The Real Estate (Regulation and Development) Act, 2016 has marked a significant milestone with a remarkable surge in project registrations over the past two years. From November 2021 to November 2023, there has been a staggering 63% increase, reaching a peak of 1.16 lakh project registrations in November 2023.
Project Registrations Across States: Maharashtra leads the way with the highest number of registrations, boasting 42,204 projects, followed closely by Tamil Nadu with 18,915 projects. Maharashtra alone contributes 36% of the projects registered under RERA, followed by Tamil Nadu at 16%, Gujarat at 11%, and Telangana at 7%.
Consumer Complaint Handling: The implementation of the RERA Act has not only seen a surge in project registrations but has also proven effective in addressing consumer complaints. As of November 28, 2023, state authorities have successfully resolved approximately 1,16,300 cases. This marks a commendable 47% increase in complaint resolution compared to November 2021, where 78,903 cases were resolved.
State-wise Complaint Resolutions: Uttar Pradesh takes the lead in resolving complaints, accounting for 38% (44,602 complaints), followed by Haryana at 18% (20,604 complaints), and Maharashtra at 13% (15,423 complaints). These three states collectively address about 69% of the overall disposed cases under RERA in the country.
Expert Commentary: Anuj Puri, Chairman of ANAROCK Group, emphasizes the pivotal role of RERA in addressing homebuyer concerns. He notes that more than 1.16 lakh consumer complaints have been effectively handled by various state and union territories’ RERA bodies. Despite the surge in project and real estate agent registrations over the past two years, the pace has not waned.