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Real Estate Sector: Registration-Reach-Profit-Provisions of Acts-scope

 


The Real Estate (Regulation and Development), Act, 2016, allowed many in India to register themselves either as an Agent or Promoter by paying a nominal registration fees to the designated Govt Authority. In this sector, scopes of profit is promising, in my opinion India is still a developing Country, as we all know, during transition from one phase to another, things specially structural aspect changes a lot. Infrastructural development either Govt sponsored or privately owned are moving in a fast pace, this gives every real estate promoter or agent, a real big opportunity to play their respective roles. In this Blog, we will going to have a brief idea about the different problem one can face while setting up business in real estate sector.

First of all, many person engage in real estate sector specially in rural India don't think that registration can play any significant role in their business, i think this is a mistake they are doing because if the Govt got to know about such practices, it will going to a big blow to their businesses since level of penalty and amount of fines are huge. To start a business, one will need a well furnished office with good working culture and at the same time it can accommodate at least six people. The person who has taken the registration must be an educated one, because, in the Act, it is clearly mentioned that, the Authority has the power to issue notices to either Promoter or Agent as the case may be, to report them with required papers and documents. The office-bearer should have at least good knowledge about the Geography of his working Area, because, without this basic knowledge he/she can face difficulties to deal with the parties(Customers). It is very much necessary to all those people engaged in the real estate sector, to be well updated and informed about the latest Govt rules and regulations. If situation demands, they should continuously visit Govt sites and various Blogs to keep themselves updated. The Promoter or Agent should not indulged in any fraudulent practices and also try not to violate provisions of the Act. Business in the sector may require broad reach which may ranges from homeless to richest, including Govt official and Political Leaders. A good reputation may increase the chances of success, because, in my opinion, 'bigger the reputation, higher the level of trust'. Conflict-avoiding person can gain a lot in this sector, provided he/she will not a naturally too shy or timid person. In case of any threat such as 'Extortion calls', immediately lodge complaint in Police, by lodging the complaint you will add the data about the challenges in the sector which will further help new comers who are planing to set up their businesses. To know more about the REAR- 2016 Act, please visit the link-https://pandemic365.blogspot.com/2021/02/rera-2016-in-uttar-pradesh-how-to-start.html

Finally, it is your fortune which will going to decide weather you will gain success or not - Best of Luck.... 

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