The central government has made several reforms during the last few years in the real estate sector, especially in the housing category, to remove timely completion of projects and other irregularities. RERA law is the biggest among the reforms done in the real estate sector. A recent report suggests that the RERA law has been largely successful in achieving its objectives and has brought down delays in housing projects.
So many housing projects are ready
According to a recent report by real estate consultancy firm Anarock, 86 per cent of the housing projects launched after the implementation of the RERA Act have been completed in five years. RERA i.e. Real Estate (Regulation and Development) Act 2016 was implemented from May 1, 2017 after it was passed. The report states that after that, in the second half of 2017 and 2018, at least 86 per cent of the housing projects launched in the country’s top-7 cities have been completed.
Due to disruptions Still on time
According to Anarock’s report, 1,642 RERA-registered residential projects were launched during those one-and-a-half years i.e. the last six months of 2017 and the entire 12 months of 2018. These projects were launched in the top seven cities of the country. Of them, 1,409 housing projects have been completed, despite supply chain disruptions ranging from the Covid pandemic to the outbreak of war in Europe.
Chennai leads the top-7 cities
< p>It has been told in the report that maximum 90 per cent projects have been completed in Chennai. During those one and a half years, 119 projects were launched in the city, of which 107 have been completed. Anarock says that except for large townships, generally a housing project should not take more than 5 years to be ready. The firm said that during 2022, more than 4.02 lakh houses were built in the top-7 cities of the country. This is the highest single-year home completion figure since 2017.
What do experts say on the report
Managing Director, Krisumi Corporation about Anarock’s report Mohit Jain said, surely the regulatory reforms have started the era of changes by establishing transparency and accountability. Reforms have created confidence among investors and home buyers.
While Pradeep Agarwal, Founder and Chairman, Signature Global (India) Limited, said that the RERA law has assured home buyers that their investment will be safe. And they will get their dream home in time.
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