Punjab Real Estate's Remarkable Shift under RERA: Trust and Transformation

In Punjab, 2 lakh properties were sold over the last five to six years, with only 1,500 complaints reported. Most issues arose before RERA's implementation. Chairperson Rakesh Kumar Goyal highlights Punjab's real estate growth and improved consumer trust, emphasizing the state's potential and cost-effective land for development.

In a notable shift for Punjab's real estate sector, as reported by Rakesh Kumar Goyal, the Chairperson of RERA Punjab, the state has seen the sale of around 2 lakh properties over the past five to six years, with a remarkably low number of recorded complaints at just 1,500.

Addressing a conference organized by NAREDCO Mahi, Goyal explained that the majority of these complaints pertain to projects initiated prior to the establishment of the Real Estate (Regulation and Development) Act, commonly known as RERA. This indicates a robust regulatory framework now operational in the state.

Delhi-RERA Chairman Anand Kumar supported this sentiment, describing RERA's introduction as a groundbreaking development for the real estate industry, significantly enhancing consumer trust and providing a promising business environment due to lower land costs in Punjab.

(With inputs from agencies.)