UP- RERA has Disposed 41% of total disputes: Rajiv e Kumar, Chairman
New Delhi: Uttar Pradesh (UP) Accounted for the largest share of dispute resolutions in the country with a 41 per cent of share of total cases closed by real estate regulatory authority ( RERA), Said Rajive Kumar, Chairman, UP-RERA.
Has was speaking at the ASSOCHAM National conference on real estate India in new Delhi on Wednesday.
Ever since the RERA has been implemented in various states, close to one lakh projects and 71,514 agents have been registered to date while over 1 lakh cases of consumer disputes have been resolved, according to a report by ASSOCHAM- JLL. Maharashtra accounts for the largest share of projects registration at 39 per cent, followed by Tamil Nadu with 13 per cent share and Gujarat with 11 per cent share. Agent Registration grew from 33,270 as of January 2019 to 71,514 as of January 2023, translating to a CAGR Growth of 21 per cent, according to the report.
UP RERA Will soon start grading projects and developers based on various parameters like financial quality, Organizational structure certification, track records, compliance adherence and customer feedback, said kumar.
Anand kumar, Chairman, real estate regulatory authority, NCT of Delhi estimated that the real estate market would expand at a rate of 9.2% till 2030. The RERA Act’s adoption paved the ground for important changes that will benefit stakeholders and homebuyers going forward.
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