With the advent of GST and RERA, developers would now have to adopt higher standards of performance compelling them to invest in project management, say experts.
The government enacted the Real Estate (Regulation & Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, this year, while the Goods and Services Tax came into effect from July 1.
The GST and the RERA are touted as game changers converting unorganised real estate into an organised sector.
“While the advent of RERA is being heralded as a game-changer and a great enabler in the long run, it may cause inconvenience in the short term. This is where project management will help the stakeholders,” CBRE South Asia Managing Director, Project Management Group Gurjot Bhatia told PTI here.
A project manager's role is to ensure that the project stays on course based on the initially planned budget, schedule and vision, said SILA Founder and Managing Director Sahil Vora.
“Post RERA, the roles played by a project manager have become mandatory on the developer, as he needs to deliver what was initially planned.
“GST ensures that developers only use organised vendors and suppliers, in order to get the input tax credit, which will also improve the efficiency in delivering projects,” he said.