Real estate project registrations decline in 2024 after two-year boom

Real estate project registrations declined to 19,760 in 2024 from 22,143 in 2023 and 25,230 in 2022, as developers grew more cautious after a two-year bull run in the sector, as per data provided by NSE-listed data analytics firm PropEquity.

After the Covid pandemic, rising property transactions and values led to a surge in project registrations in 2022 and 2023. However, prices stabilised in 2024, leading to a slowdown in new launches.

"With home prices settling, we have seen fewer new projects this year," said Sachin Arora, founder of Moneytree Realty.


The research found that since the Real Estate Regulatory Authority (RERA) became operational, 119,000 projects, comprising 9.71 million units, were registered with the top 10 state RERAs between 2017 and 2024.

The states with the highest number of registered projects are Maharashtra, Tamil Nadu, Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal and Rajasthan. Maharashtra leads with 48,047 registered projects, accounting for 40% of the total projects in these states, followed by Tamil Nadu (19,987 projects, 17%) and Gujarat (16,265 projects, 14%). The number of projects registered with RERA grew by 145% between CY 2020 and 2022, but later fell 21% between 2022 and 2024, with 2020 recording the lowest registrations.

"The impact of RERA has been significant, improving compliance among developers and increasing transparency in the real estate sector. This has encouraged investments from individual, domestic, and foreign institutional investors, strengthening not just India's economy but also the real estate sector's growth story," said Samir Jasuja, founder and CEO of PropEquity.