By Staff Reporter
In a significant development for the Indian real estate sector, a recent report by ANAROCK highlights that an impressive 86% of projects launched between July 2017 and December 2018, following the implementation of the Real Estate Regulatory Authority (RERA), have been successfully completed. These projects, totaling 1,642 in number, were registered under RERA in seven major cities. Impressive progress was seen.
Chennai Leads the Way: Chennai emerges as a frontrunner among the top seven cities, with approximately 90% of its projects completed. Out of 119 projects launched in Chennai between the second half of 2017 and the entirety of 2018, 107 are now completed. Notably, Chennai boasts the lowest available stock among the top seven cities, with approximately 28,300 units available for sale.
Bengaluru’s Strong Performance: Bengaluru, another prominent city, saw the launch of 172 housing projects during this period, with an impressive 85% of these projects now completed.
Record-Breaking Year: The year 2022 marked a significant milestone, with more than 4.02 lakh homes completed across the top seven cities—the highest yearly completions since the implementation of RERA in 2017.
ANAROCK Chairman Anuj Puri commented, “When it comes to ensuring the timely delivery of residential real estate projects, RERA has delivered resoundingly, wherever it has been fully deployed.”
The top seven cities covered in the report include the Mumbai Metropolitan Region (MMR), Bengaluru, NCR, Kolkata, Chennai, Hyderabad, and Pune.
Mumbai’s New Launches: Mumbai Metropolitan Region led in terms of new launches, with 89% of the 679 residential projects comprising approximately 83,570 units now completed.
Pune and Hyderabad: Pune recorded the launch of 393 projects in the specified period, with 350 projects now complete. Hyderabad witnessed 110 projects launched, of which 74% are now completed.
NCR’s Challenge: In the National Capital Region (NCR), around 86 projects with a total of 34,520 units were launched during this period, with 74% of them ready for possession. It’s worth noting that NCR faced the challenge of larger projects being launched during this period, affecting the project completion rate.
This impressive progress in the real estate sector underscores the positive impact of RERA in ensuring transparency, accountability, and timely delivery of residential projects across India’s major cities.