New Delhi [India], March 2 : The number of projects registered with the Real Estate Regulatory Authority (RERA) witnessed a significant decline of 21 per cent between Calendar Years 2022-2024, according to a latest report by NSE-listed data analytics firm PropEquity.
According to the report, the registration of projects saw a remarkable 145 per cent growth, reaching 25,281 projects between 2020 and 2022. The year 2020 witnessed the least number of project registrations, the report highlights.
Since the operationalisation of Real Estate Regulatory Authority (RERA), 1.19 lakh projects, comprising 97.14 lakh units, have been registered with top 10 State RERAs between 2017- 2024, said a report.
According to the report, top ten States with the highest number of projects registered with their respective RERAs are Maharashtra, Tamil Nadu, Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal and Rajasthan.
Maharashtra with 48,047 registered projects accounts for 40 per cent of the total registered projects in top 10 states.
Tamil Nadu with 19987 projects accounts for 17 per cent share while Gujarat with 16,265 projects accounts for 14 per cent share.
Samir Jasuja, Founder and CEO, PropEquity said: "Due to RERA, there has been a vast improvement in compliance by real estate developers as a result of which the sector has seen huge transparency. This has led to a rise in investment by individual investors, and both domestic and foreign institutional investors thereby further espousing not just India's but also real estate sector's growth story."
"The real estate market across 9 top Tier 1 cities are today valued at over Rs 5.5 lakh crore. Unlike the pre-RERA years, absorption every year, post RERA implementation, has been more than launches (except covid year CY 2020), which shows the maturity that this regulation has ushered amongst developers thereby laying a strong foundation for a USD 1 trillion real estate economy," he added.
He further stated that the government must look to align strong regulations and compliance with favourable tax policies for both developers and homebuyers in order to achieve this vision.
The report further stated that at 184 units, the average number of units per project is the highest in Uttar Pradesh, followed by Rajasthan at 156 units and Gujarat at 116 units.
The average number of units per projects in top 10 states stands at 81 units.
As per the report, amongst cities, the top 10 with highest number of registered projects are Pune with 12,346 projects, Thane with 8858 projects, Hyderabad with 7180 projects, Mumbai with 6923 projects, Chennai with 6426 projects, Navi Mumbai with 5468 projects, Ahmedabad with 5367 projects, Nashik with 3759 projects, Vadodara with 2903 projects and Kolkata with 2680 projects.
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