As many as 1.43 lakh real estate projects, comprising 1.11 crore units, have been registered with the Real Estate Regulatory Authority (RERA) across 20 states in the country till 2024 since its operationalisation in 2017.
According to data provided by NSE-listed real estate analytics firm PropEquity, the number of projects registered with RERA fell by 21 percent between 2022-2024. It, however, had risen by 145 percent to 25,281 projects between calendar years 2020 and 2022.
Data also showed that among states, Maharashtra with 48,047 registered projects accounts for the highest - 40 percent of the total registered projects in the top 10 RERA states. Tamil Nadu with 19,987 projects accounts for a 17 percent share while Gujarat with 16,265 projects accounts for a 14 percent share.
Parliament in March 2016 voted the Real Estate (Regulation and Development) Act—RERA—a legislation that held out the promise of placing consumers at the centre of a new rules-based framework for India’s property market. It came into effect on May 1, 2017.
Apart from defining rules, RERA’s primary aim is to build trust among buyers and builders in the real estate market and also ensure timely completion of projects.
PropEquity data showed that if the top 10 states are taken into consideration then as many as 1.19 lakh projects, comprising 97.14 lakh units, have been registered with RERA authorities in these states between 2017-2024. The top 10 states with the highest number of projects registered with their respective RERAs are Maharashtra, Tamil Nadu, Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal and Rajasthan.
Experts said that due to RERA, there has been a vast improvement in compliance by real estate developers as a result of which the sector has seen huge transparency. This has led to a rise in investment by individual investors, and both domestic and foreign institutional investors, thereby further espousing not just India’s but also the real estate sector’s growth story.
“The real estate market across the top 9 Tier 1 cities are today valued at over Rs 5.5 lakh crore. Unlike the pre-RERA years, absorption every year, post-RERA implementation, has been more than launches (except Covid year CY 2020), which shows the maturity that this regulation has ushered amongst developers, thereby laying a strong foundation for a $1 trillion real estate economy,” said Samir Jasuja, Founder and CEO, PropEquity.
The data further showed that the average number of units per project is the highest in Uttar Pradesh at 184 units, followed by Rajasthan at 156 units and Gujarat at 116 units. The average number of units per project in the top 10 states stands at 81 units.
The top 10 cities with the highest number of registered projects are Pune with 12,346 projects, Thane with 8,858 projects, Hyderabad with 7,180 projects, Mumbai with 6,923 projects, Chennai with 6,426 projects, Navi Mumbai with 5,468 projects, Ahmedabad with 5,367 projects, Nashik with 3,759 projects, Vadodara with 2,903 projects and Kolkata with 2,680 projects.
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