RERA - A Progress Report

Daria Nepriakhina

When RERA first came into the real estate world less than 5 years ago, the initial chatter was heavily laced with doubts about its near term effectiveness.

How about taking a look at some facts and deciding for ourselves?

Zooming In

Every State/UT today has notified rules under RERA except Nagaland, where it is a work in progress. 

30 States/UTs have set up a functional Real Estate Regulatory Authority (Regular - 25, Interim - 05). 

Jammu & Kashmir, Ladakh, Meghalaya, Sikkim and West Bengal have notified their rules but are yet to establish functional authorities. 

Projects Registered

Per this report, since RERA was fully notified, 71,307 projects have been registered under it across the country as of November 2021. 

Maharashtra, Gujarat and Karnataka lead in project registrations so far, with 31,664, 9,272 and 4,497 projects registered respectively. 

Grievances Handled

Coming to grievance redressals of aggrieved homebuyers, 78,903 cases have been disposed so far by various state and UT RERA panels. 

UP saw 30,990 cases disposed of, while Haryana witnessed 16,864 redressals (together making up a 61% share of national redressals), per the latest progress report from the Ministry of Housing and Urban Affairs.

Bottom Line

🎙 "As a result (of RERA's effectiveness), we may see increased residential project completions in the times to come", says Anuj Puri from Anarock. 

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