Gujarat has left behind all other Indian states except Maharashtra in registration of projects under the new realty law — Real Estate (Regulation and Development) Act (RERA) — which had come into effect almost two years ago.
As many as 5,317 real estate projects have so far been registered with Gujarat’s real estate regulatory authority, the number being the second highest in India after Maharashtra, shows data compiled by ANAROCK Property Consultants. Apart from this, 889 real estate agents and agencies have registered themselves with the RERA authority in the state.
Maharashtra tops the list of states in RERA compliance with 20,718 registered realty projects and about 19,699 real estate agents. According ANAROCK, project and real estate agent registrations have been on the rise across most states from November 2018 to April 2019. Maharashtra leads the race followed by Gujarat.
“The compliance in Gujarat is very strong due to the laying of a well thought-out regulatory regime. There were technological and transitional issues, but the state regulator proactively provided handholding support to promoters and professionals,” said a real estate industry expert.
The credit should also go to the state’s realtors and professionals, said experts, for their willingness to adopt the new regime. Professionals swiftly understood the requirement of the regulator and guided the promoters in the right direction.
At present, 22 states and 6 Union territories have already notified their RERA rules, out of which 19 states have active online portals. West Bengal too has an active portal for its own real estate law.