Maharashtra accounts for nearly 50% of 45,000 Projects Registered under RERA across India
RERA registrations have been strong over the last one year, registering nearly 40% increase between September 2018 and October 2019. Maharashtra accounts for nearly 50% of total projects registered under RERA across India. A review by ANAROCK Property Consultants follows..
The state of Maharashtra is among the largest in terms of real estate development, and the successful implementation of RERA is, in itself, an accomplishment. The gradually improving performance of the State's real estate sector sets the benchmark for other states to emulate.
Since its inception, MahaRERA has been consistent in bridging the trust gap between developers and homebuyers. With several steps taken to regulate the real estate sector, Maharashtra continues to remain the blue-eyed boy of RERA implementation:
As on 5th October 2019, Maharashtra saw registration of 22,455 projects and 21,429 agents.
Gujarat saw 6,119 projects and 1,029 agents registered.
In Karnataka, 2,906 projects 1,559 agents have been registered as on October 2019 while in Uttar Pradesh it includes 2,710 projects and 3,264 agents.
Madhya Pradesh saw total registrations of 2,386 projects and 619 agents.
Other states catching up in project registrations include Chhattisgarh, Rajasthan, Tamil Nadu and Telangana which saw registration of 1,074 projects, 1,095 projects, 1,154 projects and 1,263 projects respectively.
Real Estate Agents Registrations
Agent registrations have also increased in this one-year period. Data trends suggest 54% 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.
Disputes & Grievances Resolution
Authorities across states/UTs have helped dispose 27,970 cases in the country as on early October 2019, with the highest number of cases - 11,596 - solved in Uttar Pradesh, which accounts for a 41% overall share. Maharashtra comes next with 5,817 cases disposed, Haryana with 2,480 cases and Madhya Pradesh with 2,465 cases solved so far. Gujarat clocks in with 1,259 cases solved, Karnataka with 1,513 and Odisha with 727 cases, among others.
Maharashtra, Gujarat, Karnataka, Madhya Pradesh & Uttar Pradesh lead in project registrations among states & UTs; these 5 states together comprise 81% overall share
Assam, Chandigarh, Daman & Diu and Puducherry see projects registrations for 1st time in a year
Agent registration sees 54% rise in a year; nearly 35,644 real estate agents registered across India
Over 27,970 cases disposed by concerned Authorities across states; maximum in Uttar Pradesh comprising 41% share (or 11,596 cases)