Gujarat third in Number of RERA-Registered Projects

Gujarat third in Number of RERA-Registered Projects

AHMEDABAD: More than one year after the Real Estate (Regulation and Development) Act (RERA) came into force, Gujarat is among the top states in implementation and adoption of the new realty law.

With 3,300 real estate projects, both new and ongoing, as of August, Gujarat ranks third in the number of realty projects registered under RERA since the law was implemented on May 1, 2017. As many as 620 real estate agents have also been registered by the Gujarat Real Estate Regulatory Authority.

Maharashtra tops the list of states with the most realty projects registered. The neighbouring state has 17,353 projects registered. It is followed by Uttar Pradesh with 3,950 registrations, data compiled by real estate consultancy firm Anarock Consultants shows.

“Of all the states and Union territories in India, Maharashtra is first place in proactive RERA adoption, implementation and integration, followed by UP, Gujarat, MP and Karnataka,” said Anuj Puri, chairman of Anarock Property Consultants.

“States such as Maharashtra, Karnataka, Gujarat, Rajasthan, Madhya Pradesh and Punjab have fully-operational RERA,” he added. “Overall, implementation of RERA is very good in in Gujarat. Faster adoption by both the state and real estate developers has resulted in smooth implementation,” said Shekhar Patel, chairman of the Gujarat chapter of the Confederation of Real Estate Developers’ Associations of India (CREDAI). “Developers in Gujarat have accepted the new law and are following it properly,” he added.

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