In an unprecedented upsurge, the Real Estate Regulatory Authority (RERA) has recorded a staggering 63% increase in project registrations across the country, soaring to a milestone of 1.16 lakh entries by November 2023, according to Anarock research. Maharashtra leads the charge with the highest number of projects (42,204), closely followed by Tamil Nadu, showcasing a robust confidence in the real estate regulatory framework.

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. The disposal of complaints has seen an equally impressive hike, with a 47% increase from November 2021. Uttar Pradesh takes the helm in addressing grievances, having cleared 44,602 complaints since the inception of UP-RERA.

Anuj Puri, the chairman of ANAROCK Group, heralds RERA's success in resolving homebuyer concerns, a cornerstone of the Act's objectives. “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,” says Puri.

RERA's reach extends to 34 states and union territories, with Maharashtra at the forefront of project registrations. The establishment of Real Estate Regulatory Authorities and Appellate Tribunals is still in progress in a few states. 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.

Source: cnbctv18.com