"Most of the states have more projects registered than the number of agents, and though some states have more agents than projects, Delhi's ratio is the highest in the country," an official said
Delhi has 426 real estate agents registered with the real estate regulatory authority (RERA), over 10 times the number of registered projects, according to data by the Ministry of Housing and Urban Affairs (MoHUA).
With only 32 projects registered till December 4, Delhi has one of the lowest project registration rates, less than UTs like Puducherry, Dadra & Nagar Haveli, and Daman & Diu.
"Most of the states have more projects registered than the number of agents, and though some states have more agents than projects, Delhi’s ratio is the highest in the country," an official said
Delhi had 16 projects in 2019 and the number increased to 22 in 2020. States like Himachal Pradesh, Assam, and Jharkhand also have more projects than Delhi
As per the RERA act, brokers involved in the real estate transactions must get themselves registered with the authority, irrespective of whether the project is registered with RERA or not. Higher number of brokers in Delhi suggests that though they are getting themselves registered, many developers are avoiding registering projects
Section 3(2) (a) of RERA does provide for an exemption from registration if the land proposed to be developed is less than 500 sqm or the apartments proposed to be developed are less than eight
"There are just 32 projects registered in Delhi, whereas the National Capital clocks substantial transaction volumes, stamp duty, etc. An extremely low number of project registrations leads to a significantly higher number of delayed projects, disputes and litigation, " said Sunil Tyagi, managing partner of Zeus Law Associates
Under the provisions of Section 3(2), the state government has the power to reduce these thresholds and cover projects of less than 500 sq mtr or eight apartments.
"The state government should consider notifying a lower threshold and covering more projects under RERA, especially in the Category A Delhi colonies, which have a very high price range. The current implementation situation is helping developers avoid registration of such projects and, consequently, they are not regulated by any authorities, and in case of disputes with buyers, they are left with ineffective remedies," Tyagi added
As per the latest data by the ministry, Andhra Pradesh has 2106 registered projects but only 149 agents, Gujarat has 1760 agents for 9338 projects, Karnataka has 2666 agents for 4535 projects, and Maharashtra has 32446 agents for 31932 projects
"We urge the Delhi RERA authorities to increase focus on the implementation bit as it is not being followed in the desired spirit by developers and agents. There are numerous developers and agents without any RERA registration or compliance. Further, RERA registration should be mandatory for all Category A colonies irrespective of plot size and number of units, considering the very high price range, " said Amit Goyal, CEO at India Sotheby’s International Realty
All states/UTs have notified rules under RERA except Nagaland, which is in the process of notifying the rules.
In all 71,991 real estate projects and 56,767 real estate agents have registered under RERA across the country. Most of these projects are in Uttar Pradesh and Maharashtra
The lack of registration has forced the owners to engage architects to redevelop high-value properties rather than collaborate with a developer.
"Often one hears about a development project in which a builder did not adhere to his original agreement commitments and the plot owner had to suffer time delays, poor quality finishes, and much frustration by the project's completion. This typically occurs when there is a lack of systematic procedural checks and balances set in place during the design and construction phases of the project, " said Arjun Sodhi, an architect
Most properties in Delhi’s posh colonies are in the range of Rs 20 to 100 crore, wherein existing owners, mostly elderly people, either sell or collaborate with developers
https://economictimes.indiatimes.com/industry/services/property-/-cstruction/number-of-realty-agents-much-more-than-registered-projects-in-delhi/articleshow/88197270.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cpps
