Project Registrations Under RERA Touches Peak Milestone Of 1.16 Lakh In 2 Years

The RERA Act saw a surge of 63 per cent in project registrations, which touched the peak high milestone of 1.16 lakh in November 2023, against 71,307 projects as of November 2021

The Real Estate (Regulation and Development) Act, 2016 saw a record-breaking rally in project registrations during the two years from November end, 2021 to November end, 2023. The RERA Act during the 2-year period saw a surge of 63 per cent in project registrations, which touched the peak high milestone of 1.16 lakh in November 2023. Comparatively, the registered projects stood at 71,307 as of November 2021. 

Among the states, Maharashtra logged the highest number of project registrations to date at 42,204, followed by Tamil Nadu at 18,915 projects. Overall, Maharashtra accounted for 36 per cent of the projects registered under RERA to date, followed by Tamil Nadu at 16 per cent, Gujarat at 11 per cent, and Telangana at 7 per cent. 

Further, the Act has been gaining popularity since it was implemented, especially in terms of handling consumer complaints across the country. According to the data released by the Ministry of Housing and Urban Affairs, the respective state authorities resolved about 1,16,300 cases, as of November 28, 2023. Comparatively, as of November 2021, 78,903 cases were resolved under the Act, marking an increase of 47 per cent in complaint disposal in the last two years. 

Out of this, 38 per cent cases were resolved in Uttar Pradesh itself (44,602 complaints), 18 per cent in Haryana (20,604 complaints), and 13 per cent in Maharashtra (15,423 complaints). Together, the three states accounted for about 69 per cent of the overall disposed cases under RERA in the country. 

Anuj Puri, chairman, ANAROCK Group, noted, “Resolving homebuyer concerns is one of the main functions of the Real Estate (Regulation and Development) Act, which it has been demonstrably fulfilling. 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.”