 "Housing market, Homes, Real estate, Realty")
86 per cent of the total 1,642 housing projects launched between July 2017 and December 2018, across seven major cities in India have been completed, according to real estate consultant Anarock. It was driven by tighter regulations under the realty law Real Estate (Regulation and Development) Act, 2016 (Rera).
These 1,642 projects are registered under Rera.
"When it comes to ensuring timely delivery of residential real estate projects, Rera has delivered resoundingly, wherever it has been fully deployed," Anarock Chairman Anuj Puri said.
"The overall completion rate of 86 per cent across the top seven cities in the 1.5 years following Rera implementation is remarkable, especially considering the market circumstances prior to its deployment."
Anarock said that this is despite significant headwinds like Covid-19 and the supply chain disruptions of the war in Europe during the period in consideration.
Rera was passed in the Parliament in March 2016. The law provides for mandatory registration of projects (above 500 square meters and above eight apartments) with Rera before launch.
Anarock said that out of a total of 1,642 Rera-registered residential projects launched in the seven major cities during the July 2017-December 2018 period, at least 1,409 were completed.
"The commendable efforts of both state and central governments in enforcing Rera have yielded positive outcomes," said Mohit Jain, managing director of Krisumi Corporation.
"The introduction of Rera has reinvigorated prospective homebuyers with unwavering confidence, assuring them that their investments are protected, and their dream homes will be completed on schedule," said Pradeep Aggarwal, chairman of Signature Global.
He added state governments have played a pivotal role in enforcing this law effectively.
According to the Anarock report, Chennai saw the highest number of project completions among the top seven cities. Out of 119 projects launched in Chennai, 107 are complete.
In Bengaluru, a total of 172 housing projects were launched during this period, of which 147 projects (85 per cent) have been completed.
In Hyderabad and Delhi-NCR, the completion rate is 74 per cent each.
Real estate developers have completed 81 housing projects out of 110 launched in Hyderabad, while in Delhi-NCR 64 projects have been constructed out of 86 launched.
In Kolkata, as many as 83 projects were launched, and 58 projects are already complete.
In the Mumbai Metropolitan Region (MMR), developers launched 679 housing projects; out of that, 602 projects (89 per cent) have been completed.
Similarly, in Pune, the builders launched 393 housing projects between July 2017 and December 2018. Out of that, 350 projects (89 per cent) are already complete.
