20,000 projects under Rera so far
Around 20,000 real estate projects have been registered across India under the Real Estate Regulation Act (Rera), according to the housing and urban affairs ministry. Maharashtra accounts for more than half of the registered projects.
According to ministry officials, more than 2,000 projects have been brought under Rera in UP, with Gautam Budh Nagar and Noida accounting for more than 1,000. Karnataka, Gujarat and Andhra Pradesh have also registered a sizeable number of realty projects.
"Keeping most of the ongoing or incomplete projects out of the ambit of Rera by states need to be rectified. Once they widen the ambit of Rera, more projects will come under the regulation and these can be tracked for the benefit of buyers. The law was made for all buyers waiting for their houses and future customers as well," a central government official said.
Among states that have given exemptions to projects under the "ongoing" category are Telangana, which has excluded all projects for which building permissions were approved before January 2017.
Though the UP government has also excluded projects that meet any one of four conditions — services have been handed over to local authority, common areas have been handed over to RWA, 60% of sale/lease deed executed, and application filed for completion certificate — many incomplete projects have been registered.
In Karnataka, all projects that are 60% complete have been kept out of Rera Andhra Pradesh, Maharashtra and Haryana have also given certain exemptions to projects. So far, 26 states and Union territories have notified the real estate rules under the Act and six of them have established the regulatory authority.
GN
Gurgaon New Projects Advisory Desk
Senior Real Estate Research & Market Intelligence Team