By Real Estate Law Journal
In the National Capital Region (NCR), around 86 housing projects comprising 34,520 units were launched during the post HRERA (Haryana Real Estate Regulatory Authority) period from H2 2017 through 2018. Out of these, a remarkable 64 projects, constituting approximately 74%, have been successfully completed, according to the latest report by real estate consultants.
The primary objective of the Real Estate Regulatory Act (RERA) has been to safeguard homebuyers from the challenges posed by delayed and stalled housing projects. According to the report by Anarock, this objective has been substantially achieved, with at least 86% of residential projects launched in the top seven cities – Chennai, Mumbai Metropolitan Region (MMR), NCR, Pune, Bangalore, Hyderabad, and Kolkata – during the post-RERA period reaching completion.
Over 1,642 housing projects were launched across these top 7 cities in H2 2017 and 2018, immediately after the implementation of RERA in May 2017. Remarkably, 1,409 of these projects have already been completed.
The report further highlighted that Chennai witnessed the highest completion rate at 90% for projects launched in this period, followed by MMR and Pune, each with an 89% completion rate. MMR led in terms of project launches with 679 projects initiated in this 1.5-year period, of which 602 are now complete. Kolkata, where RERA was not implemented during this period, saw a 70% project completion rate out of 83 projects launched in H2 2017 and 2018, with 58 projects now finished.
Real estate industry leaders expressed their views on this positive trend. Manoj Gaur, President of CREDAI NCR and CMD of Gaurs Group, noted that despite these projects launching just before the pandemic (2017-18) and being severely affected by lockdowns, it illustrates developers’ commitment to timely delivery.
Pradeep Aggarwal, founder & chairman of Signature Global (India) Ltd, emphasized how RERA has reinvigorated prospective homebuyers’ confidence by assuring them that their investments are protected and their dream homes will be completed as scheduled.
Mohit Jain, managing director of Krisumi Corporation, stated that regulatory reforms have ushered in an era marked by transparency and accountability, reigniting trust among homebuyers and investors. Developers have shifted their focus to delivering not just homes, but quality homes.
Nayan Raheja, Raheja Developers, praised the achievement, saying, “Around 75% of projects that were launched have been completed during post HRERA and are being rolled out for possession, and this has been a commendable achievement for the NCR’s real estate sector.” NCR has become a sought-after destination for leading developers across the country due to various factors.