Need for complete transparency in Indian real estate, continuous fund inflows: UP-RERA Chairman

New Delhi, Jul 10 (PTI) Uttar Pradesh RERA Chairman Sanjay R Bhoosreddy on Friday stressed the need to bring complete transparency to the Indian real estate market, as this will help attract the investments required to carry out development works. Addressing a conference organised by Realty & More magazine, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) Chairman said, "We are here to regulate. We are not here to control. Our job is to balance the interest of homebuyers and promoters." Bhoosreddy said the urbanisation is growing at a rapid pace, creating huge demand for residential and commercial properties. He said all stakeholders involved in the real estate must ensure growth in this sector. Bhoosreddy asked real estate industry bodies to ensure "transparency in all manners" in the sector, which he said contributes 8-9 per cent to the country's GDP and supports more than 125 ancillary industries. Investment flows should continue for the development of projects, Bhoosreddy said, while underscoring that the authority also plays an important role to boost investment in the sector. Talking about Uttar Pradesh, he said as many as 308 projects were registered under RERA during 2025. He said the average project size is 333 units. Due to large size of the projects, he pointed out that UP accounts for around 40 per cent of the total consumer complaints under RERA across all states. "With the help of promoters, the real estate agents, and everyone, and the home buyers, we have been able to come a long way," he said. Bhoosreddy expressed concern over the sharp rise in housing prices since 2023 and emphasised increasing the supply of affordable homes. Addressing the event, Delhi-RERA Chairman Anand Kumar said there is a need to give more power to the authority to execute orders passed by it. Parneet Singh Sachdev, Chairman of HRERA-Panchkula, said the authority is using artificial intelligence (AI) to monitor the progress of projects and also the utilisation of funds collected from customers. Rakesh Goyal, the Chairman of RERA-Punjab, highlighted that there are very less consumer complaints in the state. He asked real estate developers to complete their projects on time. "Consider yourself as trustee of the amount invested by customers," Goyal told developers. PTI MJH MR