If one takes a close look at the two big factors of real estate, then he would find that government and builders give the major push to it. Of course, buyers have their own significance, but their importance is felt in the reactions whereas actions are made by the authority and the builders. With RERA, the government has done its homework more or less perfectly, now it’s up the builders on how do they prioritise their work.
Acquisition of Land and Project Approval - Since, the current form of soft launching a project may become extinct as a project can only be started after the approval, builders would have to make sure that they get equity partners for land acquisition and approval of projects.
Compact Design Development - A builder must make sure that all the designs and layout plans are perfected in the first time since it will get very difficult to get them changed once the project gets approved by RERA.
New Marketing Tactics - RERA has given strict guidelines on the market procedure of a project. Hence, a builder will have to re-plan his strategies to market a project since unattainable promises will not serve them well.
Accurate Cash-Flow Planning - Provided that 50% of the funds will be immovable from the project’s escrow amount, the builder will have to make better ties and planning in order to maintain a proper cash-flow.
Project Delivery Capabilities - Since timely approval is the top most priority of any builder now, he must use all his management resources in a highly efficient manner. This would include designing, budgeting, marketing and many other variables that come in Project Management offices (PMO).
Better Customer Relationship Management - With RERA and the 2-3rd majority of buyers intervening in the builders cause, better ties and proper professional relations with the buyers will result in a better out-pour.