1.38 Lakh Projects Registered Under RERA, PMAY-U 2.0 Targets One Crore Homes

India’s Real Estate Sector Expands: 1.38 Lakh Projects Registered Under RERA, PMAY-U 2.0 Targets One Crore Homes

The Economic Survey 2024-25, presented in Parliament by Finance Minister Nirmala Sitharaman, highlights a major expansion in India’s real estate sector, with 1.38 lakh real estate projects and 95,987 real estate agents registered under the Real Estate (Regulation and Development) Act (RERA) as of January 6, 2025. The report also indicates significant progress in housing development under Pradhan Mantri Awas Yojana (PMAY) and major financial resolutions under the Insolvency and Bankruptcy Code (IBC).

RERA Strengthens Regulatory Oversight

Since its inception, RERA has played a pivotal role in bringing transparency to the real estate sector. According to the survey, 1.38 lakh complaints have been resolved under RERA across the country, reinforcing the government’s commitment to consumer protection and faster dispute resolution. The steady rise in project registrations indicates growing confidence among homebuyers and developers in the regulatory framework.

PMAY-U 2.0 Expands Housing for All Initiative

The government’s flagship affordable housing scheme, Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, was launched in September 2024 to provide housing assistance to an additional one crore households. As of November 25, 2024, the scheme has:

• Sanctioned 1.18 crore houses
• Grounded 1.14 crore houses for construction
• Completed over 89 lakh homes

Furthermore, 29 states and Union Territories have signed agreements to implement PMAY-U 2.