Premium| Listen to this article |
Delhi's real estate scenario remains 'worrisome', only 32 projects registered under RERA
The on-ground situation of Delhi’s real estate remains worrisome at some fronts and Real Estate Regulation Act (RERA) has failed to adequately protect home buyers in the national capital, according to a white paper released by India Sotheby’s International Realty (ISIR).
The real estate consultancy has also shared the white paper with the Chairman of Delhi RERA, Anand Kumar.
Citing a report by an independent property consultant, the white paper said that the total number of projects registered under various state RERAs nationwide as of November 2021, were 71,307 projects.
"In Delhi RERA, however, only 32 projects were registered. This number of RERA registered projects in Delhi is not only amongst the lowest in any Union Territory, it also falls dismally short when compared with RERA registered projects of cities like Mumbai and Bengaluru," the white paper said.
It, however, noted that the Delhi government’s revenues earned from stamp duty and registration fee have been consistently rising and despite the pandemic, Delhi’s real estate market witnessed robust transactions. Stamp duty and registration fee revenues have gone up from ₹4,606 crore in 2019-20 to ₹5,297 crore in 2020-2021, according to the budget presented by Delhi Government.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!