RERA sees 40% rise in real estate project registrations in a year; Maharashtra tops the list
After nearly two-and-half years since Real Estate (Regulation and Development) Act 2016 (RERA) came into effect across the country to regulate the Indian real estate sector, there has been a 40 percent growth in project registrations under RERA in a year across the country.
After nearly two-and-half years since Real Estate (Regulation and Development) Act 2016 (RERA) came into effect across the country to regulate the Indian real estate sector, there has been a 40 percent 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 of October 5, 2019, according to an ANAROCK Property Consultants report.
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 percent share with nearly 36,576 projects registered. Among them, Maharashtra tops the list with nearly 22,455 project registrations.
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 percent 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.