As many as 31,475 real estate projects and 24,000 real estate agents ( developers and property dealers) have been registered under Real Estate Regulatory Authority (RERA) across the country.
According to Union Housing and Urban Affairs Ministry, 28 States and Union Territories (UTs) have notified the rules under RERA, except Jammu & Kashmir; 6 North Eastern States (because of land issues) and West Bengal. Of them, 12 have set up regular Authorities while 16 are interim authorities. As many as 20 States / UTs have set up the Real Estate Appellate Tribunals so far while 21 have set up web portals by giving facility of online registration.
Earlier, addressing the inaugural address at the "First Regional Workshop on RERA — a New Era of Transparency and Accountability in Real Estate — 2 years of implementation and way forward, Union Housing and Urban Affairs Minister Hardeep Singh Puri said: "The NDA Government at the centre is committed to provide positive solution to the problems of home buyers, so that they get their home as soon as possible."
Stating that the real estate sector has witnessed transformative reforms in the last few years, Puri said, "According to CREDAI-JLL report, the contribution of housing sector to the Indian GDP is expected to be 11 percent by 2020, up from current 5 to 6%" the Indian real estate market is expected to touch $180 billion by 2020 and $350 billion by 2027 — where the products will be more structured and pre-planned".
According to a report by property consultant ANAROCK, over 5.76 lakh housing units worth Rs 4,64,300 crore are delayed in seven major cities/regions — Mumbai, NCR, Chennai, Bangalore, Hyderabad, Kolkata and Pune — of India despite the implementation of RERA that came into effect May last year.
According to the report, the residential real estate launched in or before 2013, that is stuck in various stages of (non) completion, is collectively worth Rs 4,64,300 crore for a total of 5,75,900 units.