Call it the Yogi effect or what you have, but better days seem to be ahead for real estate in Uttar Pradesh. In fact, the Yogi government has not even completed 2 months in office, however, positive changes are being witnessed across the real estate segment of the entire state.
While the landslide victory of the BJP in UP as well as assurances from Yogi Adityanath himself have boosted the sentiments and hopes of homebuyers in the state, errant developers have also swung into action, and authorities finally seem to have woken up from their decades-long slumber.
It may be noted that the earlier state government had diluted the provisions of RERA in a bid to favour developers. However, CM Yogi Adityanath recently assured Union Housing Minister M Venkaiah Naidu that to protect the interest of lakhs of existing homebuyers, they will revise the real estate regulations to bring incomplete housing projects under the law. He also warned developers that his government would attach their property if they fail to deliver what they have promised to homebuyers.
With the CM’s message being loud and clear, many developers in Noida and Greater Noida are already said to have given a written commitment to the Noida Authority that they will complete their pending projects by the year 2020.
Even authorities have become proactive and are at least showing their intent to help homebuyers. “Now authorities are organizing meetings between developers and homebuyers at common platforms, and are also encouraging direct communication for planning and execution of projects,” says Suresh Garg, CMD, Nirala World.
According to Garg, concerned authorities are now demanding the schedule for completion of stalled projects from developers and are listening their concerns as well to find out the most suitable way for project delivery. Also, following the agenda of new government, officers are putting all efforts to calm down homebuyers and are pushing developers to hand over flats as soon as possible.
“What is noteworthy is the fact that a huge segment of homebuyers has got a massive support from the Yogi government and the government’s positive approach is visible,” says Dinesh Jain, MD, Exotica Housing, adding that the recent meetings of authorities with homebuyers and developers is expected to bring a win-win situation for all.
Since the beginning of the year, major developments have been witnessed in the real estate sector. “Interest rate subvention, giving infrastructure status to affordable housing and implementation of RERA, all these developments have given the sector a boost. Now with a uniform government at the Centre and in State, policies related to the housing sector will now have a major impact, and the sector will gain further momentum. The gap between both the governments would be bridged,” says Dhiraj Jain, Director, Mahagun Group.
Some developers say that policy-level implementations are possible in the best possible way only when there is consensus among the Central and state governments. “Now RERA is about to be implemented in Uttar Pradesh and with the newly-elected government, it will be encouraging to note that the framework of RERA would be almost similar to the one suggested by the Central government last year. This will mean a balanced Act for all the stakeholders of the sector,” says Vikas Bhasin, MD, Saya Group.
Most importantly, with a strong CM, homebuyers now have a sense of security. Rajesh Goyal, Vice President CREDAI-Western UP & MD, RG Group, says, “With the presence of the BJP government in UP, buyers have a sense of security because they are now assured that both the Central and State governments would have the same goal and work equivocally towards achieving the common good of homebuyers.”
Although it is just the beginning and there is a long way to go to transform the face of real estate in UP and bring errant developers to task, experts feel that a good beginning has been made and if the momentum sustains, it will certainly usher in better days for both the sector and homebuyers.