40% hike in the registration of projects under the RERA Act 2016 since its launch

40-hike-in-the-registration-of-projects-under-the-rera-act-2016-since-its-launch

Since the launch of Real Estate (Regulation and Development) Act, 2016, there has been an improvement in an otherwise exploitative market.RERA was launched in order to protect the homebuyers from the developers. Under this act, the state government is required to set up respective state authority to overlook the protection of home buyers from the developers who would fail to deliver the promised infrastructure.RERA also sees mention in the national housing scheme, PMAY-Urban where the beneficiary wouldn’t be given credit-linked subsidy if the real estate project is not registered under RERA.

Durga Shankar Mishra, the secretary for Housing and Urban Affairs mentioned on the fourth anniversary of PMAY, Amrut Cities and Smart Cities mission that 42,000 projects had been registered under RERA, while more than 32,000 real estate agents had been registered.

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 percent share with nearly 36,576 projects registered. Among them, Maharashtra tops the list with nearly 22,455 project registrations.North-eastern states which were abstained earlier will now notify about 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).

The agent registration has gone up by 54% since the formation of the act. 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 the registration of 1,673 agents.

October of 2019 has witnessed 45,307 projects registered under RERA as compared to October 2018 which saw a registration of 32,306 projects.

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