45,000 Projects Registered Under RERA across India by October 2019: ANAROCK Property Consultants
Real estate companies have started moving faster with project registrations under RERA. 45,307 projects registered across the country as on 5th Oct. 2019 against 32,306 projects registered in September-end 2018. The strong growth in registrations under RERA suggests that finally, the developers and colonizers are accepting the law as the only way to move forward. Agent registration sees 54% rise in a year; nearly 35,644 real estate agents registered across India.
Review by Anuj Puri, Chairman - ANAROCK Property Consultants follows...
After nearly two-and-half years since RERA deployment across the country, the Centre’s aim to enforce it in each state to regulate the Indian real estate sector has picked up momentum. There has been a 40% growth in project registrations under RERA in a year across the country – from around 32,306 projects in end of September 2018 to nearly 45,307 projects as on 5th October 2019.
The States with maximum project registrations in early October 2019 include Maharashtra, Gujarat, Karnataka, Madhya Pradesh and Uttar Pradesh. Altogether, these five states account for a significant 81% share with nearly 36,576 projects registered. Among them, Maharashtra tops the list with nearly 22,455 project registrations.
Interestingly, a year ago, Assam, Chandigarh, Daman & Diu and Puducherry saw no project registrations under RERA. This year, these states have cumulatively seen property registrations of nearly 154 projects.
The North-eastern states of Arunachal Pradesh, Meghalaya, Nagaland, and Sikkim – which abstained earlier – will soon officially notify their RERA rules. West Bengal is the only state which has notified its own real estate law under West Bengal Housing Industry Regulatory Authority (WBHIRA).