Diwali 2022 is poised to set new benchmarks for the housing industry on several fronts, and even now it’s evident that the festival eclipses all previous years on at least one front: market transparency and orientation. customer. After more than five years since its implementation, RERA has made remarkable progress in handling consumer complaints in various states and UT.
Data available from the Ministry of Housing and Urban Affairs indicates that to date, 1,00,949 cases filed under the various state iterations of the RERA have been decided by these authorities as of October 8, 2022. Of these, approx. 72% of cases (72,979 complaints) have been resolved in the last three years, including the Covid-19 pandemic.
Taking the lead from previous torchbearer MahaRERA, Uttar Pradesh’s UP RERA has so far seen 40,559 cases treated – compared to just 11,596 cases in October 2019. Haryana lags far behind with approx. 20,539 cases settled, compared to only 2,480 cases in the corresponding period of 2019. Still going strong but no longer in pole position, MahaRERA has so far settled approx. 12,507 cases.
Anuj Puri, Chairman of ANAROCK Group, said: “Still far from the saturation effect, but showing ‘real’ progress, the Real Estate (Regulation and Development) Act has visibly fulfilled one of its key functions. : solving homebuyer grievances. According to official data from MoHUA, respective RERA authorities in various states and UT have handled more than one lakh consumer complaints.
“While that’s impressive, it’s also true that there’s still a big question mark when it comes to 100% resolution,” Puri says. “Ultimately, RERA still lacks sufficient enforcement powers – a fact about which the Supreme Court also expressed apprehensions. Meanwhile, the pandemic has not broken the pace of project listings and real estate agents over the past three years.
Amount for an impressive 109% growth over the past three years, approx. 94,513 projects have so far been registered under RERA to date, from approx. 45,307 out of 8e October 2019. The states with the maximum number of projects are Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana and Tamil Nadu. Together, these states account for a large share of 83% with approx. 78,258 projects registered. Maharashtra still tops the list with approx. 38,229 project registrations.
Despite leading in case processing, UP has seen the lowest growth of 22% in project registrations over the past three years. As of October 2019, the state had approx. 2,710 projects registered while the current number is approx. 3304 projects, which indicates that the UP has mainly focused on completing projects rather than new launches.
Among the top 7 states, Jharkhand saw the highest three-year growth of 855% in project registrations – from 103 in October 2019 to around. 984 projects today. Tamil Nadu saw an 828% jump over the period – as of October 2019, the state had 1,154 projects registered under RERA; this figure has increased to 10,711 projects today.
Meanwhile, the registration of real estate agents under RERA has increased by 95% over the past three years – from 35,699 on October 8, 2019 to approx. 69,766 as of October 8, 2022. Maharashtra maintains its lead with the maximum number of projects and agent registrations.