More and more real estate projects in India are successfully seeing the light of the day

The real estate industry in India was receiving constant batter for last couple of years due to various factors which included involvement of underworld’s dirty money, threats & extortions, bad players spoiling the name of entire industry, financial in-discipline, large number of stalled projects, fly-by-the-night rookies claiming to be builders, global economic meltdown, introduction of RERA act, changes in the ‘Benamin Property Act’, and “Insolvency and Bankruptcy Code, introduction of GST etc. As a result, real estate projects in India experienced slowdown and sluggish demand. Even the big brands suffered. But things seem to getting better and the industry has more or less settled and it is witnessing an upswing. RERA has flushed out the unscrupulous elements and the instances of incessant price inflation which was caused due inventory holding by investor community. Now the projects are seeing inquiries and bookings by genuine buyers. Government’s policy of removing tax incentives on second home ownership has also lead to the market correction.

The quality of residential projects in India has improved a lot due to the accountability becoming mandatory on the developer under RERA regulations. The real estate developers can no more get away with false or unfulfilled promises, such builders are being penalized heavily by RERA. Therefore, they are providing the buyers with the quality construction, facilities, amenities that were promised in the brochure. Some examples of this would be, CCTV, intercom facility, bigger lobby area, broader staircase area, play area for children and / or clubhouse facility for residents.

In the light of changed circumstances new real estate projects in India that are getting constructed are of good quality. They offer the buyers with the comforts or luxuries which are comparable with international standards. Partham group based is an emerging real estate developer in Mumbai which is building a quality second home project in Silvassa which goes by the name Paraiso de Casa. The project is under construction and is expected to be ready by 2020. It claims to offer international quality amenities, including an international facility management agency to take care of the day to day running of the project after it is ready for possession. The group also claims that the project is very ideally situated for buyers residing in Mumbai, Nashik, Pune, Vadodara, Surat, Ahmedabad or other cities of Maharashtra and Gujarat.