The country’s real estate sector has been witnessing a prolonged slowdown prior to the Covid-19 pandemic due to liquidity issues and NBFC crisis. The pandemic only worsened matters as homebuyers turned cautious about their immediate spending plans. In a move to boost the moribund housing sector and in line with the government’s target of Housing For All by 2022, Hardeep Singh Puri, Minister for Housing and Urban Affairs launched ‘CREDAI Awas App’ and NAREDCO online portal ‘HousingforAll.com’ on July 31. The minister also released a guide book for an affordable rental housing scheme for migrants.
The CREDAI (Confederation of Real Estate Developers’ Associations of India) Awaas App is a residential project discovery online platform that will help buyers to virtually explore projects from 220 cities across the country. The app lists all Real Estate Regulatory Authority (RERA)-approved projects of CREDAI developers.
The Real Estate (Regulation and Development) Act, 2016 protects home purchasers as it mandates that a minimum 70 per cent of the buyers’ money should be kept in a separate account and this can be allotted to the builders only for construction and land-related costs. Moreover, developers and builders cannot ask for more than 10 per cent of the property cost as advance payment.