Amarjit Singh, the chairman of GRERA [Gujarat Real Estate Regulatory Authority] said that the authority sanctioned exactly 4,691 real estate projects since the implementation of the RERA Act. He also said that all these projects have an estimated investment potential of Rs.1.42 lakh crore. Singh also said that 85% of these projects are approved while 75% projects are underway to get registered from GRERA.
GRERA Chairman shared this information while speaking at ‘Mobility-led Urban Development’ seminar at the Vibrant Gujarat summit in Gandhinagar, Gujarat’s Capital city.
He also said that in Gujarat’s real estate sector approximately 50% projects are registered under the authority out of which 2,326 projects fall under residential and 1,542 falls under the affordable housing category. Apart from this, nearly 2.12 lakh dwelling units will be added to the affordable housing sector and they are estimated to cost Rs.30,966 crores to the State.
GRERA Chairman was also quoted saying that the authority added a huge number of registered projects in comparison to other States and authorities. He also said that the authority has made the approval process easier in the recent past and the developers are getting projects sanctioned within a month.
While speaking at the Vibrant Submit, Amarjit Singh also said that we are clear with the aim to make the real estate sector transparent as the property market is the biggest employer in the state after agriculture. We are also expecting increased FDI [Foreign Direct Investment] in the coming years.
Recently, Gujarat CM Vijay Rupani sanctioned 7 town planning schemes for rapid urban development in the State.