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Transparency across the real estate sector is essential to attract long-term investment and support sustainable growth, Uttar Pradesh RERA Chairman Sanjay R. Bhoosreddy said while addressing a real estate conference recently. He highlighted the need to balance the interests of homebuyers and developers, increase the supply of affordable housing, and ensure timely project execution. The conference also saw RERA officials from Delhi, Haryana and Punjab discuss stronger enforcement powers, the use of artificial intelligence for project monitoring, and the importance of protecting homebuyers' interests.
The Indian real estate sector needs complete transparency to attract the investments required for future development, Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) Chairman Sanjay R. Bhoosreddy said while addressing a real estate conference organised by Realty & More magazine recently.
Bhoosreddy said the role of the real estate regulator is to maintain a fair balance between homebuyers and developers rather than control the sector. He stated that the authority exists to regulate the market by protecting the interests of both stakeholders and creating an environment that encourages responsible growth.
He noted that rapid urbanisation across the country is driving strong demand for both residential and commercial properties. As a result, all stakeholders, including developers, homebuyers, real estate agents and industry bodies, have a shared responsibility to ensure the sector continues to grow in a transparent and sustainable manner.
Calling for transparency at every level of the industry, Bhoosreddy said the real estate sector contributes around 8-9 per cent to India's Gross Domestic Product (GDP) and supports more than 125 allied industries. He added that continued investment is necessary for the timely development of projects, and regulatory authorities also have a key role in building investor confidence by creating a transparent and accountable ecosystem.
Speaking about Uttar Pradesh, Bhoosreddy said 308 real estate projects were registered under RERA during 2025. He added that the average project size in the state stands at 333 housing units. Because of the larger size of projects, Uttar Pradesh accounts for nearly 40 per cent of all consumer complaints filed under RERA across the country.
He also acknowledged the cooperation received from developers, real estate agents and homebuyers over the years, stating that the combined efforts of all stakeholders have helped improve the functioning of the sector.
Expressing concern over the continued rise in housing prices since 2023, Bhoosreddy stressed the need to increase the supply of affordable housing so that homeownership remains within the reach of a larger section of buyers. Affordable housing has remained a key focus area for both central and state governments, with policymakers repeatedly highlighting the importance of expanding supply to address rising demand.
During the conference, Delhi RERA Chairman Anand Kumar said regulatory authorities should be given stronger powers to enforce and execute the orders they pass, which would improve compliance and strengthen consumer protection.
HRERA-Panchkula Chairman Parneet Singh Sachdev said the authority has started using artificial intelligence (AI) to monitor the progress of real estate projects and track the utilisation of funds collected from homebuyers. The move is aimed at improving oversight and ensuring greater financial discipline in project execution.
Punjab RERA Chairman Rakesh Goyal said the state has recorded comparatively fewer consumer complaints than many other regions. He also urged developers to complete projects within the committed timelines and advised them to treat the money invested by customers as a responsibility held in trust, reinforcing the importance of financial accountability and timely delivery.
Source PTI
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