figure 5.2: Gender

Interpretation

Responses on the gender are: Out of 201 responses, 162 respondents i.e. 80.6% are
males and only 39 respondents i.e. 19.4% are females. On the basis of gender, it is seen
that approximately 80% buyers are males and rest 20% are females. The reason behind
this is the working class ratio between men and women, less females belong to the
working class and men being the ones working and earning.

41
 3.

Figure 5.3: Occupation

Interpretation
It is surveyed that out of 201 responses, 81 respondents (40.3%) are employees, the
occupation of 74 respondents is business and 41 respondents (20.4%) are professionals.
5 respondents (2.5%) have selected "others" i.e. occupation rather than employee,
business and professionals.
Due to research it is found that maximum people are employee who are engaged in
different industry. The maximum employees who are in the middle age are focused to
buy a house on their own. The results shows that in the age group of 30-40yrs maximum
people purchase real estate property for their end use.

42
 4.

Figure 5.4: Annual Income

Interpretation

Out of total 201 responses, the annual income of 34 respondents (16.9%) is between Rs
2,50,000 to 5,00,000. 95 respondents (47.3%) have an annual income ranging between
Rs
5,00,000 to 10,00,000, whereas 72 (35.8%) people have an annual income of Rs
10,00,000 and above.The major chunk belongs to employees so it can said that most of
them belong to the 5 to 10 lacks annual income class, many can also belong to annual
income of 10 lacks and above class. The income being the most important factor in
purchase of any property, the ones with annual income of 2.5 to 5 lacks may or may not
be able to afford the increasing prices of properties these days due to inflation and other
factors and one of the important factor is that most of time people in this category apply
for housing loan or else they will prefer subvention scheme offered by promoters and
they get rejected by the bank due to the eligibility factor because of their income slab
People take home loans these days but the loans are only sanctioned on the basis of
income and age factor, so the ones with higher income are able to afford and spend more
on properties due to location and amenities being a very important factor. The another
important aspect with reference to income is savings because there has to be an ample
amount of savings for purchasing any property, the ones who save a significant amount
of money from their monthly income are able to afford flats with better facilities than the
ones who save less and cannot afford.

43
 5.

Figure 5.5: Ranking Chart

Interpretation
A total number of 201 people were surveyed and it is found that among these 5
parameters:
1) brand name, 2) location, 3) price, 4) builder's past and 5) amenities, most people (84
respondents) selected "price" as the highest parameter by ranking it "1st" which was then
followed by location (76 respondents) as first ranking, brand name (40 respondents) as
first ranking, amenities (5 respondents) as first ranking and builder's past (3 respondents)
as first ranking.

Research has found that the maximum people from the sample space of 200 are
employees falling into the age group of 30 to 40 years. The most important factor for the
purchase of a real estate property is price, because the first thing which comes into the
mind of a person is whether the property is affordable or not. The second important
factor is location as the area and the facilities in that area play a very crucial role in the
buyer’s mind. Out of 200 sample size, 84 people have ranked price 1 st, whereas 76
people have ranked location as their first preference, as there is not much difference in
these figures so we can interpret that location and price both play a crucial role. 40
people have ranked brand name 1st and this clearly means that these people are the ones
belonging to higher income group for whom price is not a constraint and they cannot
compromise on quality just because of higher prices, these people generally belong to
the business (entrepreneurs) and professionals. 113 people have ranked location as 2nd
most important factor. It is also seen that 2.5% of people have ranked amenities as their
first preference, amenities are also important while buying a real estate property but not
as important as location and price.

44
6.

Figure 5.6: Consumer preferring consultant while buying

Interpretation

On the preference of consulting a real estate broker while buying property, 95 people
said "yes". There were 41 people who said "no" and 65 respondents may or may not
prefer a consultant.
According to the research, maximum number of people prefer consulting a real estate
brokers who are also known as channel partners. In the survey, it is found that 47.3%
people out of 200 would want to consult real estate brokers. Due to the implementation
of RERA Act, it is mandatory for all the real estate brokers to get registered themselves
with RERA. Due to this new clause of registering under RERA, it will prevent the
buyers from getting mislead by the real estate brokers. They will only be allowed to
disclose the information provided by the developer which will be available on the RERA
website. The brokers or the developers who try to mislead the buyers by providing any
false information or by not fulfilling what has been promised will have to pay penalty,
which is mentioned in the clause. RERA will increase the level of confidence in the
psyche of consumers and they will be able to trust the real estate brokers more easily
because of no misrepresentation. Most people prefer to consult a real estate agent due to
the lack of knowledge in buying properties. So it can be concluded that as time will pass
people will be more familiar with RERA, which might change the decision of the ones
saying “Maybe” to consult a broker.

45
7.

Figure 5.7: Consumer who want to see sample flat

Interpretation
Out of 201 respondents, 197 people would like to see the sample flat before buying and a
very small number of people i.e. 4 (2%) would not like to see the sample flat. There are
very few people who would say "no" to see a sample flat before buying. It is very
important for any buyer to see the sample flat before buying because it gives an overview
of the size, spaciousness, the look and it increases the chances of purchase decision just
because it is now in the mind of the buyer. Promoters might upload wrong and incorrect
information about the flat but it is not possible to fake it when there is a sample flat
which a consumer sees before buying. When a buyer sees a sample flat, he might like it
or not, but if he likes it then it becomes a dream for him to own that flat.

46
8.

Figure 5.8: People comfortable with not so well builder

Interpretation

When asked about if people are comfortable with not so well known builders who are
registered with RERA, most of them were comfortable and 13.4% (27) of people would
not feel comfortable.

Out of 200 responses, 86.6% said “yes” whereas 13.4% said “no”. It is mandatory for
every developer and real estate broker to register under RERA. They cannot sell any
property which is not registered under RERA. RERA is the only body of regulation of
real estate. The builder cannot misrepresent or fake any information as all the details will
be uploaded on the RERA website, which will include location, price, amenities, brand
name, etc. The age group of people from 26 – 35 years usually buy their first home
during this age period and price being the most important factor rather than brand value,
so they will be more informed about everything and cannot be mislead. The developers
with low brand value cannot fool the buyers or cheat them because under RERA all the
brands or names attached would be treated the same. All the updates regarding current
status of project, possession date, CLP and Subvention payments schedule will be
provided on the website. The 13.4% saying “no” are the business category people
because for them the brand matters and not the price.

47
9.

Figure 5.9: Consumer who like to check registration of project under RERA

Interpretation
On surveying 201 people, 171 would like to check whether the project is registered
under RERA or not and 30 people would not bother about the registration of the project
under RERA.
If a person is buying a product, he would preferably like to know whether the product is
genuine or not, whether it will satisfy his wants or not. In the same way, before buying a
real estate property, a customer would surely like to know whether he is investing in the
right place or not. This privilege of checking the project details which is registered in
RERA is now possible. RERA has given an opportunity where a customer can go on
RERA website and by just entering the registration no of developer’s project, he can get
all the information related to project and get a clear picture of the project in which he is
interested to invest.

As buying real estate property is expensive and it’s a long term decision of any
consumer, so they want that there money should go in the right hands. Maximum people
would want to check whether the project is registered under RERA or not. If the project
is registered under RERA, it gives an assurance to the customer to go for it.

48
 10.

Figure 5.10: Consumers agree or disagree with RERA clauses

Interpretation

Maximum of people are strongly agree with clause 1 which is (The promoter should
disclose all details of ongoing real estate projects as required) out of 201 sample size
there are 124 people who are strongly agreed with this clause and 77 people agree with
this clause. Whereas 72% of people agree with the clause of promoter of an ongoing
project cannot sell or advertise, unless he register the project under RERA. About 26.5%
of people are confused with clause of Money collected from customers towards stamp
duty, registration, infrastructure charges, parking charges etc., are required to be
deposited in the designated bank account (70%), as they are neither agreeing or
disagreeing with this clause. Out of 100% there are 47.5% of people who strongly
believe there should be penalty for promoters for delaying the project. 57.5% of people
strongly agree that per square feet rate should be calculated on carpet area not on saleable
area.

Clauses which are mentioned in RERA. Out of 201 responses, not a single respondent
has disagreed on any of the clause. RERA has made sure that promoters should disclose
all the details of the project and 124 out of 201 respondents strongly agree with this
clause, which shows that RERA is going to create a keen interest in consumer's buying
behavior. There will be penalty for promoters who delay the project and more than 140
respondents agree with this clause. Per square feet area should be calculated on carpet area
and not on saleable area.

49
 11.

Figure 5.11: Consumer who wants to go with well-known brand

Interpretation
When asked about if people will go with well-known or reputed brands in real estate
who are not registered with RERA, the response received was: 1) Yes - 139 people
(69.2%). 2) No - 62 people (30.8%).

Maximum responded do not want to go with unregistered well-known developers.

Consumer had shown their trust on the RERA conditions towards developers that there
every real estate construction should be RERA complained. So RERA has impacted
consumer’s buying decision that they do not prefer well-known developers if they are
not registered under RERA.

50
12.

Figure 5.12: Consumer who wants to go with low brand value builder registered with RERA

Interpretation

It is observed that 166 out of 201 respondents would go with not so well known builders
who are registered with RERA, whereas 35 respondents would not. Due to
implementation of RERA and due to its rules and regulation people have shown interest
in the not so well known or low brand value builders if they are registered with RERA.

51
13.

Figure 5.13: Consumer who are comfortable with price increment

Interpretation
RERA might lead to price increment of the properties, 124 people out of 201 are
comfortable with this and 77 people (38.3%) are not comfortable with prices being
increased.
Major chunk of people are comfortable with price increment due to implication of
RERA, it shows that if the process of construction is on time and the consumer are
getting exact amenities which they were promised then they are willing to pay more

52
14.

Figure 5.14: Consumer's Reaction on Misrepresentation

Interpretation

When asked about the reaction of people in case of misrepresentation of something

which was promised and not delivered, 45.8% of respondents would demand for
replacement. 58 people would demand for compensation, 36 people would file a
complaint, whereas 7.5% people don't know.

Mostly people have agreed to demand for replacement. In earlier days people could not
raise their voice against the promoter if any misrepresentation has done, but due to
implication of RERA now people can file complaint to the RERA executives and the
developers has to compensate and provide replacement or ready to bare the
consequences.

53
15.

Figure 5.15: Consumer who believes in transparency

Interpretation
Out of 201 respondents, 70.6% think that RERA will result in transparency. 32 people
are not sure, whereas 27 people feel that RERA will not lead to transparency.

Out of 201 people surveyed 70.6% believe that RERA will result into transparency in
real estate industry but also there are few people who are not sure that it may. It is found
that RERA will surely change the game. 142 people have shown trust on RERA that it
will bring transparency the whole game and bring discipline.

54
 Major Findings and Recommendations

• Maximum consumers are in the age group of 30 – 50 yrs.

• Maximum respondents are employees followed by business oriented people.

• Maximum number of respondents are of employee category with annual income of

5,00,000 - 10,00,000 rs which shows that price is the most important factor followed by
location and brand name.
• The consumers are concerned whether the project is registered under RERA or not. It
does not matter either project is of big brand builder or any small builder.
• Consumers are strongly agreeing with the clauses mentioned in the act and those clauses
are generating positive factor in consumers mind to invest in real estate property.
• Research shows that consumers are interested to invest in small builder’s projects if they
are registered under RERA.
• Maximum number of consumers believes that RERA is going to change the picture of
real estate industry and it will result in transparency.

Recommendation

RERA had changed the dimension of real estate sector. Developers are in fear about the
norms in the act. In this research it is concluded that RERA has created a trust factor in
the ideology consumers while buying real estate property. It is recommended to
developers that they should disclose their proper track record of the projects. Real estate
agents should promote only RERA registered projects and disclose only that information
which is provided by developers on RERA website.

55
 Conclusion

RERA is enforcing the developers to get registered which has created a fear in the
industry. While buying real estate property, consumers are more concerned about even a
small thing. RERA will throw a transparent picture of industry where a consumer can
analyze the choices of property with the help of RERA . RERA has impacted positively
on the consumer’s perception of buying a real estate property, survey was conducted to
conclude the impact of RERA on consumer buying behavior, out of 200 respondent
almost people are strongly agreeing with the clauses mention in the Real Estate
(Regulation and Development)Act, 2016 and it has enlarged confidence in the perception
of consumer while buying real estate property.
RERA has made homebuyers king of the industry. It has given first priority to the
homebuyers. This regulatory body has made real estate industry more transparent. There
is scope of more professionalism in this sector as the Developers and Real estate agent
both have to adhere the norms and conditions of RERA.

56
 Bibliography

Deshpande, S. (2017, July 29). Mumbai builders move high court against RERA.
Mumbai: Times of India. Retrieved from http://timesofindia.indiatimes.com/retrived on
30th July 2017

Dhawan, S. (2017, May 09). Will RERA impact real estate price, Mumbai: Retrieved
from Economic Times on 30th July 2017:
http://economictimes.indiatimes.com/wealth/real-estate/will-rera-impact-real- estate-
prices/articleshow/ retrived on 30th July 2017

Ganjapure, V. (2017, July 27). Bombay high court directs builders. Mumbai,
Maharashtra, India: Times of India. Retrieved from http://timesofindia.indiatimes.com/
retrived on 30th July 2017

Jha , B., Pant, S., & Bhowmick, S. (2017, July 27). Most ongoing projects in NCR will
be out of RERA Retrieved from timesofindia.com on 30th July 2017:
http://m.timesofindia.com/city/gurgaon/most-ongoing-projects-in-ncr-will-be-out- of-
rera/articleshow/ retrived on 30th July 2017

Khan, S. (2017, July 13). Real estate fear state RERa rules will hit them. Et Bureau.
Retrieved from EconomicTimes.com : http://economictimes.indiatimes.com/wealth/real-
estate/rera-and-you/real-estate- brokers-fear-state-rera-rules-will-hit-them/articleshow/
retrived on 30th July 2017

57
Roof and Floor. (2017, July 23). Gold or Real Estate: What is the right investment.
Retrieved from The.hindutimes.com on 30th July 2017 : w.thehindu.com/rewwal-
estate/gold-or-real-estate-what-is-the-right-investment-for-you/ retrived on 30th July
2017

Special Correspondent. (2017, July 28). Real estate act rules notified. Retrieved from
thehindu.com on 30th July :http://www.thehindu.com/news/cities/puducherry/real-
estate-act-rules-notified/ retrived on 30th July 2017

Times of India. (2017, July 29). 2500 Builders across state have registered under RERA
so far. 2500 Builders across state have registered under RERA so far. Mumbai,
Maharashtra, India: Times of India. Retrieved from www.times.com on 30th July 2017

TNN. (2017, July 11). Real Estate show some signs of recovery. New Delhi, Delhi,
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6/11/2020 IMPLEMENTATION,IMPACT AND ISSUES OF RERA

Annexure
IMPLEMENTATION,IMPAT
AND ISSUES OF RERA
* Required

1. Name : *

2. How old are you? *

Mark only one oval.

20 – 30

31 – 40

41 – 50

51 and above

3. Gender: *

4. Occupation : *

Mark only one oval.

Professionals

Business

Employee

Others
6/11/2020 IMPLEMENTATION,IMPACT AND ISSUES OF RERA

5. Annual Income : *

Mark only one oval.

50,000 below

51,000-1,00,000

1,00,000 above

6. Rank below following what do you see first when you

buy a property? *

Mark only one oval.

Brand Name

Location

Price

Builder’s Past

Amenities

7. Do you prefer consultant (Real estate brokers) while

buying property? *

Mark only one oval.

Yes

No

8. Would you like to see sample flat before buying? *

Mark only one oval.

Yes

No

https://docs.google.com/forms/d/1ch9dznRMgQ4UDIOhbvrwtNSY1Av16_POXE96u8uE0Oc/edit 60
/6
6/11/2020 IMPLEMENTATION,IMPACT AND ISSUES OF RERA

9. Do you feel comfortable with not so well known builders

who is registered with RERA? *

Mark only one oval.

Yes

No

10. Would you like to check whether the project is registered under
RERA? *

Mark only one oval.

Yes

No

11. Please state your level of agreement or disagreement in respect of

RERA clauses which you think is beneficial for the consumer?

11. The promoter should disclose all details of ongoing real

estate projects as required *

Mark only one oval.

1 2 3 4 5

Strongly Agree Strongly Disagree

https://docs.google.com/forms/d/1ch9dznRMgQ4UDIOhbvrwtNSY1Av16_POXE96u8uE0Oc/edit 61
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6/11/2020 IMPLEMENTATION,IMPACT AND ISSUES OF RERA

12. The promoter of an ongoing project cannot sell or advertise, unless

he register the project under RERA *

Mark only one oval.

1 2 3 4 5

Strongly Agree Strongly Disagree

13. Money collected from customers towards stamp duty, registration,

infrastructure charges, parking charges etc., are required to be
deposited in the designated Escrow account (70 %) *

Mark only one oval.

1 2 3 4 5

Strongly Agree Strongly Disagree

14. There is penalty for promoters for delaying the project *

Mark only one oval.

1 2 3 4 5

Strongly Agree Strongly Disagree

15. Per square feet rate should be calculated on Carpet area not on
salable area *

Mark only one oval.

1 2 3 4 5
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Strongly Agree Strongly Disagree

Untitled Section

16. 12. Will you go with the reputed / well-known brands in real estate
who is not registered with RERA? *

Mark only one oval.

Yes

No

17. 13. Will you go with not so well known / with little or low brand value
builders who is registered with RERA? *

Mark only one oval.

Yes

No

18. 14. Are you Comfortable with the price increment of the
property after the implementation of RERA? *

Mark only one oval.

Yes

No
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