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A report by NSE-listed data analytics firm PropEquity highlighted that 1.19 lakh projects, encompassing 97.14 lakh units, have been registered with the top 10 State RERAs between 2017 and 2024. The report also indicated a substantial improvement in compliance post-RERA implementation, leading to increased investment from both individual and institutional investors. Maharashtra led the registrations, accounting for 40% of the total, followed by Tamil Nadu at 17% and Gujarat at 14%. Amongst cities, Pune recorded the highest number of registered projects at 12,346. The real estate market across the top nine Tier 1 cities is now valued at over INR 5.5 lakh crore. Uttar Pradesh recorded the highest average units per project at 184, while the overall average for the top 10 states stood at 81.
Since the establishment of the Real Estate Regulatory Authority (RERA), 1.19 lakh projects, comprising 97.14 lakh units, have been registered with the top 10 State RERAs between 2017 and 2024, according to a report by NSE-listed data analytics firm PropEquity. Advertisement
The top ten states with the highest number of registered projects under RERA include Maharashtra, Tamil Nadu, Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal, and Rajasthan. Maharashtra recorded the highest number of registered projects, with 48,047, representing 40% of the total, followed by Tamil Nadu with 19,987 projects, holding a 17% share, and Gujarat with 16,265 projects, capturing a 14% share.
PropEquity, which has been tracking RERA data across 20 states since its inception, reported that 1.43 lakh projects comprising 1.11 crore units have been registered between January 2017 and January 2025. The number of RERA-registered projects surged by 145% between 2020 and 2022 but subsequently declined by 21% between 2022 and 2024. The year 2020 recorded the lowest project registrations.
Samir Jasuja, Founder and CEO of PropEquity, stated that RERA has significantly enhanced compliance among real estate developers, bringing transparency to the sector. He noted that this has encouraged greater investment from individual, domestic, and foreign institutional investors, reinforcing the growth trajectory of both the Indian real estate market and the broader economy. Jasuja further observed that the real estate market across the top nine Tier 1 cities is presently valued at over INR 5.5 lakh crore.
The report remarked that unlike the pre-RERA period, annual absorption of units post-RERA implementation has consistently exceeded the number of launches, except for the COVID-19-impacted year 2020. This shift demonstrates the maturity the RERA regulation has instilled among developers. It has contributed to the foundation of a USD 1 trillion real estate economy. Jasuja suggested that the government should integrate robust regulations and compliance with favourable tax policies for both developers and homebuyers to realise this vision.
The PropEquity report also revealed that the average number of units per project among the top 10 states is 81, with Uttar Pradesh leading at 184 units per project, followed by Rajasthan at 156 units and Gujarat at 116 units.
Among cities, Pune emerged with the highest number of registered projects at 12,346, followed by Thane (8,858 projects), Hyderabad (7,180 projects), Mumbai (6,923 projects), Chennai (6,426 projects), Navi Mumbai (5,468 projects), Ahmedabad (5,367 projects), Nashik (3,759 projects), Vadodara (2,903 projects), and Kolkata (2,680 projects). Notably, no cities from the Delhi-NCR region featured in the top 10, with Gurugram ranking at 25.
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