RERA Project Registrations Decline by 21% Between 2022 and 2024: Report

NEW DELHI [India], March 2 (ANI): The number of projects registered under the Real Estate Regulatory Authority (RERA) has witnessed a significant decline of 21% between 2022 and 2024, according to a recent report by NSE-listed data analytics firm PropEquity.

As per the report, project registrations had previously experienced remarkable growth, surging by 145% and reaching 25,281 projects between 2020 and 2022. The year 2020 recorded the lowest number of project registrations, the report highlights.

Since the implementation of RERA, a total of 1.19 lakh projects, comprising 97.14 lakh housing units, have been registered across the top 10 State RERAs between 2017 and 2024, the report further stated.

According to the findings, the ten states with the highest number of projects registered under their respective RERAs include Maharashtra, Tamil Nadu, Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal, and Rajasthan.

Maharashtra leads the tally with 48,047 registered projects, accounting for 40% of the total projects in these states. Tamil Nadu follows with 19,987 projects, contributing 17% to the overall share, while Gujarat, with 16,265 projects, holds a 14% share.

Commenting on the findings, Samir Jasuja, Founder and CEO of PropEquity, stated, “The introduction of RERA has brought about a significant improvement in compliance by real estate developers, enhancing transparency across the sector.

This increased transparency has played a crucial role in boosting investment from individual buyers, as well as domestic and foreign institutional investors, further strengthening the Indian real estate market.”

He further highlighted that the real estate sector across the top nine Tier-1 cities is currently valued at over ₹5.5 lakh crore. “Unlike the pre-RERA era, where new launches often exceeded sales, post-RERA implementation, absorption levels have consistently surpassed project launches every year—except in 2020 due to the COVID-19 pandemic.

This shift demonstrates the maturity that this regulation has instilled among developers, laying the foundation for a $1 trillion real estate economy in the coming years,” he added.

Jasuja also emphasized the need for the government to align strict regulatory compliance with favorable tax policies for both developers and homebuyers in order to achieve this ambitious vision.

The report also provides insights into project size, stating that Uttar Pradesh has the highest average number of housing units per project at 184, followed by Rajasthan with 156 units and Gujarat with 116 units. The overall average number of units per project across the top 10 states stands at 81.

In terms of city-wise project registrations, Pune tops the list with 12,346 projects, followed by Thane with 8,858, Hyderabad with 7,180, Mumbai with 6,923, Chennai with 6,426, Navi Mumbai with 5,468, Ahmedabad with 5,367, Nashik with 3,759, Vadodara with 2,903, and Kolkata with 2,680 projects.

The report sheds light on the evolving dynamics of the Indian real estate sector post-RERA, underlining the importance of regulatory frameworks in fostering a more transparent, investor-friendly, and growth-oriented environment. (ANI)