Maharashtra and Gujarat lead 40% year-on-year spike in RERA registrations

Representative image
There has been a 40 per cent growth across the country in project registrations under the Real Estate Registration Act (RERA) in a year, from 32,306 projects at the end of September 2018 to 45,307 projects as on October 5, a news report said.

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 per cent share with 36,576 projects registered. Among them, Maharashtra tops the list with 22,455 project registrations, said a report by Anarock Property Consultants.

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 154 projects.

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, Anarock said.

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).

Agent registrations have also risen in this one-year period. Anarock data suggest 54 per cent 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.

Authorities across states/UTs have helped dispose 27,970 cases during the year to October, with the highest number of cases, at 11,596 or 41 per cent of the overall, solved in Uttar Pradesh alone. Maharashtra comes next with 5,817 cases disposed, followed by Haryana (2,480 cases) and Madhya Pradesh (2,465 cases). Gujarat clocks in with 1,259 cases solved, Karnataka with 1,513 and Odisha with 727 cases.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel