After nearly two-and-half years since RERA deployment across the country, the Centre’s aim to enforce it in each state to regulate the Indian real estate sector has picked up momentum. There has been a 40% growth in project registrations under RERA in a year across the country – from around 32,306 projects in end of September 2018 to nearly 45,307 projects as on 5th October 2019.
The States with maximum project registrations in early October 2019 include Maharashtra, Gujarat, Karnataka, Madhya Pradesh and Uttar Pradesh. Altogether, these five states account for a significant 81% share with nearly 36,576 projects registered. Among them, Maharashtra tops the list with nearly 22,455 project registrations.
Interestingly, a year ago, Assam, Chandigarh, Daman & Diu and Puducherry saw no project registrations under RERA. This year, these states have cumulatively seen property registrations of nearly 154 projects.
The North-eastern states of Arunachal Pradesh, Meghalaya, Nagaland, and Sikkim – which abstained earlier – will soon officially notify their RERA rules. West Bengal is the only state which has notified its own real estate law under West Bengal Housing Industry Regulatory Authority (WBHIRA).
Agent registrations have also increased in this one-year period. Data trends suggest 54% growth in agent registrations under RERA across states and UTs. Besides Maharashtra, Karnataka and Uttar Pradesh – which already top the list in overall RERA implementation - states like Haryana and Punjab have also seen significant registrations of real estate agents. Punjab, for instance, witnessed 1,772 agent registrations as on October 2019 while Haryana saw registration of 1,673 agents.
The state of Maharashtra is among the largest in terms of real estate development, and the successful implementation of RERA is, in itself, an accomplishment. The gradually improving performance of the State's real estate sector sets the benchmark for other states to emulate.
Since its inception, MahaRERA has been consistent in bridging the trust gap between developers and homebuyers. With several steps taken to regulate the real estate sector, Maharashtra continues to remain the blue-eyed boy of RERA implementation:
Authorities across states/UTs have helped dispose 27,970 cases in the country as on early October 2019, with the highest number of cases - 11,596 - solved in Uttar Pradesh, which accounts for a 41% overall share. Maharashtra comes next with 5,817 cases disposed, Haryana with 2,480 cases and Madhya Pradesh with 2,465 cases solved so far. Gujarat clocks in with 1,259 cases solved, Karnataka with 1,513 and Odisha with 727 cases, among others.
(Note: Data collated from the Ministry of Housing & Urban Affairs' website)
Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.