Good news for homebuyers and also for those waiting for the delivery of their homes because of the inordinate delay in project completion by the builder. For, you can now expect your grievances against the builder to be resolved sooner than expected.
In fact, RERA has already disposed of close to 48,556 consumer complaints across the nation during the last 3 years of its implementation, as per data by the Ministry of Housing and Urban Affairs. Out of this, about 57 per cent cases have been resolved during the last one year alone.
The state of Uttar Pradesh takes the lead with as many as 18,509 cases disposed of by the UP RERA authorities so far, against a mere 5,989 cases a year ago. Haryana is at a distant second with nearly 9,919 cases disposed of currently as against 3,123 cases in the corresponding period of 2019, while Maharashtra’s MahaRERA has so far disposed of close to 7,883 cases, according to ANAROCK.
Commenting on the same, Anuj Puri, Chairman, ANAROCK Property Consultants, says, “One of RERA’s primary functions is addressing real estate consumers’ grievances. In a bit over three years since RERA implementation, the authorities of various state and UTs have resolved over 48,556 consumer complaints. Project and agent registrations have also increased perceptibly in a year – with nearly 24 per cent and 20 per cent, respectively.”
The 24 per cent growth in project registrations under RERA in a year pertains to around 43,208 projects by the end of July 2019 to about 53,364 projects as of date. The states with maximum project registrations currently include Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana and Tamil Nadu. Cumulatively, these seven states account for a significant 85 per cent share with nearly 45,278 registered projects. Maharashtra tops the list with nearly 25,604 project registrations.
Interestingly, UP has seen the least annual growth of 5 per cent in project registrations. In July 2019, around 2,676 projects were registered in the state – currently, the number stands at approx. 2,818 projects. Evidently, developers in the state were more focused on project completions than on new launches, according to ANAROCK.
Among these top 7 states, Telangana saw the highest yearly growth of 79 per cent in project registrations – from 1,064 projects in July 2019 to over 1,902 projects now. Tamil Nadu recorded a 54 per cent yearly jump – as on July 2019, the state has 1,064 projects registered which have increased to 1,635 projects this year.
In terms of agent registrations, there has been a 20 per cent increase in a year – from 34,182 registered agents towards July-end 2019 to nearly 41,143 agents as of July 2020.