Reforms, initiatives helping transform an industry plagued by problems

Government data shows that so far, some 122,000 real estate projects have been registered under Rera, with over 121,000 consumer grievances addressed nationwide

The Indian real estate market has seen noticeable growth in sales, sustainability, consumer confidence, and job creation over the past few years. Between 2014 and 2023, 2.82 million units were sold in India’s top 7 cities, with cumulative new launches surpassing 2.93 million units, as indicated by various reports. Similarly, jobs in the sector surged by 31 million, reaching 71 million in 2023.
 

Industry experts attribute this growth to pivotal structural reforms like the Real Estate (Regulation and Development) Act, 2016 (Rera), Pradhan Mantri Awas Yojana (PMAY), and the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund.

A joint report