'RERA could delay project launches'

'RERA could delay project launches'

Real estate developer Puravankara believes that post RERA (Real Estate Development and Regulation Act, 2016), there will be some delay in project launches depending on the readiness of authorities across states.

“It may delay projects by up to one or two months,” says Ashish R Puravankara, Managing Director  Puravankara.

RERA, as a law, would primarily secure customers interests, and put in place a process that will benefit the industry at large. The company, which has a commercial office portfolio of just about one million sq feet, is targeting about 4.5 million by 2021.

“Couple of things will happen post RERA — business consolidation and serious players like us will stand out. We foresee an increase in market. We won’t have any change in our strategy because we are 95% compliant pre-RERA. We have hired a compliant officer to ensure we are project and communication compliant,” Ashish added.

The company, which was relying on selling residential units with the help of its own staff is relying heavily on brokers.

“Three years ago, 99% of Puravankara’s sales was from the front office. We have built a strong international sales team, digital marketing, channel partner system, and today we work with over 1,000 brokers registered with us,” he said.

“Earlier we didn’t engage much in the channel partner model because this involves investors, speculators. But today as business grows, we are engaging with brokers once in two months. We have a recognition programme for brokers. We have seen fantastic sales in the first two quarters of project launch,” he said.