Four years after its implementation, as many as 63,583 real estate projects have been registered and 65,539 cases have been disposed of by the respective state RERA authorities, according to data released by the Ministry of Housing and Urban Affairs.
Out of this, nearly 40 percent cases (approximately 26,510 complaints) were resolved in Uttar Pradesh alone, followed by Haryana with 13,269 cases and Maharashtra with 9,265 cases. The three states cumulatively accounted for nearly 75 percent of the total disposed cases under RERA in the country.
“RERA came into force on 1 May’17. After historic Judgement of Hon’bl High Court of Bombay in Dec’17, which put rest to all challenges by developers/builders in different High Courts, it has proved win-win to all stakeholders. So far 34 States/UTs have notified RERA Rules,” said Durga Shanker Mishra, secretary, Housing and Urban Affairs Ministry, in a series of tweets on RERA.
“30 States/ UTs have set up RERA, 28 have Appellate Tribunal& 27 Regulatory Authorities have operationalised their websites. Total 63,583 Real Estate Projects & 50,256 Real Estate Agents have got registered & 66,779 cases have got resolved under transparent era of RERA,” he said.
Back in the corresponding period in 2019, about 40,155 projects and 29,208 real estate agents were registered. This amounts to an increase of 58 percent and 72 percent, respectively over the last two years, said an analysis by Anarock Research.
“One of RERA’s primary purposes is to address real estate consumers’ grievances. As such, the fact that the RERA authorities of various states and UTs have resolved over 65,539 consumer complaints in the last four years is noteworthy,” said Anuj Puri, chairman – ANAROCK Property Consultants.
“Uttar Pradesh has resolved the highest number of cases, which is again notable considering how severely Noida and Greater Noida in UP had been impacted by shady dealings of unscrupulous players,” he said.
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Maharashtra remains the frontrunner for project registrations – of all projects registered under RERA to date across 34 states/UTs, Maharashtra accounts for a 45 percent share. Gujarat comes next with a 13 percent share, followed by Madhya Pradesh and Karnataka with about 6 percent share each, and Uttar Pradesh with a 5 percent share.
So far, 34 States/UTs have notified rules under RERA. The North Eastern State of Nagaland is still under process to notify its rules while West Bengal enacted its own legislation that was challenged by the MoHUA before the Supreme Court.
On May 4, 2021, the apex court struck down West Bengal Housing Industry Regulation Act, 2017 (WBHIRA) stating that it overlaps with RERA that was enacted a law in the Parliament.
As many as 30 States/UTs have already set up a Real Estate Regulatory Authority since implementation, and of this at least five are interim. Jammu and Kashmir, Ladakh, Meghalaya and Sikkim have also notified their RERA rules but are yet to establish Authorities.
As many as 28 states/UTs have set up Real Estate Appellate Tribunal for disposing of consumer complaints, including 6 as interim. Arunachal Pradesh, Jammu and Kashmir, Ladakh, Meghalaya, Mizoram and Sikkim are still underway to establish theirs.
Regulatory authorities of 27 States/UTs have operationalized their websites under RERA provisions. Arunachal Pradesh, Assam and Manipur are under process to operationalize.
Source: Moneycontrol