RERA has created huge waves in the real estate industry after its implementation. It also has drastically slowed down the sale of real estate projects due to certain ambiguities. The Act is slowly being implemented in many larger states with others following up on quickly. Many of the major delays will be more due to the extended sanction time of projects and plus monitoring that will occur from state and national authorities.
Anyone dealing with real estate first has to register themselves a Real Estate Agent (REA) under of the Section 2 of the Act. A vast industry in India which ran on word of mouth referrals till recently that has been made illegal now is to be affected drastically.
To deal with all the problems that have cropped up due to this Act, many promoters are indeed taking the legal and prescribed route proactively. They are registering all the new projects under RERA after getting their registration numbers. For instance it has been made mandatory that after August 1, all developers will have to compulsorily mention the RERA registration number in their advertisements and it is being done too.
Once developers are branded as RERA compliant they are sure to raise the confidence of the buyers to get more sales in upcoming projects. Buyers will naturally tend to trust the accountability that they have been granted under RERA seeing their lifelong earned capital as good home investments.
The Smart Solution. Is there one?
There is in fact an innovative way to increase sales for developers during these times. Now developers who are already registered under RERA in their respective states can avail legal RERA compliant services. This leads them to have an extra edge over their competitors who still might not be using their referrals correctly or legally.
For instance, Loyalie is one such platform that makes referrals under RERA 2016 legal and hassle free. Loyalie has worked with numerous real estate companies across India helping them achieve their sales and referral targets.
The digital platform can be used to make referrals easily using the Loyalie App. This process removes a number of problems as everything is on digital record. Plus, one can securely track all the referrals from one dashboard and plan out future steps.
The smarter promoters are already using this platform for their referral needs. If you are curious to know how you can leverage the power of the digital, click here to schedule a demo. We are looking forward to help you reach your targets and be above your competitors.