AURANGABAD: Claiming that implementation of Real Estate (Regulation & Development) Act ( RERA ) would escalate project costs, Aurangabad chapter of Confederation of Real Estate Developers' Associations of India ( CREDAI ) said it would be an excellent opportunity for buyers to purchase their dream homes from current inventory of flats.The CREDAI is organizing a four-day property exhibition from Thursday. Addressing reporters on Tuesday, CREDAI's Aurangabad chapter president Ravi Wattamwar said administrative as well as financial cost incurred by promoters was bound to increase post implementation of recently introduced RERA."The prices of real estate would shoot up over a period of next six months due to RERA. If buyers purchase homes on the occasion of forthcoming Dussehra they would be in profit," he said.CREDAI secretary Aashutosh Nawandar said the demonetisation move, implementation of GST and RERA had its cumulative effect on real estate business."Metro cities and tier I cities largely witnessed more slump in business as compared to cities like Aurangabad. Nevertheless, the cumulative effect of new tax regime and regulatory framework in real estate would result into surge in prices," he said.Besides buyers of first-home, those who are planning investment in real estate could also benefit from the property purchase, CREDAI members said. "The upcoming DMIC project and Dry Port near Aurangabad have created a sound foundation for city's growth as key industrial hub at the national and the international level. Investment in real estate could bring good returns for buyers," CREDAI has said.The four-day property exhibition — held near Kranti Chowk from 10am to 9pm — would mostly have RERA registered projects, organisers said.

Stay updated with all the Latest Aurangabad headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.