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Over the past five to six years, Punjab has witnessed the sale of approximately two lakh properties with only around 1,500 buyer complaints, most of which relate to projects launched before RERA was enacted. Punjab-RERA Chairperson Rakesh Kumar Goyal credited the state's progressive approach and efficient grievance redressal for boosting consumer confidence. With nearly 3,000 registered projects and quick approvals, the real estate market in Punjab is gaining momentum. Meanwhile, officials from Delhi-RERA also echoed the transformative impact of the legislation, especially in curbing issues with pre-RERA developments.
Punjab has seen close to two lakh property transactions over the past five to six years, with just around 1,500 buyer complaints recorded during this period, according to Rakesh Kumar Goyal, Chairperson of the Real Estate Regulatory Authority (RERA) in Punjab. He stated that a significant majority of these complaints were tied to projects launched before the state established its RERA mechanism. Advertisement
Goyal emphasised that Punjab remains highly progressive in terms of real estate development. He shared that nearly 3,000 projects are currently registered under Punjab-RERA and most of them are progressing well. Speaking at a conference hosted by NAREDCO Mahi, the women's wing of the National Real Estate Development Council, he highlighted that project registration processes in the state are swift and complaint resolutions are carried out in a timely manner.
He reiterated that among the nearly 1,500 total complaints received, 80-90 per cent were linked to ongoing projects initiated before the RERA law came into effect. This, according to him, underlines the positive impact of the regulatory authority on buyer trust and market transparency. Goyal added that consumer confidence in Punjab's real estate sector has significantly increased since the RERA framework was implemented.
Commenting on the investment potential in the state, Goyal noted that lower land prices in several regions of Punjab present a substantial opportunity for developers to expand business operations.
Delhi-RERA Chairperson Anand Kumar also spoke at the event, remarking that RERA has brought a "paradigm shift" to India's real estate landscape. In Delhi, too, most complaints from buyers are tied to projects launched before RERA's enactment. He specifically pointed out that about 700-800 grievances have surfaced related to properties sold under the Land Pooling policy around Dwarka.
The minimal number of post-RERA complaints and the proactive stance of authorities like Punjab-RERA and Delhi-RERA underscore the regulatory body's effectiveness. As land prices in Punjab remain relatively low, and with growing investor interest, the state is poised for further growth in real estate, potentially becoming a model for other regions to emulate.
Source - PTI
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