Realty project completion gets faster now, thanks to tech & stricter rules
construction technology and the implementation of the Real Estate Regulatory Authority (RERA), ensuring home buyers receive their homes on time, according to a report by a real estate consulting firm.
In the top seven cities, the average completion time for smaller projects of fewer than 500 units is now four years, while larger projects with more than 500 units take about 4.9 years to complete, as per data from Anarock.
The market share of large and listed developers has also increased significantly, contributing to the timely delivery of projects, the report noted.
«Large and listed players account for nearly 34% of the market today. The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in reducing the completion time,» said Anuj Puri, chairman of Anarock Group.
When it comes to completing large projects, the top southern cities were ahead of their northern, western and eastern counterparts.
For all large projects launched and completed between 2014 and H1 2024, the average completion time was lowest in Chennai at 3.6 years, while Hyderabad and Bengaluru clocked in at 4.2 and 4.8 years, respectively.
«For most large projects in NCR and MMR, developers had purchased land outright, thereby compromising their overall financial health and delivery capability. On the other hand, most projects in the main southern cities are joint developments where landowners usually get a certain share of the developed units,» said Puri.
In the NCR, extreme weather conditions
