Good news for home buyers. Home buyers would get houses within the city at the value they desire said, Anuj Puri chairman of Anarock Property Consultants Pvt Ltd.
"Developers are focusing on developing houses that are below one crore and within the city limits by making the apartments more efficient and effective, instead of reducing the per square foot cost", Puri explained.
Speaking on BizTalk, Anuj Puri in his conversation with Danish Manzoor, Executive Editor, International Business Times, India said that with RERA coming into force, there is going to be a lot more onerous responsibility on the developers as well as the brokers which weren't the case earlier. He also added that after the Real Estate Regulation Act (RERA) the developers will have to consolidate. He explained that his company through their digital platform plans to disrupt the residential real estate sector.
He further added that after RERA, the developers have become cautious about the completion of projects and delivering them on time. "We believe that 70-80 percent of the brokers from the unorganized groups will leave this business as they would not be able to survive," he said.
The developers are working on Hong Kong, Singapore, and Manhattan style designs in the Indian market, which are small in size but effective in other ways. "In the next three to six months, you see many of these launches," he said.
He claimed that his focus was to make it big on the digital platform and said that currently, ANAROCK clocks 30,000 unique homebuyers every month and they want to leverage it. However, he said the company is a mix of both online-offline platforms rather than a traditional residential brokerage firm.
"Buyers have become discerning as they want to deal with consultants rather than local brokers. He said that in another five years, this segment will have a consolidated set of organized residential real estate brokers," he added.
The firm (Anarock) aims largely at mid-level segment. "We are going to cater to customers between USD 80,000 to USD 2 Million through the digital platform, beyond that it will be a traditional way of dealing through a one-on-one mode," he added.
When asked about the effect of demonetization, Puri admitted that demonetization broke the backbone of the real estate sector for a some time. He also said that the market was completely shut in the month of November and December. And from January, he claimed that it slowly picked up and by March it was stabilized.