The Indian real estate sector plays a crucial role in the country’s economy, contributing approximately 8-9% to the GDP and supporting over 125 ancillary industries. Recognizing the significance of this industry, UP-RERA Chairman, Rajiv Bhoosreddy, emphasized the need for complete transparency among all stakeholders involved in real estate. He urged industry bodies to uphold this principle, as it not only enhances consumer trust but also fosters a conducive environment for sustained investment inflows, which are essential for project development and sectoral growth.
Bhoosreddy highlighted that in 2025 alone, 308 projects were registered under RERA in Uttar Pradesh, with an average project size of 333 units. The substantial scale of these projects has resulted in UP accounting for about 40% of total consumer complaints filed under RERA across the nation. This statistic underscores the importance of collaboration among developers, real estate agents, and homebuyers to improve the overall experience in the sector. Bhoosreddy noted that significant progress has been made, but continuous efforts are necessary to maintain momentum and address consumer concerns effectively.
In light of the sharp increase in housing prices observed since 2023, Bhoosreddy expressed particular concern regarding the supply of affordable housing. The rising costs have made homeownership increasingly challenging for many, necessitating a strategic approach to boost the availability of reasonably priced homes. At a recent event, fellow RERA leaders echoed this sentiment, with Delhi-RERA Chairman Anand Kumar calling for enhanced authority to execute orders, thus providing a stronger regulatory framework.
Moreover, advancements in technology have been leveraged by various RERA bodies to enhance project monitoring. For instance, Parneet Singh Sachdev, Chairman of HRERA-Panchkula, discussed the use of artificial intelligence to track project progress and ensure that funds collected from customers are utilized appropriately. Meanwhile, Rakesh Goyal, Chairman of RERA-Punjab, noted the relatively low number of consumer complaints in Punjab and urged developers to prioritize timely project completion. Goyal's appeal to developers to act as trustees of the funds invested by customers reflects a growing recognition of the ethical responsibilities that come with real estate development. Together, these efforts highlight a collective commitment to fostering a transparent and accountable real estate market in India.