Despite earlier growth, project registrations under RERA see a sharp decline, while Maharashtra leads the way with the highest number of registered projects.
New Delhi, March 2 – The number of projects registered under the Real Estate Regulatory Authority (RERA) has seen a significant 21% decline between 2022 and 2024, according to a recent report by NSE-listed data analytics firm PropEquity.
The report highlights that between 2020 and 2022, project registrations witnessed an extraordinary 145% surge, reaching 25,281 projects. The lowest number of registrations was recorded in 2020, primarily due to the impact of the COVID-19 pandemic.
1.19 Lakh Projects Registered Since RERA Implementation
Since the operationalisation of RERA in 2017, a total of 1.19 lakh projects, covering 97.14 lakh housing units, have been registered across the top 10 states. The states leading in project registrations are:
🔹 Maharashtra – 48,047 projects (40% share)
🔹 Tamil Nadu – 19,987 projects (17% share)
🔹 Gujarat – 16,265 projects (14% share)
🔹 Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal, and Rajasthan round out the top 10.
Among cities, Pune tops the list with 12,346 registered projects, followed by Thane (8,858), Hyderabad (7,180), and Mumbai (6,923).
“RERA Has Transformed the Sector With Transparency” – PropEquity CEO
According to Samir Jasuja, Founder and CEO of PropEquity, the implementation of RERA has significantly improved compliance among real estate developers, leading to a more transparent and structured real estate sector.
“Due to RERA, there has been a vast improvement in compliance by real estate developers, bringing immense transparency to the sector. This has encouraged increased investments from individual investors, as well as domestic and foreign institutional players, further strengthening India’s real estate growth story,” said Jasuja.
He noted that the real estate market across India’s top nine Tier 1 cities is now valued at over ₹5.5 lakh crore, demonstrating consistent demand surpassing supply since RERA’s implementation—except for 2020 due to COVID-19.
“Unlike the pre-RERA years, absorption every year post-RERA has been higher than new launches, which shows the maturity that this regulation has ushered amongst developers. This has laid a strong foundation for a USD 1 trillion real estate economy,” he added.
Government Urged to Align Regulations with Tax Reforms
Jasuja further emphasized the need for government intervention to maintain momentum in the real estate sector.
“The government must align strong regulations and compliance with favorable tax policies for both developers and homebuyers to fully realize the potential of the real estate sector,” he said.
Uttar Pradesh Leads in Average Units Per Project
The report also analyzed the average number of units per project across states, with Uttar Pradesh leading at 184 units per project, followed by Rajasthan (156 units) and Gujarat (116 units). The average across the top 10 states stands at 81 units per project.
Conclusion: A Mixed Bag for Real Estate Growth
While RERA has improved transparency and attracted investment, the decline in new project registrations from 2022 to 2024 raises questions about market dynamics, regulatory challenges, and developer sentiment. As the industry continues to evolve, a balanced approach combining regulation and policy incentives could be the key to sustaining long-term growth in India’s real estate sector.