The Rajasthan Real Estate Regulatory Authority (Raj- RERA) has registered 280 new projects in the first half of 2022 which is 89% increase in new project registration in comparison to 2021 (January to July).
About 58% of these applications belong to state capital Jaipur and remaining belong to other urban areas of the state. In first half of the 2021, total of 148 applications for registration of projects were received. This year, so far, the Raj-RERA has registered 280 projects.
An official said, “Majority of projects registered 82% are residential including plotting. As demand for the independent houses has increased after Covid-19, the industry is witnessing a steady growth.”
Kota, Udaipur, Alwar and Jodhpur are other top cities in new project registration. Apart from these, applications to register projects were received from Sriganganagar, Sikar, Chittorgarh, Ajmer, Barmer and other part of the state.
“Registration of projects from smaller cities indicates upward trend of group housing and rising impact of real estate regulation among promoters,” added official.
As per the rule, the developers under the mandatory provision of RERA Act 2016 have to register ongoing projects, which are being construction on land up to or more than 500 square metres and total number of units are eight or above.
The promoters are required to make an application to the authority for registration. Raj-RERA reviews the projects and issues necessary guidelines to promoters to ensure time- bound construction in the interest of home buyers. Once the approved information is uploaded on the website, it is not possible to change the original plan without prior approval of the RERA.
A RERA official said, “Under RERA Act, it is mandatory for the promoters to register their real estate project to sell, advertise, market, book or purchase. As consumers and builders are aware about the fact, more registrations are happening. Now, buyers refuse to buy projects without RERA registration. In past, the authority also issued notices to the developers who were violating the norms.”