Press Release

Uttar Pradesh leads with a 41% share of disputes closed says Rajive Kumar, Chairman, RERA, Uttar Pradesh

The demand in Real Estate sector is always high'' according to Chief Guest Shri Rajive Kumar, Chairman, Real Estate Regulatory Affairs, Uttar Pradesh at the ASSOCHAM National Conference on Real Estate India.

New Delhi, 9th Feb 2023: ''The demand in Real Estate sector is always high'' according to Chief Guest Shri Rajive Kumar, Chairman, Real Estate Regulatory Affairs, Uttar Pradesh at the ASSOCHAM National Conference on Real Estate India '' Ease of Doing Business and Affordability for Sustainable Growth'' noting that  20% of India's population resides in UP, driving up demand for homes that RERA must oversee and facilitate. Demand for new homes in the state capital is increasing. He said ''The impact of RERA led to improvement in accountability which brought financial discipline to the real estate sector''

 He further mentioned UP accounted for the largest share of dispute resolution with a 41% of share of total cases closed by RERA authorities. The RERA Act has been stable and is notified in almost all states, he added. The RERA online complaint system, brokers registration, and buyer-builder meetings have all been launched digitally in an effort to streamline the process and being technology driven, he added.  

UP RERA will soon start grading projects and developers based on various parameters like financial quality, organizational structure, certifications, track records, compliance adherence and customer feedback.  

In his special address, Shri Anand Kumar, Chairman, Real Estate Regulatory Authority, NCT of Delhi shared that the real estate sector is the 2nd most significant industry that is essential for building the economy. He 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. Any real estate agents who want to deal with the real estate projects must get registered with RERA, he added.  

''There is an improvement in home buyer confidence'' stressing on the impact of RERA looking at the residential sector performance. He said, Delhi NCR region witnessed highest sales in the residential sector. There is a development focus on mid as well as premium segments. RERA has made to follow the law mandating a uniform disclosure process, regular financial monitoring mechanism and grievance redressal system.  

A joint Knowledge report by ASSOCHAM-JLL titled '5 Years of RERA Progress-The Journey of Increasing Trust' was released by chief guest and eminent dignitaries. 

Nearly 31% of India's current population currently resides in urban regions, which account for 63% of India's GDP, according to Shri Ravi Aggarwal, Senior Member ASSOCHAM and MD of Signature Global (India) Ltd. Cities have a huge potential to be the drivers of economic and social progress, generating wealth and jobs through economies of scale. However, the functioning that is sustainable and growth-oriented needs to be reconsidered.

Ms Veenu Singhal, COO Gaursons Group shared her insights on affordability for sustained growth and understand ease of doing business. Real Estate sector is undergoing challenges but with RERA everyone has gained transparency and a streamlined process.  

Other notable speakers included Shri Vineet Kanwar, Co-Chairman, National Council on Real Estate, Housing and Urban Development, ASSOCHAM Sr. Executive Director & Head Group Corp. Affairs, DLF Ltd.; Shri Rohan Sharma, Senior Director, Research India JLL; Shri Vineet Relia, Director, Urbanbriq Development Management Services Pvt Ltd and CA Himanshu Goyal, Member ASSOCHAM and Partner Ramanand Goyal & Co.