Introduction of RERA created more transparency between developers and buyers: Amit Ruparel

Introduction of RERA created more transparency between developers and buyers: Amit Ruparel

 

Established in the year 2000, Ruparel Realty, has been constructing numerous Residential & Commercial marvels that have carved a unique niche in the world of construction. The group is currently constructing 2 million sq.ft in the prime lands of Mumbai Metropolitan Region with 2.5 lac delivered sq.ft in  Navi Mumbai Metropolitan Region. With its mass presence across the most desired areas in Mumbai, the group is on the road of substantial success.

Replying to Yash Ved of NewsBarons, Amit Ruparel, Managing Director, Ruparel Realty, says “We have witnessed an increase in the number of sales enquires and purchases during this Navratri, with Diwali just round the corner we expect the numbers to go up further. To encourage home buyers, this festive season we are offering Zero floor rise at Ruparel Orion, Chembur.”

NB:What is your take on real estate industry per se?

Amit Ruparel: Today, affordable housing projects near larger cities such as Mumbai, Pune, Bangalore,Delhi, etc. have benefited from institutional funding and have seen encouraging response from the buyer market. It is very encouraging to the affordable housing sector that many micro-finance companies have now come forward to help buyers from the economically weaker sections to buy homes. Introduction of RERA has somehow neutralized the whole scenario from a consumer’s point of view, it’s created more transparency between the developers and the buyers.

Due to the festive season, developers are offering good discounts, easy payment plans, complimentary furniture options and various other freebies in order to increase their sales, An Indian customer’s mindset of splurging during Diwali is also going to benefit the industry.

NB: What are the new project launches over the next 6-9 months?

Amit Ruparel: RuaprelPremero, RuparelPalacio, RuparelWestpark, Ruparel Optima (Phase 2) and RuparelSky Greens (Phase 2)are all set to launch in couple of months.

Considering past launches, we are anticipatinga positive response by the customers and look forward to launch as per the schedule.

NB: What is the impact have you seen in terms of RERA act and GST?

Amit Ruparel: The Real Estate Regulation and Development Act (RERA) aims to bring in the much-needed discipline in real estate sector. This sector will emerge into a more transparent, competitive, value offering, hassle-free and definitely consumer-focused industry. It is aimed at aiding a regulated market in the real estate sector and will act as a boon making a positive impact, for both developers and buyers. Many developers have started to re-design their business practices and processes to suit the regulations perfectly.

With respect to GST, the impact of GST on real estate sector is expected to be neutral.  Though still, there is going to be a substantial benefit from GST as it will bring a lot of required transparency and accountability.  Developers/Contractors would reap the benefit of many taxes which will be subsumed by GST. Real estate sector should be happy with GST even if the rate declared is higher than current rate.

NB: What is your vision over the next 2-3 years?

Amit Ruparel: Ruparel Realty was established in the year 2000 with a vision to build landmarks where people can build the milestones of their lives, Apart from increasing the quantity of our projects, we are also improvising constantly on the quality in terms of adopting green building techniques and creating an all-round sustainable environment for our customers.

We will also be coming up with 5 million sq.ft. in Kandivali – W,  17 acres of development in Chembur and a project in Oshiwara,Lokhandwala.

NB: Are you coming up with festive offers for Diwali?

Amit Ruparel: We have witnessed an increase in the number of sales enquires and purchases during this Navratri, with Diwali just round the corner we expect the numbers to go up further. To encourage home buyers, this festive season we are offering Zero floor rise at Ruparel Orion, Chembur.