As Real Estate (Regulation and Development) Act complete its one year of its implementation today, the country has seen a positive spur with many developers registering their projects with a faster rate. A total of 25,000 projects recorded under RERA till dates with Maharashtra topping the charts followed by Gujarat. The state has witnessed registration of 2,530 real estate projects and 531 agents under RERA in one year.
The Gujarat RERA has received 4,000 applications from developers, including new and ongoing ones. Out of this, 2,530 projects have been approved and the remaining are under process.
According to a report, with 1215 projects, Ahmedabad has seen a maximum number of RERA registry followed by Surat, Vadodara, and Rajkot.
Manjula Subramaniam, Chairperson, Gujarat RERA said, “Awareness about RERA compliance and registrations in Ahmedabad and Surat is much higher than Vadodara, Rajkot and other parts of the state. Gujarat is among the frontrunner states when it comes to effective implementation of the new realty law. It has been a roller-coaster ride over the past one year though.”
She further said that in a short span of time, the state regulatory authority has travelled a long distance towards laying down a robust regulatory regime equipped with ease of compliance. This was achieved with the support from the state government as well as professional fraternities and realty associations such as CREDAI and GIHED.
As per Ashish Patel, President of GIHED-CREDAI, the state has effectively implemented RERA. The fact that Ahmedabad accounts for a majority of projects registered shows that awareness about the compliance of the law is much higher as city-based developers believe in transparency and faster adoption of the regulatory changes.
However, strict action is also taken against those who are not complying with the act. The state authority has passed 70 judgments with regards to complaints received from various sources.