India’s Real Estate Sector Sees Over 1.1 Crore Units Registered Under RERA Since 2017

Sharp Decline in New Registrations Between 2022-2024 Despite Strong Growth in Previous Years

New Delhi, March 3, 2025

Since the implementation of the Real Estate (Regulation and Development) Act (RERA) in 2017, more than 1.1 crore real estate units across 1.43 lakh projects have been registered under the framework across 20 states in India, according to data released by NSE-listed real estate analytics firm PropEquity. The data also highlights that while the total number of registered projects saw an impressive 145% growth between 2020 and 2022, the trend reversed between 2022 and 2024, with a 21% decline in new project registrations.

Maharashtra Dominates RERA Registrations, Followed by Tamil Nadu and Gujarat

Among all states, Maharashtra leads the chart with an overwhelming 48,047 registered projects, accounting for nearly 40% of all RERA-registered projects in the top 10 states.

Other leading states in terms of RERA registrations include:

• 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 also contribute significantly to the overall numbers.

Significance of RERA in Regulating the Real Estate Market

The Real Estate (Regulation and Development) Act (RERA) was passed by Parliament in March 2016 and became operational on May 1, 2017. The act was designed to bring transparency, accountability, and consumer protection to the real estate sector, which had long been plagued by delays, fraud, and lack of regulatory oversight.

RERA has played a pivotal role in boosting investor confidence, ensuring timely project completion, and improving compliance standards among developers.

Major Growth in the Post-RERA Real Estate Market

According to PropEquity data, the top 10 states have collectively seen 1.19 lakh projects registered, covering 97.14 lakh real estate units since RERA’s implementation.

Industry experts believe that the stringent regulatory framework under RERA has resulted in significant improvements in compliance among developers, leading to a more transparent and investor-friendly market.

“The real estate sector in India’s Tier 1 cities is now valued at over Rs 5.5 lakh crore. Unlike the pre-RERA period, absorption rates have consistently exceeded new launches post-RERA (except in 2020 during the COVID-19 pandemic). This demonstrates a maturity in the sector and lays the foundation for a potential $1 trillion real estate economy in the future,” said Samir Jasuja, Founder and CEO of PropEquity.

City-Wise RERA Registrations: Pune, Thane, and Hyderabad in the Lead

When it comes to city-wise RERA registrations, Pune tops the list with 12,346 registered projects, followed by:

• Thane – 8,858 projects
• Hyderabad – 7,180 projects
• Mumbai – 6,923 projects
• Chennai – 6,426 projects
• Navi Mumbai – 5,468 projects
• Ahmedabad – 5,367 projects
• Nashik – 3,759 projects
• Vadodara – 2,903 projects
• Kolkata – 2,680 projects

These numbers highlight that Maharashtra alone accounts for a significant portion of all registered real estate projects in India, demonstrating its dominance in the sector.

Uttar Pradesh Registers the Highest Average Number of Units Per Project

The data further reveals that Uttar Pradesh has the highest average number of units per project at 184 units, followed by:

• Rajasthan – 156 units per project
• Gujarat – 116 units per project

The overall average number of units per project in the top 10 states stands at 81, indicating a strong housing supply in major real estate hubs.

Why RERA Matters for Homebuyers and Investors

Since its inception, RERA has empowered homebuyers by providing them with:

• Increased transparency – Builders must disclose project details, timelines, and financials.
• Protection from fraud – Developers must deposit 70% of project funds into an escrow account, ensuring that money is used only for construction.
• Faster project completion – The strict rules prevent project delays, a major issue before RERA.
• Legal recourse – Consumers can seek redressal through state-level RERA authorities.

Decline in New Registrations Between 2022-2024: A Cause for Concern?

While the real estate sector saw tremendous growth in RERA registrations between 2020 and 2022, a 21% drop between 2022 and 2024 has raised concerns among analysts.

Several factors may have contributed to this slowdown:

1. Economic Uncertainty: The post-pandemic real estate recovery may have faced setbacks due to inflation, rising interest rates, and global financial uncertainty.
2. Stricter Compliance Requirements: While RERA has improved transparency, some developers may find it difficult to meet compliance norms, leading to fewer new registrations.
3. Shift in Market Dynamics: Demand patterns in the real estate sector are shifting, with buyers increasingly preferring ready-to-move-in properties rather than under-construction projects.

Despite this temporary decline, experts remain optimistic about long-term growth prospects for India’s real estate sector.

Future Outlook: Can India Achieve a $1 Trillion Real Estate Economy?

With ongoing urbanization, infrastructure development, and strong demand for housing, India’s real estate sector is poised for significant growth. Industry leaders believe that RERA’s robust framework, coupled with increased foreign and domestic investments, can help India achieve its goal of becoming a $1 trillion real estate market in the next decade.

“The increasing participation of institutional investors, coupled with the maturing regulatory environment under RERA, will continue to boost the credibility and attractiveness of India’s real estate sector,” said Rajesh Sharma, Managing Director of a leading real estate firm.

Conclusion

Since its implementation in 2017, RERA has transformed India’s real estate sector by bringing in unprecedented transparency, accountability, and investor confidence. While Maharashtra continues to dominate RERA registrations, other states are catching up, ensuring that the benefits of this regulatory framework are spread across the country.

With India’s real estate sector steadily evolving, RERA remains a cornerstone in protecting buyers, promoting ethical business practices, and ensuring the sector’s long-term sustainability. Whether India can achieve its $1 trillion real estate dream will depend on how well it balances regulatory oversight with market growth and investor confidence.