With the completion of a year of Real Estate (Regulation and Development) Act (RERA) implementation, over 31,500 projects have already been registered under the act, finds Grant Thornton-FICCI report ‘One year of RERA: Where the industry stands,’ released at the FICCI Rajasthan Realty Conclave today. Rajasthan has been gearing up fast for the reform, registering over 795 projects so far.

While major rules of Rajasthan RERA (Raj-RERA) are in line with the central RERA rules, there are certain provisions like penalties for non-compliance and number of years (timeframe) for the clause of structural defects which would require clarity from the regulator.

“In 2018, we expect Raj-RERA reforms to bode well for Jaipur and other key residential cities. We also expect the incentives for affordable housing to certainly bring about a big change in 2018 as majority of the developers have shown proclivity to diversify into the affordable housing segment,” said Neeraj Sharma, Director, Grant Thornton Advisory Private Limited.

“Initiatives like Pradhan Mantri Awas Yojana, Atal Mission for Rejuvenation and Urban Transformation, Smart Cities Mission, Infrastructure status for affordable housing, RERA, Benami Transactions Act, REITs and easing of FDI norms would lead to sustainable development of the real estate sector. This report will set the tone for deliberations and enrich the discussions at the Conclave,” said Ashok Kajaria Chairman, FICCI Rajasthan State Council.