Owing to RERA Gujarat realty market may see slump

RERA-Bill (1)

By Accommodation Times Bureau

Ahmedabad, June 22 (IANS) The Real Estate Regulatory Authority (RERA) and the Goods and Services Tax (GST) will together have a sledgehammer impact on the realty sector in Gujarat, forcing up to 80 per cent slump, say market experts. “RERA, the new bill by the central government for regularising the real estate sector in the country, and the much-touted GST, will have a cumulative effect on the real estate business in coming days,” according to Ashish Patel, President of the Gujarat Institute of Housing and Estate Developers (GIHED) and the Confederation of Real Estate Developers Association of India (CREDAI).

“There is much confusion about both laws and its repercussions on the market will be obvious in the coming days. Till now, there is no clarity on RERA,” said another expert. “People will prefer to wait and watch after these laws come in force, rather than jump in straightaway. So for 2017, we expect that the real estate market will witness a slump by almost 80 per cent,” Patel said.

He was speaking to the media while giving details of 12th edition of “Homes for All” — the real estate Expo, which is Ahmedabad’s biggest property expo. It is dedicated to affordable housing in “line with Prime Minister Narendra Modi’s vision of housing for all by 2022.”

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