MUMBAI: Belying apprehensions in many quarters, the implementation of the Real Estate Regulatory Act (RERA - w.e.f. May 1, 2017) and later its state-level avatars, has done a world of good to the entire realty sector—one of the biggest revenue grossers in the country, a top expert said. Earlier, the building industry was considered the domain of the ‘mafia, thugs and goons’, but after the dawn of RERA, a certain level of respectability has been bestowed, lighting up the faces of the builders, buyers, financiers, international players and other stakeholders. The generous pat came from the Builders Association of India (BAI)’s Housing & RERA Committee Chairman Anand J. Gupta, who is also the Chairman-cum-Managing Director of AYG Realty Pvt. Ltd. Group, Mumbai.

“The realty sector watchdog, RERA has done its job quite well in five years. We wish it had still sharper teeth for more overall improvements in the building-construction industry, maybe with certain amendments to the law,” Gupta told IANS. The building-construction sector was among the worst-hit during the two-year Covid-19 pandemic as it is considered a ‘high-value’ decision for the masses and hence, not on their priority list. “However, we are delighted that in 2022, it achieved an average of 15 percent higher sales compared with the pre-pandemic peak in 2019. The current picks are mostly in the affordable (1-BHK) and middle-class (2-BHK) housing segments, with the luxury (3-BHK and above, penthouses, bungalows, etc.) niche lagging behind,” Gupta said. Here, he lauds Maharashtra as ‘the torchbearer’ for the entire country and of the approximate 75,000 projects registered all over India, a staggering 32,000 are planned in this state alone.