News
RERA’s Record-Breaking Rally – Project Registrations Up 63%, Hit 116k Milestone
Mumbai, December 22, 2023: Since it was put into effect, RERA has been gaining increasing traction, particularly in terms of handling consumer complaints among various states and UTs. According to data from the Ministry of Housing and Urban Affairs, as of November 28, 2023, the relevant state authorities had resolved up to 1,16,300 cases.
Out of this, 38% cases (approx. 44,602 complaints) were resolved in Uttar Pradesh alone, followed by Haryana with 20,604 cases (18%) and Maharashtra with 15,423 cases (13%). The three states cumulatively accounted for nearly 69% of the total disposed cases under RERA in the country.
Registrations for projects and real estate agents under RERA have also been increasing steadily. Almost 1,16,117 projects and 82,755 real estate brokers nationwide were registered under RERA as of November 28, 2023. Approximately 71,307 projects and 56,177 real estate agents were registered over the same period in 2021. This represents a 63% and 47% growth, respectively, over the previous two years.
“Resolving homebuyer concerns is one of the main functions of the Real Estate (Regulation and Development) Act, which it has been demonstrably fulfilling,” says Anuj Puri, Chairman – ANAROCK Group. “More than 1.16 lakh consumer complaints have been handled by the various state and union territories’ RERA bodies, according to official data from MoHUA. Over the previous two years, the pace of project and real estate agent registrations was not slowed down.”
“In fact, over the past two years, project registrations have increased dramatically by 63%. Also, the RERA authorities of various states and UTs have resolved over 37,397 consumer complaints in this period,” he adds. “Uttar Pradesh has resolved the highest number of cases. Considering how severely Noida and Greater Noida in UP had been impacted by unscrupulous players, this is noteworthy.”
With 36% of all projects registered under RERA to date across 34 states and UTs, Maharashtra continues to lead the field in project registrations. With a share of 16%, Tamil Nadu is next, followed by Telangana and Gujarat, which have shares of roughly 7% and 11%, respectively.
RERA – Pan-India Progress
State/UT Registered Projects as on Nov-end 2021 Registered Projects as on Nov-end 2023 Total Cases Disposed (Nov-end 2021) Total Cases Disposed (Nov-end 2023) Andhra Pradesh 2049 3,900 158 228 Arunachal Pradesh Assam 396 693 16 114 Bihar 1234 1607 678 3251 Chhattisgarh 1319 1725 1330 1844 Goa 767 1184 66 420 Gujarat 9272 12250 3024 4865 Haryana 988 1123 16864 20604 Himachal Pradesh 89 174 36 103 Jharkhand 756 1247 86 256 Karnataka 4497 6582 3024 4035 Kerala 631 1080 480 1331 Madhya Pradesh 3877 5580 4,694 5694 Maharashtra 31664 42204 10,646 15423 Manipur – – – – Meghalaya – – – – Mizoram – – – – Nagaland – – – – Odisha 610 976 1247 2379 Punjab 1085 1221 1678 3073 Rajasthan 1676 2739 1484 2819 Sikkim – – – – Tamil Nadu 2901 18915 1668 2920 Telangana 3630 8227 0 1070 Tripura 75 121 0 0 Uttar Pradesh 3101 3519 30990 44602 Uttarakhand 324 361 575 629 West Bengal 0 167 0 51 Andaman & Nicobar Island 3 3 0 0 Chandigarh 3 4 25 30 Dadra & Nagar Haveli 157 204 0 0 Daman & Diu National Capital Territory of Delhi 32 89 133 555 Lakshadweep – – – – Puducherry 171 222 1 4 Total 71,307 1,16,117 78,903 1,16,300
- Almost all states/UTs have notified rules under RERA. The North-Eastern state of Nagaland is still under process to notify its rules, while West Bengal – which earlier enacted its own legislation – was challenged on this by MoHUA before the Supreme Court. In March 2022, the apex court struck down the West Bengal Housing Industry Regulation Act, 2017 (WBHIRA), stating that it overlapped with RERA, which was enacted a law in the Parliament.
- 32 States/UTs have set up a Real Estate Regulatory Authority since implementation, and of this at least 5 are interim. Ladakh, Meghalaya, Nagaland and Sikkim are yet to establish Real Estate Regulatory Authorities.
- 28 States/UTs have set up Real Estate Appellate Tribunal for disposing of consumer complaints, including 4 as interim. Arunachal Pradesh, Jammu and Kashmir, Ladakh, Meghalaya, Mizoram, Nagaland, West Bengal and Sikkim are still underway to establish theirs.
- Regulatory authorities of 30 States/UTs have operationalized their websites under RERA provisions. Arunachal Pradesh, and Manipur are under process to operationalize.
- 26 States/UTs have appointed adjudicating officers, while 10 States/UTs i.e., Arunachal Pradesh, Bihar, Manipur, Meghalaya, Nagaland, Sikkim, Uttarakhand, West Bengal, Jammu and Kashmir, Ladakh are yet to do so.
-
News4 weeks ago
KW Delhi 6 Mall Onboards New Brands
-
News4 weeks ago
Manasum Senior Living Launches IKIGAI GOA, A Senior Living Community in North Goa, in collaboration with Prescon Homes
-
News4 weeks ago
Bridging India Divide: Top 5 Tier- 2 Cities to Focus On
-
News4 weeks ago
Commercial Realty Gets Tech Savvy: Fast Construction, Enhanced Convenience
-
News3 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News4 weeks ago
Multipoint Connection – A Definite Boon
-
News3 weeks ago
RBI’s Status Quo on Key Policy Rates to Help Maintain the Real Estate Growth Momentum, Say Industry Stalwarts
-
News2 weeks ago
Olive Announces Dhruv Kalro as Co-Founder