HYDERABAD: Telangana has witnessed a sharp rise in Real Estate Regulatory Authority (RERA) approved properties with the number of registered projects increasing by almost three times post pandemic. Currently, Telangana has 5,148 projects and 2,448 agents registered. Till 2019, there were only 1,263 RERA projects in the State. In the last three years, Telangana has added 3,885 registered projects, indicating the growth of the realty sector in the State, particularly in Hyderabad.
According to Anarock Property Consultants, Telangana is at fifth position in RERA-registered projects behind Maharashtra, Gujarat, Karnataka and Tamil Nadu. Across the country, registrations saw a 109 per cent jump in the last three years –– from 45,307 projects in October 2019 to 94,513 now.
RERA seeks to protect homebuyers as well as help boost investments in the real estate industry. Telangana government introduced TS RERA rules to ensure transparency and efficiency in selling real estate and protect the interest of consumers and establish an adjudicating mechanism for speedy dispute redressal in the real estate sector.
The purpose of Telangana State Real Estate (Regulation & Development) Rules-2017 is to publish and maintain a website with records of registered real estate projects and agents for public viewing and establish an Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority.
In fact, the real estate bodies also caution buyers to purchase only TS-RERA registered properties and not to take risks by purchasing unapproved, undivided share (UDS) properties and pre-sales, pre-launch properties without required approvals from HMDA/ GHMC, and RERA. The biggest advantage of the RERA Act is that it offers transparency in the real estate sector as the details are available online of all the registered projects, including sanctioned plans, layout plans etc.