Nearly 72% cases resolved in last 3 yrs under RERA

Nearly 1,00,949 cases filed across the country under Real Estate Regulatory Authority (RERA) have been disposed of by state authorities as of October 8 this year. Of these, approximately 72 per cent cases (72,979 complaints) were resolved in the last three years.

Taking the lead over previous torchbearer Maharashtra RERA, Uttar Pradesh’s UP RERA saw as many as 40,559 cases disposed of so far — against a mere 11,596 cases in October 2019.

Haryana comes a distant second with approximately 20,539 cases disposed of, against just 2,480 cases in the corresponding period of 2019.

Still going strong but no longer in the pole position, Maha RERA has so far disposed of approximately 12,507 cases, said real estate consultancy firm Anarock on Friday.

Anuj Puri, Chairman, Anarock Group, said: “Still nowhere close to saturation effect but showing real progress, the Real Estate (Regulation and Development) Act has been visibly fulfilling one of its key functions – resolving homebuyer grievances. As per official data from MoHUA, the respective RERA authorities of various state and UTs have addressed more than a lakh consumer complaints.”

“While this is impressive, it is also true that there remains a big question mark with regards to 100 per cent resolution,” said Puri.

Amounting for an impressive 109 per cent growth in the last three years, nearly 94,513 projects have so far been registered under RERA to date, from approximately 45,307 on October 8, 2019.

The states with maximum project registrations are Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana and Tamil Nadu.

Together, these states account for a significant 83 per cent share with approximately 78,258 registered projects. Maharashtra still tops the list with approximately 38,229 project registrations.

While it leads in terms of disposal of cases, Uttar Pradesh has seen the lowest growth of 22 per cent in project registrations in the past three years.

In October 2019, the state had nearly 2,710 registered projects while the current number stands at approximately 3,304 projects, indicating that the primary focus in Uttar Pradesh has been on project completions rather than new launches.

Among the top seven states, Jharkhand has seen the highest three-year growth of 855 per cent in project registrations — from 103 in October 2019 to approximately 984 projects today.

Tamil Nadu recorded a 828 per cent jump in the period — in October 2019, the state had 1,154 projects registered under RERA; this has increased to 10,711 projects today.

Meanwhile, registration of real estate agents under RERA has risen by 95 per cent in the last three years — from 35,699 on 8 October 8, to approximately 69,766 on 8 October 2022. Maharashtra retains its lead with the maximum number of projects and agent registrations, said Anarock in its report.

20221021-200802

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