Chennai: Project registrations under RERA have seen a 40 per cent growth in a year’s time. With this, nearly 80-85 per cent of the total residential projects would be RERA-registered in top seven cities.
From around 32,306 projects in end of September 2018, RERA registered projects have gone up to 45,307 as on October 5, 2019. Maharashtra tops the list with nearly 22,455 project registrations. In September 2018, only 70-75 per cent projects were registered, according to Anarock Property Consultants.
As per RERA guidelines, all residential projects have to be registered under respective state RERA. Among the new supply in the past one year across top 7 cities, affordable and mid segments or units within Rs 80 lakh have dominated the property spectrum. As per our research, nearly 74 per cent of the total 2.4 lakh units launched since Oct 2018 to September-end 2019 in the top 7 cities were in the sub Rs 80 lakh budget segments. Hence, both affordable and mid segments would have seen maximum registrations.
RERA registrations also have a positive impact on consumer demand. ‘Homebuyers are now more aware and hence favouring RERA-registered projects, especially since the issue of stalled/delayed housing projects looms large across cities. As per our consumer sentiment survey – H1 2019, RERA implementation influenced over 50 per cent buyers in Delhi-NCR to buy a property. Similarly, for 62 per cent NRIs, RERA was the major factor influencing their buying decision,” said Anuj Puri, chairman, Anarock Property Consultants.
As per the Central RERA Act, the concerned authorities and organisations in every state have been given the power to protect the rights of homebuyers. For instance, the Appellate Tribunal has all powers equivalent to that of Civil Court under CPC 1908. As such, each order passed by the respective Appellate Tribunal is considered a decree of the Civil court.
Alternately, in case any party - homebuyer or even the builder - is aggrieved by the Appellate Tribunal, the concerned party may approach the respective states/UTs High Court within 60 days from the date of receipt of decision by the Appellate Tribunal.
“Hence, it is imperative that homebuyers follow the rule of law and opt for only RERA registered projects whose details can be easily available on the respective state RERA websites. In case, there is any unscrupulous activity by the builder/agent, the homebuyers can easily drag them to the court of law,” said Puri.
Agent registrations have also increased in this one-year period. There has been 54 per cent growth in agent registrations under RERA across states and Union Territories.
Authorities across states/UTs have helped dispose 27,970 cases in the country as on early October 2019, with the highest number of cases — 11,596 — solved in Uttar Pradesh. Maharashtra comes ssssssnext with 5,817 cases disposed.
