1.1 Crore Real Estate Projects recorded under RERA - Maharashtra Tops the List

Since its establishment in 2017, the Real Estate Regulatory Authority (RERA) has filed up to 1.43 lakh real estate projects, totaling 1.11 crore units, in 20 states throughout the nation through 2024.

Data from the NSE-listed real estate analytics company PropEquity shows that between 2022 and 2024, there were 21% fewer projects registered with RERA. However, between the calendar years 2020 and 2022, it increased by 145% to 25,281 projects.

Maharashtra has the most registered projects among the states, accounting for 40 percent of all registered projects in the top 10 RERA states, with 48,047 projects. Gujarat has 16,265 projects, making up 14% of the total, whereas Tamil Nadu has 19,987 projects, making up 17%.

The Real Estate (Regulation and Development) Act, or RERA, was passed by Parliament in March 2016 with the goal of putting customers at the center of a new rules-based structure for the Indian real estate sector. It becomes operative on May 1st, 2017.

In addition to establishing regulations, RERA's main goals are to guarantee project completion on schedule and foster confidence between builders and buyers in the real estate market.

When considering the top 10 states, PropEquity data revealed that between 2017 and 2024, up to 1.19 lakh projects totaling 97.14 lakh units were registered with RERA authorities in these states. The top ten states—Maharashtra, Tamil Nadu, Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal, and Rajasthan—have the most projects registered with their respective RERAs.

According to experts, RERA has greatly improved real estate developers' compliance, which has led to a great deal of transparency in the industry. As a result, both local and foreign institutional investors as well as individual investors have increased their investments, thus supporting the growth story of the real estate industry in general and India in particular.

Samir Jasuja, Founder and CEO, PropEquity says, “The real estate market across the top 9 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 $1 trillion real estate economy”.