Project registrations under the Real Estate (Regulation and Development) Act (RERA) jumped 24 per cent from 43,208 projects by end July 2019 to 53,364 projects despite the stress facing the real estate sector.
States that topped in project registrations include Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana and Tamil Nadu. These seven states account for 85 per cent share with almost 45,278 registered projects. Maharashtra tops the list with nearly 25,604 project registrations, according to the Ministry of Housing and Urban Affairs.
Uttar Pradesh witnessed the slowest annual growth of 5 per cent in project registrations. In July 2019, around 2,676 projects were registered in the state - currently, the number stands at about 2,818 projects.
“Evidently, developers in the state were more focused on project completions than on new launches,” says Anuj Puri, chairman, ANAROCK Property Consultants.
Among the top seven states, Telangana recorded the highest yearly growth of 79 per cent in project registrations – from 1,064 projects in July 2019 to over 1,902 projects.
Tamil Nadu recorded a 54 per cent yearly jump - as on July 2019, the state has 1,064 projects registered which have increased to 1,635 projects this year.