Implementation of the new real estate law RERA from May last year has forced developers to focus on execution of projects, leading to 33 per cent rise in deliveries of flats to over 1.93 lakh units in 9 major cities during January-June 2018, says a report.
According to the findings of News Corp-backed realty portal PropTiger, nearly 8.6 lakh units are scheduled to be handed over to buyers by 2019-end.
It also said the developers delivered 1,93,061 units during first half of 2018 against 1,44,654 units in the corresponding period of last year.
The top nine cities tracked by the company are - Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, Mumbai, Noida and Pune. Noida includes Greater Noida and Yamuna Expressway, while Mumbai includes Navi Mumbai and Thane. Gurugram includes Bhiwadi, Dharuhera and Sohna markets.
"Since the advent of RERA, developers have shifted their focus on completing existing projects rather than launching new ones in order to avoid penalties. This has resulted in increasing home deliveries across cities, which is a very positive development," said Ankur Dhawan, Chief Investment Officer, PropTiger.com.
This trend is expected to continue in the second half of 2018 as well as in 2019 when a total of 8,59,437 units are expected to be delivered, he added.
More From This Section
As per the report, the trend of increasing deliveries was seen across cities except Pune and Chennai where there was a slight drop in number of units delivered.
In Noida, 28,510 units were delivered during January-June 2018, up nearly three times from 10,510 units in the year-ago period.
Mumbai saw 85 per cent jump in deliveries at 44,663 units as against 24,169 units earlier.
The developers handed over 13,380 units in Ahmedabad, 28,279 units in Bengaluru, 24,677 units in Gurugram, 11,887 units in Hyderabad, 8,314 units in Kolkata.
Chennai saw 28 per cent drop in deliveries at 11,122 units from 15,485 units, while Pune witnessed 8 per cent decline at 22,229 units from 24,200 units.
PropTiger said increase in deliveries would further boost consumer sentiment, and could result in higher sales during the upcoming festival season.
Singapore-based Elara Technologies had formed the portal PropTiger.com in 2011 and later acquired Makaan.com in May 2015 and Housing.com in January 2017 to create India's largest full service online-to-offline real estate platform.
While PropTiger helps developers in selling flats available in primary market, Makaan.com largely deals in buy-sell of re-sale properties (secondary market).
Housing.com is a classified platform for both developers and brokers. Unlike Makaan.com, developers and brokers need to buy a package for listing of their properties on Housing.com.