With not many residential project launches happening subsequent to implementation of the Real Estate Regulatory Authority(RERA) from May 1, brokers are planning to shift their focus on rental market to get more business, a recent survey said.
In the survey conducted by online property platform Commonfloor across six metros including Bengaluru, Hyderabad, Kolkata, Pune, NCR and the Mumbai metropolitan region, nearly 47 per cent of the respondents plan to focus on the rental market to get more business, and about 42 per cent brokers want to focus on closure of deals of resale properties.
"RERA is going to have a positive impact on the property market and will grow exponentially upon the exit of unscrupulous builders and brokerage firms. However, due to the slowdown in new project launches, brokers want to focus on the rental market," the survey said.
There still are, however, a great many that do not want to change their business focus and want to continue dealing with new project launches. They make up some 39 per cent of the respondents, as per the report.
In India, the broker sector plays an important role in real estate transactions and is estimated to be a Rs 25,600 cr industry, with around 5-9 lakh brokers, it said.
"RERA brings in clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders, hence making the real estate sector organised, transparent and consumer centric," it said.
According to the survey, nearly 84 per cent of the brokers opined that implementation of RERA will have increased benefits to the homebuyers. Further, nearly 73 per cent of the participants who took part in the survey, consider that the successful implementation of RERA will result in timely delivery of the projects.