In a significant update for the real estate sector, the Economic Survey 2024-25 revealed that approximately 1.38 lakh projects and 95,987 real estate agents are now registered under the Real Estate Regulatory Authority (RERA) across India. This information was presented by Finance Minister Nirmala Sitharaman during a session in both the Lok Sabha and the Rajya Sabha. The survey, meticulously prepared by the Economic Division in the Ministry of Finance, serves as a critical assessment of India’s economic performance for the ongoing fiscal year. One of the key highlights of the survey is the disposal of around 1.38 lakh complaints by RERA, showcasing its effectiveness in managing the real estate sector. This data underlines the government’s commitment to enhancing transparency and accountability in real estate transactions, a crucial aspect for potential homebuyers and investors.
RERA’s Impact on Real Estate Projects
The registration of 1.38 lakh real estate projects under RERA marks a transformative phase for the Indian real estate industry. The establishment of RERA was aimed at protecting the interests of homebuyers while promoting transparency in real estate transactions. One of the notable achievements highlighted in the survey is the efficient resolution of complaints, with RERA disposing of 1.38 lakh grievances, which reflects its operational effectiveness. The agency’s role extends beyond mere registration; it also oversees compliance with regulatory requirements, ensuring that developers adhere to timelines and project specifications. This has instilled greater confidence among consumers, knowing that their investments are safeguarded under a structured regulatory framework. The survey indicates that the ongoing efforts to streamline the registration process and enforce regulations have created a more conducive environment for real estate development. This positive sentiment is expected to encourage further investment in the sector, which is vital for economic growth.
Government Initiatives and Housing Schemes
The Economic Survey also sheds light on the government’s housing initiatives aimed at making housing accessible to all. The Pradhan Mantri Awas Yojana (PMAY) has seen significant progress, with over 1.18 crore houses sanctioned as of November 2024. The launch of PMAY-U 2.0 in September 2024 aims to assist an additional one crore urban households with affordable housing. This initiative is crucial as urbanization continues to rise, necessitating the need for more housing solutions. Additionally, the PMAY-Gramin scheme has successfully completed around 2.69 crore rural houses since its inception in 2016. The government plans to expand this initiative by constructing an additional two crore rural houses by 2029. These measures not only address the housing shortage but also contribute to job creation in the construction sector. The Economic Survey emphasizes that such initiatives are essential to support the growing urban population and to stimulate economic activity in the country.
Conclusion
The Economic Survey 2024-25 highlights the robust growth and regulation of the real estate sector in India, underlining the importance of RERA in promoting transparency and efficiency.
- 1.38 lakh real estate projects registered under RERA.
- Significant progress in PMAY initiatives for affordable housing.
- RERA’s effectiveness in resolving complaints enhances consumer trust.
- Government aims to facilitate housing for urban and rural households.
- Positive sentiment expected to boost investments in real estate.
- Continuous reforms needed for sustainable growth in the sector.
